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Do Millennials Face More Financial Hardships?

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Do Millennials Face More Financial Hardships?

Financial Advice | Financial Advisor
But rather than making condemning judgements toward a group of people, ask yourself this: how do Millennials actually feel about certain things, like retirement or the economy or getting a job?

Because every generation believes that younger generations have it easier

Older generations are always quick to suggest that younger generations are lazier, more spoiled and have an easier time at just about everything.

Baby Boomers are quick to proclaim that Generation X, or Millennials or Generation Z have an easier time getting a job, saving for retirement, buying a house and are surrounded by luxuries unthinkable “back in the day.”

But there does seem to be more cynicism aimed at the Millennial generation when compared to Generation X or Generation Z. Let’s explore.


Millennials Get a Bad Rap

Just look at the title of the best-selling book describing Millennials titled: Generation Me: Why Today’s Young Americans Are More Confident, Assertive, Entitled – and More Miserable Than Ever Before or the Time magazine cover that screamed: Millennials: The Me Me Me Generation.

In some respects, it seems that the word “Millennial” has become less of a term defining a demographic and more of a derogatory describing a group of entitled brats.

But rather than making condemning judgements toward a group of people, ask yourself this: how do Millennials actually feel about certain things, like retirement or the economy or getting a job? Well, that’s exactly what a survey conducted by GoBankingRates.com actually did – and the results might (or might not) surprise you.

How Do Millennials Actually Feel?

The survey polled Millennials (ages 23-38) with a series of questions asking how their financial outlook compared to those of earlier generations.

And the results clearly indicate that Millennials believe that today’s economic climate is making it very difficult to reach financial milestones that earlier generations were able to achieve “back in the day.”

Here are some findings taken directly from the survey:

• 68% of millennials “agree” and “strongly agree” they have more, tougher financial obstacles than previous generations.

• Roughly half of the millennials polled feel that their generation has faced the worst overall economic environment.

• 47% of millennials surveyed have $0 saved for retirement.

• 1 in 4 millennials are living rent-free with family or friends, and nearly half are renting a home.