As we all know it, different generations usually have different personalities, opinions, priorities, and motivation. They also have different preferences when it comes to media consumption, shopping preferences, and banking habits.
However, the purpose of today’s infographic is not to break down these generational differences. Today, we’re gonna be talking about Millennials and one of the biggest struggles that they currently face: money.
Millennials (or Gen Y) are the people who reached adulthood at the beginning of the 21st century. The oldest of them in 2020 are at the age of 40 while the youngest is only 26. Since they are no longer kids, they now have bigger responsibilities. The younger ones need to learn how to be independent, how to adjust from being a student to an employee, how to manage their time, and (most especially) their finances.
Unfortunately, millennials are facing huge financial issues. More than half of them are living paycheck to paycheck and they are carrying more student loans than any other generations. This means they have to delay big milestones in their life like owning a home, marrying, and having children. At this rate, many of them will not even be able to retire until they reach the age of 75.
In spite of this financial crisis, it is not impossible for millennials to achieve financial stability. Right now there are more opportunities than ever to do side hustles. Careful financial planning and good money management will definitely help them manage their debts.
