Millennials Are Broke & Stressed

Millennials Are Stressed And Broke

Of the respondents who answered, more than half of all millennials and Gen X respondents said that they were stressed “some” or “a lot” about their credit card, personal loan, or student loan debts:

Of the 51.5% of millennials who have credit card debt, 67.4% are stressed
Of the 54.5% of Gen X who have credit card debt, 64.3% are stressed
Of the 24.3% of millennials who have personal loans, 62% are stressed
Of the 24.6% of Gen X who have personal loans, 62.5% are stressed
Of the 28.4% of millennials who have undergraduate student-loan debt, 72.2% are stressed
Of the 15.5% of Gen X who have undergraduate student-loan debt, 62.5% are stressed

Gen X is most stressed about credit card debt, while millennials are most stressed about student-loan debt. The latter is a particular problem — it’s so stressful that nearly half of indebted respondents in both generations say taking out those loans for college wasn’t worth it. Full Story

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Millennials are Broke Due To Lack Of Common Sense

Roughly two in three millennials think that social media hurts their financial well-being, according to a 2018 survey of more than 2,000 millennials from financial firm Fidelity. Data released in 2018 by mobile bank firm Varo Money found that 53% of millennials admit to buying something they saw advertised on social media. And a 2018 survey from Allianz Life shows that more than half of millennials (57%, versus just 28% of Gen Xers and 7% of boomers) say they’ve spent money they hadn’t planned to because of something they saw on social media.

Social media also makes 61% of millennials (versus just 35% of Gen Xers and 12% of boomers) feel inadequate about their own lives and what they have, with 88% comparing themselves to others on social media (compared to just 71% of Gen Xers and 54% of boomers who say the same), according to the Allianz data. And the Varo data found that three-quarters of millennials feel social media portrays an unrealistically positive view of people’s lives — and as a result, 41% have made a purchase to feel better about their own lives.

“Social media has become the millennials’ financial Achilles Heel,” the Allianz survey, which questioned more than 3,000 adults ages 20-70, concluded. Adds Paul Kelash, vice president of Consumer Insights for Allianz Life: “More than any other generation, social media and the allure to spend beyond their means could have long-term negative effects on [millennials’] finances if they’re not careful.” Full Story

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