Millennials College Debt Crisis
If you thought student debt is the reason a growing number of millennials have nothing saved, think again. A new report from the Resolution Foundation, a British think tank, finds that people in their 20s and 30s are earning significantly less than they did a generation ago.
Across eight high-income countries like the U.S., Germany and the U.K, millennials in their early 30s have household incomes four per cent lower than members of Generation X (born between 1966 and 1980) had at the same age.
Developed countries once boasted of growing wealth and wages, but those days appear to be over. When they were in their early 30s, Gen Xers were making 30 per cent more than the baby boomer generation that preceded them.
Sure, young working Americans today spend more money on luxuries and comforts than other generations have. But the Resolution Foundation report shows that in addition to the burden of outstanding college loans, which ran an average of $37,1172 in 2016, millennials still struggle with the lasting impacts of the global recession.
Maybe this knowledge will make older Americans think twice before blaming their financial woes on avocado toast in the future. Read more
Despite Being tech Savvy Millennials Face College Debt Crisis
Millennials, or those born between 1982 and 1994, are the scourge of the modern office and the focus of many blistering news articles about a lack of productivity and discipline. I’m not buying into the hype. This intrepid generation has already survived the worst economic crisis since the Great Depression. And, I might add, they’re very tech-savvy.
Distracted? Maybe. Lazy? Definitely not. Millennials are experts at getting things done with minimum effort because that’s the expectation silicon valley has engrained into them. As the first generation to go to college with a smartphone that has more technical horsepower than NASA’s entire 1969 operation to get us to the moon, it’s hard not to lean on the efficiency (and distractions) that technology brings to the table.
The millennial generation is unique, and so are the financial challenges they face. The good news is there are common-sense solutions to virtually every financial challenge. So, let’s dig in and find ways to beat everyone’s expectations! Read more
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