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

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