Many millennials are miserable and broke

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Millennials are Broke & don't have $1000 in savings

Editor: Vlad Rothstein | Tactical Investor

Many millennials are miserable and broke

Millennials spend more time on social media than older generations: People ages 25-34 spend 141 minutes per day on it, versus 105 for the 35-44 set. And that could be hurting both their finances and mental health.

Indeed, nearly half of millennials (49%) say that their spending habits have been influenced by the photos and experiences their friends share on social media, compared with only about one-third of Americans in general, according to a data survey of more than 1,000 Americans by financial firm Charles Schwab.

“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.”

This likely exacerbates the already tough financial spot many Millenials are in: “Millennials (ages 18 to 34) are more likely than other generations to have nothing saved,” according to a 2017 survey from GoBankingRates.com — with nearly half of young millennials (18-24) having $0 in savings. And most haven’t saved appropriately for retirement either. Full story

 

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