Millennials, or those who are currently aged 21 to 37, are definitely taking over the world by storm. Experts believe that this is the most educated and most advanced generation since they are currently living the young adult life that involves social media and of course the incredibly advanced technology that delivers almost every single gadget possible.
It will even get better as years go by, however, experts also believe that millennials have the best but at the same time, the worst lives, especially when money is involved. According to a recent study, more than half of millennials in the United States have already received or are currently receiving financial assistance from their parent or other family members, and this generation is mostly still living with their parents despite their age.
20s-30s Real Life Struggle
They say that every generation has its own struggle to deal with, but experts believe that the ones who are mostly struggling when it comes to money are the millennial generation. One of the main reasons why millennials are struggling when it comes to money is because most of them are on debt already even if they aren’t even using the money for their own living yet.
The student debt rates in the United States are ridiculously rising and experts believe that it is the baby boomers’ fault for not having the money to financially support their children’s education, and mostly focusing on their retirement. Because of this student debt, a huge portion of millennials don’t have any savings and are most likely stuck in a job they don’t even want to be part of.
37% of Millennials are receiving financial assistance from family
This is then where the anxiety comes in, more and more millennials are being diagnosed with anxiety and depression because of how much pressure it is to actually simply live in this world. Who though living could actually be so stressful? Some of them don’t even have healthcare insurances, what more mortgage?
Unfortunately, on top of all this, they are also suffering from the higher rates on housing, rents, and most especially in healthcare. Which is why the birth rate in the United States has declined since young adults are choosing the option to not have children.
They could barely survive themselves, what more if they actually have families that would make their lives even more difficult. More and more people are also now choosing to have children later in life, wherein they are assured to be living with stability instead of uncertainty.
According to Country Financial Security Index, more than 37 percent of millennials are now receiving financial assistance from their parents because of how much they are struggling. Most of them are using this money for their basic everyday needs such as groceries, gas, bills, and more.
Experts even dubbed them as the “lost generation” because their wealth levels are below 34 percent. However, one of the major reasons for their struggle is that 9 out of 10 millennials are spending their money on what they want, instead of what they need.
That Millennial Mentality
American millennials said that they don’t feel like as if they are already an adult until they reach their late 20s. Some financial experts believe that one of the reasons for this is that millennials are living in the time wherein not fitting into the trends will definitely make them feel left out.
This would then lead to spending money on whatever they want first before they spend the money on what they need. Social media has become the epitome of millennials that literally everyone is part of it. This is where they share experiences and photos of one other and at the same time checking out other people’s lives.
Experts say the millennial mentality is what keeping them stressed
Because of this, FOMO or the Fear of Missing Out was born, with all the coolest gadgets out there, millennials simply can’t wait to get their hands on what would make them cooler especially when they share it on social media.
Traveling is also something that is on the trend because of how much you could actually share or most likely show off to the world even if they go broke doing it. Experts believe that most millennials aren’t exactly afraid of what their future holds, they are far too less concerned with retirement and that all they are concerned about is how they will be able to live their lives to the fullest as a young adult. YOLO or You Only Live Once is definitely written on their heads.