Are Millennials Really Struggling With Money?

Question

You hear it all the time: "Poor millenials!" ... "Thrown into the job market during an economic recession... what a shame!" Yes, young ****** between the ages of 18 and 34 are faced with a financial challenge. They are dealing with higher rates of unemployment and student-loan debt than others their age during another time. But are they really worse off than generations past? Maybe not.

Shutterstock.com

A recent study by the St. Louis Fed took a look at ****** aged 18 to 34 and compared their finances in categories like overall net worth, total debt, and ****** to young ****** of the same age as far back as 1989.

What the study found was that though the current generation's overall net worth was less, many millennials actually weren’t doing that bad compared to those who came before them.

The study stated that "compared with young ****** in 1989, young ****** in 2013 were more likely to own homes, stocks, and retirement accounts. Moreover, young ****** in 2013 were less likely to have high debt payment burdens than older ******, young ****** in 1989, and young ****** in 2001.”

See? It's not all bad. But what do you think? Do millennials have it bad, when it comes to money? Or are they actually doing alright?

Answer 1

Because the government keeps increasing what they will pay in grants and give in scholarships for college which only has the colleges seeing more dollar signs and money bags so they raise their rates even more than the grant increases. All those millenials who are being futures smart getting a college degree to be worth far more than minimum wage then graduate with huge debt.

My youngest daughter graduated with a 4 year degree a year ago. She lives with her father and grandmother working 1 full-time job and 4 part-time jobs making the car payments for the car she has to have to get to those 5 jobs including one on the fire department call-force to respond to fires and other fire department calls, and her student loans. Once she makes her car payment and her loan payments she has $50 for the month to eat on. Believe me she's too tired and too broke to have any social life, she certainly isn't smoking, drinking "*****" beverages, or getting tattoos.

My youngest son graduated trade school in 2009. He and his wife who also went to trade school are having a terrible time of it. He works multiple full and part-time jobs and she works one full-time job while also caring for their 1 and 1/2 year old daughter. They sure aren't doing anything but working, taking care of baby,...

Because the government keeps increasing what they will pay in grants and give in scholarships for college which only has the colleges seeing more dollar signs and money bags so they raise their rates even more than the grant increases. All those millenials who are being futures smart getting a college degree to be worth far more than minimum wage then graduate with huge debt.

My youngest daughter graduated with a 4 year degree a year ago. She lives with her father and grandmother working 1 full-time job and 4 part-time jobs making the car payments for the car she has to have to get to those 5 jobs including one on the fire department call-force to respond to fires and other fire department calls, and her student loans. Once she makes her car payment and her loan payments she has $50 for the month to eat on. Believe me she's too tired and too broke to have any social life, she certainly isn't smoking, drinking "*****" beverages, or getting tattoos.

My youngest son graduated trade school in 2009. He and his wife who also went to trade school are having a terrible time of it. He works multiple full and part-time jobs and she works one full-time job while also caring for their 1 and 1/2 year old daughter. They sure aren't doing anything but working, taking care of baby, and sleeping. He is missing out on wonderful moments and a lifetime of memories and experiences with his daughter. I worry about the marriage of two people who never get to see each other because all they do is work to pay student loans.

My oldest daughter graduated in 2011 with her 4 year degree. Like her 2 years younger sister, she lives with her father and grandmother. She has a full-time and a part-time job. Fortunately her car is paid for since it takes all of her income to pay student loans and like her sister she has $50 a month to eat on.

The girls keep telling me if anything happened to their dad they would be in real trouble as he puts a roof over their heads, supplements their food budgets, provides heat, water, sewer, and electricity, everything in the home.

Thankfully, we have the rest of the kids student loans paid off. With ******** ranging in age from 40 down to 23, I can absolutely say, things have gotten seriously worse for young people who go to college to make a life beyond minimum wage and welfare for themselves. The minimum wagers on welfare or just straight welfare have plenty of money for cigarettes, drugs, alcohol, and tattoos paid for by those like myself, my ex and our ******** who are paying taxes and student loans that have them earning enough with several jobs to pay those taxes.

(more)

Answer 2

They can't get the jobs they need to support themselves. That's why so many haven't left their parents.

Answer 3

And I blame them. They're not victims.
And the ones that took student loans; they were smart enough to do the math. They knew what the payback would be. They pretended the day was so far away that they wouldn't worry about it. They were in denial. Just like credit: have your fun now and worry about the payback later.
I know too many people that didn't go to college because they looked at that loan and said they couldn't afford it. Now they work their trade jobs and will pay for student loans of the professional class? Screw that!
Millennials to a large degree are financially irresponsible. They have to have the latest greatest of everything. Spoiled rotten babies.
Millennials need to learn how to pay their way and live to their budget.

Answer 4

There are no jobs for them, Obama has failed them period! Jobless recovery only means wall street gets the jobs and the money.

Answer 5

Not my boy. He has 3 jobs, during winter break. Always answers the phone. Never says no, works double shifts at one job and heads to the other when he's done. Theres work out there if youre willing.

Answer 6

I don't know any, so how should I know?

Answer 7

College is way, way too expensive. Between textbooks, parking passes, the gas required to get down there if you're a commuter (or the cost of a dorm or apartment if you stay on/near campus) and then the cost of the classes themselves, that's what's killing so many people from my generation.

"Getting a job to pay for college" simply doesn't cut it anymore. Minimum wage doesn't even cover a quarter of those expenses. So then we are forced to take out loans and go thousands of dollars in debt just to pay for an education/degree that isn't even guaranteed to land us a job.

And getting more than 1 job to pay for school isn't a good idea either, because then we run the risk of not having enough time leftover to devote to our classes or to taking care of ourselves.

It's just a mess. But school is at the root of the problem. Colleges need to stop raping and pilfering and charging such outrageous prices.

I have one more year left and I cannot WAIT to be done.

Answer 8

Of Course, the Zionists shipped all of the industry to China. At the same time flooding the country with foreigners to take your job. Kick Zionists out of country is your solution.

Answer 9

Yet most have smartphones, laptops, internet, video games, and tablets

Answer 10

I moved to a complete different state by myself when I was 19 where I got better jobs. I probably didnt have to go that far, but it worked out in the ***. California was just way too expensive, and where I moved to Utah, it was a lot cheaper, especially apartments and renting a room.Thats where I worked and supported myself, had roomates I found through the classifieds until I made enough to get my own apartment. I only moved up once at my warehouse, but I got pay raises evey year. I know you said you didnt have option to work before college, but I dont think thats entirely true. Maybe not move out of state, but maybe out of the small town and look for better jobs? Anyway, I wish you good luck in your *********.

Answer 11

Yes, but not because they're victims. I think they struggle because the job market has changed and become much more competitive. Gone are the days when you can just complete school and get a career. Now young people need to know the path they want to take at a much younger age. They need to mold their schooling toward that path. Then they need to be humble and be willing to take a lower paying role and work up to that big paycheck.

Answer 12

Everyone is struggling with money except the rich and powerful. Thank our liberal Senate and president for that.

Answer 13

Tougher times overall, I think, for the younger generation.

Answer 14

Are you from NH?

Answer 15

No, but I lived there for a year in Nashua. Great place.

Answer 16

oh....i just wondered because of the motto

Answer 17

No problem.

Answer 18

I'm still enrolled in school and can't afford to move out of state right now when I'm halfway towards my degrees. I intend to move wherever I have to after I graduate though in order to find a job, but I would like to earn my degrees first. And I thank you for the luck.

Answer 19

I didn't have the option of working before I went to college. I went straight out of high school (where I worked whenever and wherever I could, but in a town as small as mine jobs were very limited and often went to ****** who needed them more than the high school crowds did). I'm glad it was possible for you to move up how you did because it's something that I haven't seen very much of. Typically it's more stories like mine where while juggling two jobs and 15 hours a week in school, it was more risky to try moving up from my position than to stay where I was where I wouldn't be slacking in either one of my jobs or my school (which I can't afford to slack in because of scholarships). I've been trying to find better jobs for a while now, just without any luck because many people simply aren't hiring people without enough experience in the field I want to go in, and especially not someone who is still a student.
I do apologize for snapping in my original response. That wasn't fair and I could've composed my answer in a way that wasn't so angry.

Answer 20

My student loans disappear whenever I close my eyes, right?

Answer 21

And the rest of us who are not Millennials- cost of living is high up.....
My youngest daughter is working two jobs... we help her with her daughter... still sometimes she is short of gas money to go to work.... Unreal!!!!

Answer 22

Who isn't? The collusion between big business and politics is complete - screw the taxpayer and make him think it's own fault. If seems like doom saying, but one day there is really going to be a wolf and peter will not have been listened to

Answer 23

Yes, a good deal of the population is struggling...why should they be special. My three all have decent jobs. 2 out of 3 are working towards switching careers, but they pay their bills and don't live in my basement. ..which is a good thing because I don't have one...

Answer 24

most people who are struggling have usually brought it on themselves.....got to have the latest iphone(Y), tv biggest truck....lifted of course, with a 10 inch tailpipe....and quads....got to have them....oh skidoos !.....it's summer....most have seadoos.....

Answer 25

I agree that most people don't have any idea what it is to go without, but, our economy is only raging forward in Obama's world. Many of the jobs being created are service jobs, less than 30 hours per week and no benefits. Still, many people, young and old; don't know how to work.

Answer 26

too true....and then you hear things like "I won't get out of bed for less than 20$ per hour comments"...kids friends....don't think they have to start somewhere

Answer 27

... i should have read first. With all of the press about college debt - it is bad too - I.m surprised. Then again fewer young men are going to college and most of them have not married. Being single is cheaper and you can be more mobile so you can go to where jobs are.

Answer 28

The only struggle they have is where to **** it the quickest :p

Answer 29

No,they are NOT....

Answer 30

Millennials are struggling for money because they are very irresponsible with their money. They are entitled brats who except their parents to continue paying for everything, even after they are ******, including college or else they will sue their own parents, and then stay at their only first job that pays minimum wage instead of looking for a better one latter on.

Answer 31

some are. What about all those trust fund babies. These freak politicians continually talk about the wealth gap in this country and the single biggest thing they could is introduce a TRUST FUND TAX at the same level as the death tax. Don't expect it to happen though because that is where politicians hide their money from the taxman. Just look at Hillary for example. Her "houses" are included in the family "trust". Or the Edison's, Rockefellers or the Carnegies and Kennedys. Who was the last Kennedy who actually had a real job? I can't think of one since WWII.

Answer 32

Everyone is, not just them.

Answer 33

maybe because college is 50K, who has that kind of money?!

Answer 34

On top of Obamacare for the delivery of their 2nd *****, my daughter and her husband had to come up with a $6,000.00 co-pay before she was even admitted to the hospital and while she was in **** labor in the emergency room.
They are like any millennials, both work, own their modest home, but $6 grand was a bunch of money for them. They could have handled $2K. Thank goodness, they called us.
Many of the jobs for millennials have gone by the wayside or cut back to 30 hours of less, thank you Obamacare.

Answer 35

One of my co workers got obamacare, $400 per month with $10,000 deductible. It is all B.S.

Answer 36

College is expensive, and working multiple part time jobs only covers so much. It's easy to say we struggle because we're financially irresponsible, spoiled, entitled, etc. when you aren't in the situation. But as I sit here at my university, allowing myself half an hour between classes to eat a snack and get some coffee (since I only have time for five or six hours of sleep on a good night), I look around and see millennials like myself who are working to pay for tuition, and rent, and textbooks, utilities, food, and while still trying to put a meager amount away for savings in case of emergencies (or for when we get out of school and can't find a job immediately), and somehow, the words "lazy" and "entitled" and "irresponsible" don't come to mind.

Answer 37

**** yeah we are.

Answer 38

Just like every generation before them.