Just go to school, they said. Get a job, they said. Buy a house, they said.
The age-old template for adulthood, the one that ends in buying a house , might be dead — that is, if you ask millennials.
RELATED STORIES
According to a new survey, millennials feel like they’ll never be able to afford the life they want to live.
It’s a story familiar to millennials.
A college degree used to be enough to secure a well-paying job. Heck, even getting a job straight out of high school could be enough to get a mortgage. But now, things are out of whack.
Cost of living has gotten out of control.
Wages haven’t kept up with inflation, and certain things — most notably, houses — have exploded in value to the point that home ownership isn’t an attainable goal for many people.
A new survey shows us how millennials really feel.
Unsurprisingly, they feel like the outlook is pretty bleak. A survey conducted by Morning Consult, a global decision intelligence company, found that nearly half — 45% — of respondents felt like their financial situation will never allow them to live the life they want to live.
The overall share of U.S. adults who feel this way is 35%, also a fairly high percentage.
People are behind on their finances.
The survey also found that a full 38% of millennials feel like they’re behind on their finances, contrasted with 25% of the general adult population. Additionally, 46% of millennials say their finances control their lives.
Recessions will do that to you.
A series of recessions in the new millennium has set millennials up to fail, or at least they feel that way. The 2008 recession threw markets into the blender just as the earliest millennials were reaching adulthood, and things haven’t stabilized in a significant way in the years since.
In short: millennials are less financially confident than other adults.
While a non-insignificant percentage of U.S. adults feel financially insecure, these numbers aren’t as high as the percentage of millennials who are feeling the pinch.
Debt is a major issue.
Post-secondary education used to be affordable, at least compared to modern standards. The average student loan borrower has a whopping $38,887 in student debt , which makes it difficult for them to consider buying a house, let alone pay their bills.
Older millennials are doing slightly better.
Millennials born in the 1980s, who are all over the age of 30 by this point, appear to be accumulating wealth once again after years of stagnation.
What can be done?
It’s tough to say. A generation trying to find its foothold has been hit by two massive recessions, two housing crises, and a global pandemic that’s thrown the job and housing markets into chaos.
What’s your experience been?
These problems might be experienced most acutely by millennials, but they’re hardly the only cohort affected. Let us know how you’ve been holding up financially and whether you think you’ll be able to live the life you want to live.
