Older generations often built up "nest eggs" or had savings accounts of extra funds in case of a disaster. The younger generation, though, specifically those between the ages of 18 to 35, find it much harder to save in today's economy. They cite large student loan payments, the recent economic crash, and the increasing cost of living among the reasons they have few savings. Other reasons millennials blame for their lack of savings include the lack of increase in the minimum wage and the over-reliance on credit cards.
It is not necessarily from lack of trying. Some younger consumers have tried following the saving methods of their parents and older consumers, but those techniques no longer seem to work. Some blame it on the lack of tools. With courses in high schools focusing more on raising test scores and ensuring college admission, some practical courses, such as financial planning and home economics have disappeared from the curriculum.
Two out of three millennials have some form of long-term debt. Among those who have graduated, that number increases to a steep 81%. Many want to pay back their student loans and other types of debt, and all, even the third who bring in over $75,000 a year, are concerned that they will be unable to do so.
This article was provided by our partners at moneytips.com.
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