Millennials and Money

With more and more Millennials in the workplace and the economy in a different situation than it was a decade ago, it is no wonder that many of them are finding it tough out there. Forty-two percent of Millennial employees have student loans. Almost 80% of those who have student loans say that the debt and the pressure of repayments have a moderate or a significant impact on their ability to meet their other financial goals.

Student loans are a significant problem for many young people, and they are finding it harder to make ends meet. Millennials are more likely to say that their productivity at work is affected by their financial worries than older employees. Is this a generational problem, or is it purely down to economic stresses?

Money problems are also keeping Millennials up at night and affecting their emotional and physical well-being. Fifty percent of Americans between the ages of 25 and 34 said worrying about finances negatively affects their health. It is not just making them physically ill, but it is ruining relationships as well. Fifty-three percent of the same group said money worries have a negative effect on their marriage or partnership. It is no wonder as just over half of Americans in a serious relationship say that they fight about money.

Millennials are trying to figure out their own place in business and the world just like everyone else, but they have the added pressure of the new wave of media and social media. Almost 60% of investors under the age of 35 said that when they see images of exaggerated wealth on social media and television, it makes them feel less successful. Interestingly, less than half that amount in the over the age of 55 felt that way.

There certainly is a disconnect between the generations, and it seems like the new kids on the block are not having an easy time. Hopefully, they will forge a brave new path in the world, but they will have to solve their emotional attachment to perceived success and get involved in making their own futures bright.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC