The Financial State of Millennials
Our world is radically different from previous generations. And, millennials’ beliefs and behaviors will change it even more. Are you ready?
I read a post on LinkedIn.com recently that reported on the financial state of millennials. Those born between 1980 and 2000 represent the largest generation – even surpassing baby boomers. Goldman Sachs estimates 92 million live in the US.
They are characterized as having less money to spend due to the cost of goods and services. They owe more than 1 trillion dollars in debt and accept financial help from parents even after moving out on their own. Many are stressed.
Statistics reveal that nearly 75% of millennials, between the ages of 18 and 24, have less than $1000 in their savings accounts and the others have nothing saved. Those between 25 and 34 aren’t doing much better.
Their three main spending categories include living expenses, credit card debt, and student loan payments. Many rent their living space and are leasing cars. In fact, the number of renters is expected to nearly double by 2025, while those in their 60s are paying off their mortgages.
When George Washington University conducted a study of their financial behavior, they found that, while millennials have high levels of financial responsibility, they demonstrate low levels of financial literacy.
The gap reveals a need to teach and prepare these young adults with the Biblical knowledge to become effective stewards.Crown has our most popular study on-line now. Be sure and check it out – for you or the millennial in your life…
If you’re struggling with credit card debt, get in touch with Christian Credit Counselors. They’ve been our trusted partners for years and have helped thousands of people get out of credit card debt.