Millennials: the most educated yet financially strapped generation
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Millennials, born between 1981 and 1996, are the most educated generation in U.S. history. About 40% hold at least a bachelor’s degree. However, they face serious financial challenges, earning 20% less than baby boomers did at the same age.
The soaring cost of college is a major factor in millennials’ financial struggles. Many graduates start their adult lives with significant student debt, averaging over $37,000. This debt delays important milestones like buying homes, getting married, or starting families.
Additionally, while wages have largely stagnated, the cost of living has skyrocketed. Millennials often pay high rent in cities with job opportunities, making it hard to save money. Many now live paycheck to paycheck, juggling bills even with full-time jobs.
Unlike baby boomers, millennials entered a job market shaped by the 2008 financial crisis. Many faced limited job options and turned to gig work, which lacks stability. As a result, millennials are redefining success by prioritizing mental health, work-life balance, and social impact over traditional wealth accumulation.
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