![]() ![]() Half of them doubt that they could come up with $2,000 for an unexpected expense. Almost one-third of them budget, but almost half say that they feel stressed about not putting away enough money. Millennials start saving early – as young as 24 years old. ![]() 7 PWC, “Millennials and Financial Literacy”, accessed November 12, 2020. The data shows that most of them will take 20 years to repay these loans – but 54% are concerned that they won’t be able to do this. 6, “Students & Debt”, accessed November 12, 2020. Student loan debts are the defining problem of this generation – with the average millennial owing $37,172 in student loan debts. 5 The Fed, “Distributional Financial Accounts”, accessed November 12, 2020. And although their individual net worth might be quite low, collectively, millennials have a net worth of $5.19 trillion. 4 Experian, “2019 Consumer Debt Study”, accessed November 12, 2020. What they do have is debt- and lots of it, as the average Millennial has $78,396 in consumer debt. 3 CNBC, “Nearly 1 in 4 millennials report having $100,000 or more in savings”, accessed November 14, 2020. The average millennial makes $47,034 and has a net worth of less than $8,000. 2 Pew Research Center, “How Millennials Compare to Prior Generations”, accessed November 12, 2020. They’re the most diverse generation so far – although Gen Z is on track to be even more diverse. Anyone born between 19 is considered a millennial – although there is some debate regarding this. Millennials are the largest generation in the U.S, numbering 72.1 million people. Overview of Millennial Income and Debt □ Thankfully, we’ve done the heavy lifting – these statistics can help you make sense of America’s largest and most diverse generation. Cold hard facts can make sense of millennials – but finding them can be a bit tricky. That’s why it’s important to look at data. Economic crises, a tough job market, and a wide array of economic issues underpin all the specific “millennial traits”. Millennials entered adulthood in a time of rapid change and found a world that was evolving way too fast for anyone to make sense of. The truth is that millennials are different – but this isn’t just a generational gap in understanding. Is it really that simple? Of course not – it never is. – and just as many pointing out how they seem to be poorly adjusted to living in the real world. We’ve all seen dozens of headlines accusing millennials of killing one or another industry 1 CBInsights, “14 Industries Experts Say Millennials Are Killing - And Why They’re Wrong”, accessed November 14, 2020. Millennials are a bit of a mystery – this disruptive generation is at the cutting edge of societal change, and wherever they go, controversy seems to follow. Millennial Income Statistics (2023): 100+ Financial Stats NewsletterĪre millennials hardworking imaginative entrepreneurs or are they the opposite? Let’s find out what the statistics tell us. ![]()
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