Let’s face it, millennials are having to deal with financial issues that other generations didn’t even know about.
The recession’s aftermath, rising living costs, and chilling student loans debt have left them in a difficult situation. But things might not be as bad as they appear.
Millennials think their financial situation is better that Generation X. They have made significant progress over their parents. For example, millennial mothers earn more than their millennial daughters, and millennials are more willing to talk about money.
Based on a survey, here are six facts that prove that millennials are in a better place than you think.
If there is one thing that sets millennials apart from their parents in terms of financial success, it is the fact that they aren’t afraid to talk about money.
30% of millennials share their financial information with friends, compared with just 9% for baby boomers. 25% of millennials share their financial information with siblings, while only 13% of boomers do so. 12% of millennials speak to their coworkers about money while only 2% do.
Millennials are more likely to share their finances with their family than boomers. 46% of boomers talk about it to their parents, and 24% to their kids.
The income of millennial women has improved. Only 18% of the baby boomer women claimed to make more than their spouse or partner, while 35% claim to have more than their spouse or partner. This means that millennial mothers are twice as likely to earn more money than their mothers.
This is a small percentage, but it’s more than half (51.5%) who say they have credit cards debt. It is actually lower than Generation X’s 54.5% credit card debt.
Furthermore, 54% of millennials owe less that $ 5,000 when it comes to amount.
Nearly half (48%) of millennials believe they have less debt than their peers.
Many people are right. We’ve found that most people with credit card debt owe less $ 5,000, as we have seen. Only 28% of millennials surveyed had a mortgage. This means that most millennials don’t have any debt.
Only 28% of millennials surveyed had college loan debt. This means that the majority do not have this burden.
Millennials tend to be more positive than their peers. 46% believe they are better or slightly better than their peers. This compares to 37% who feel they are doing worse than their peers.
The situation may be worse for millennials than we think. Despite the fact that things are not easy for this generation, it may not be as dire as we think.
The percentage of millennials that think they are more financially poor than their peers (37%) is lower than Generation X (43%).
Just over 41% believe their financial situation is either not very good or not at any good. This is a worse number than the 37% who said the same for millennials.
Millennials may have financial problems that are unique to their generation but they may fare better than they appear, at least when compared to Generation X.