As Millenials become adults the economy is hitting hard. The recession has either dashed or delayed the hopes of many young people trying to break into careers and become affluent like their parents. Some can't afford necessities, some are deep in debt, and others have postponed marriage for financial reasons. See the statistics. Source: Pew Research Center, Bureau of Labor Statistics, WSL Strategic Retail, National Foundation for Credit Counseling, Fidelity Investments, Zipcar, KRC Research, Bloomberg via: Yahoo Finance
One in four Millenials describe lives of financial desperation, according to WSL Strategic Retail.
According to Pew researchers, in 2009, households led by those younger than 35 had 68 percent less wealth (inflation-adjusted) than the same demographic in 1984.
Comparatively, Americans in general over that same time period have gained 10 percent more wealth.
Average student loan debt for 2008 bachelor degree graduates was $23,000.
In 1996, student debt for graduates with a bachelor's degree sat at $17,000. That's 35% lower.
Bloomberg reported that U.S. student loan debt has recently reached $1 trillion.
left: That amounts to a whole bunch of these.
Only 54 percent of 18- to 24- year-olds in 2009 were employed.
Yahoo finance reports that is the lowest number since 1948.
left: Does that mean couch time is increasing, or simply that it is hard to find work?
23% of Millenials say they don't have enough money to buy basic necessities.
Driving can be expensive, with rising gas prices, and Millenials are well aware of that. 45% say they have reduced their driving.
Debt is a major issue for the rising generation. Among all of them, 20% hold a $10,000+ balance on their credit card.
For those ages 18 to 29 years old, health insurance is more of a luxury than a necessity. Of that population, 39% are estimated to be without health insurance.
It is true that Millenials are often avoiding having children, but it isn't always because they don't want kids. Financial worries have caused 22% of 18- to 34-year-olds to put off having a baby.
Parents are having houses full of older kids these days. Nearly a quarter of all Millenials have moved back in with their parents at least once to save money.
left: They're finding their way back into the basement.
Financial worries have caused 20% of Millenials to postpone marriage.
The retail market is feeling young people's struggles. Since Millenials aren't spending, retailers are hurting.
Researchers found that Millenials not only are lacking in their bank accounts, but also don't spend because they are pickier and not loyal to brands as much as their parents.
The internet age of endless choices may have something to do with this.
In order to pay the bills, nearly half of all Millenials say they have taken a job they didn't want.
With all this penny-pinching, what do Millenials actually spend their money on?
The age group 25 to 34 spend 8% more on apparel and services than those 35 to 44.
But they earn 22% less.