7 of the biggest financial problems millennials face that their parents didn't
Vivien Killilea/Getty Images for Henri Bendel
- Millennials are the generation born between 1981 and 1996.
- Because they came of age during the Great Recession, millennials are dealing with a number of financial problems.
- Some of millennials' most critical money problems are student loan debt, inflating living costs, unexpected expenses, and needing to save more for life milestones.
Defined as the cohort born between 1981 and 1996, millennials are the generation known for being tech-savvy, pursuing their passions, and killing a bunch of industries. They're also known for shouldering a number of financial burdens specific to their generation.This is in large part due to the fact that millennials grew up or entered the workforce during the Great Recession, creating unique financial challenges.Advertisement
Even though millennials benefited from a 67% rise in wages since 1970, according to a Student Loan Hero report, the increase hasn't kept up with inflating living costs. That's not to mention that millennials are bogged down with student loan debt, are working to catch up on lost income, and have to save more for life milestones, like a buying a house and retiring.
But many millennials are so strapped for money that they are relying on others - like their parents or grandparents - for financial help.Below, see some of the most significant money issues millennials are facing today.
Millennials are burdened with student loan debt that's higher than ever
Millennials have to save longer to buy a houseAdvertisement
Millennials are shelling out money for soaring rents
Many millennials are struggling to build wealthAdvertisement
More millennials are caring for aging parents — and spending more money doing so
Many millennials rely on their parents for financial assistanceAdvertisement
Millennials need to save more money for retirement
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