Recently stumbled upon The Majority of Millennials Have $1,000 or Less in Savings via Howmuch.net. The graphic above definitely shows the impact of a variety of things including poor financial decisions, school loans, underemployment, and many other issues that seem to plague many Millennials. To me, being financially stable is incredibly important and if this doesn’t scare someone, it should! Millennials are the future and many of them are putting off major life decisions in lieu of their finances.
The next graph shown really shows the differences in those Millennials who have had better job opportunities than others, but still does show that making more money doesn’t necessarily mean they aren’t saving money. This survey only asked about Cash and Bank Accounts and didn’t take into account 401K or other types of accounts, but I would be interested to know if that looks better or worse. Having been lucky enough to have worked since I graduated has helped me, but the burden of student loans has been heavy. It gets easier as time went on (and salary went up) but it’s still a burden that I’ve carried into my thirties.
So fellow Millennials, we need to collectively think about our choices! We aren’t alone, but if you aren’t thinking long term, you could end up in a bad situation causing you to rely on your credit cards and continuing the cycle of debt many of us are struggling to climb out of. We can do better! Good luck and let me know in the comments if you have anything to add on the subject of saving.