The 10 Jobs with the Fastest Pay Growth
Low-wage jobs saw a strong annual boost in pay.
Find personal finance news and statistics for America’s youngest breadwinners.
Millennials are getting older and buying homes. Here’s where they prefer to live.
Not only are millennials having kids, but they’re also picky about where to raise them.
The headlines scream DANGER, but I see an upside.
Millennials get a bad rap. On the bright side, it might be pushing them to excel.
Students borrow money without questioning the interest rates.
Millennials take the recession’s lessons to heart.
Those closest to retirement are the most optimistic about getting out of debt.
It seems the more money parents have, the more their children demand.
Workers spend an average of five hours a week on their phones doing nonwork things and their employers don’t like it. They also think their workers are doing it more often than they really are.
Trust me, you’ll never guess what it is.
Women are suffering from student loan debt at a higher rate than men, and this first-person account of drowning in debt shows it.
Most borrowers have no idea what they’ll owe in the future – or even how many years their loans are for
Most moms say their adult children aren’t ready to live on their own and only one-third of young adults are looking to move out of their parent’s house.
Young professionals bear the brunt of increasing work-related stress.
Grandparents that are more willing to help out are saving their millennial children tens of thousands of dollars a year in child-rearing.
I often worry about the financial future of the next generation. But it’s hard to tell whether my fears are misplaced with this research.
Most kids already anticipate their parents paying for college, regardless of what institution it is.
More than 70 percent of Americans don’t have a will in place or an updated will. Regardless of age, why do you need a will?
Most grads feel like they’re “going it alone” with their finances
If so, there’s a right way and a wrong way. The right way is called “allowance.” The wrong way is called “cookies.”
I’ve touted my support for the next generation, but not all is fine with their finances.
They’ll do just fine financially, thank you very much.
Millionaires are expected to have it all, but here’s why they fear losing it — and what you can learn from them.
While Baby Boomers head for a retirement bust, their offspring are learning from their parents’ mistakes.
The youngest workers are still the brokest, but they may have the best financial habits.
The one troubling stat about student loans that no one’s paying attention to — and it’s not the one above.
That little student ID card can get you big savings, on everything from new cars to your next meal.
Flowers, chocolate, jewelry, dinner and wine can set you back $1,000, experts say. But what about the lovers themselves? Turns out most of us want far cheaper things.
They might not have all the answers, but some of millennials’ money habits may surprise you.
They brush their dog’s teeth, spend 10 cents on breakfast, and buy used mattresses on Craigslist.
Short or tall, left-handed or red-headed, duck caller or Trekkie, there’s a college scholarship for you.
Americans’ biggest fears are retirement or rent, depending on their age.
Would you trust your 7-year-old with a credit card? Maybe you should.
A young artist named Christopher Kosek draws a comic book about student debt, but it sure ain’t funny.
Student loan refinancing is out for now, but President Obama and Democrats are pushing for more help.
The Credit CARD Act of 2009 placed tight restrictions on how credit card issuers could market cards on college campuses. It also prohibited the approval of credit card applications to anyone under the age of 21. The goal was that Millennials would be less likely to rack up serious credit card debt during school. The side effect was a generation that was more wary of credit cards.
Roughly two in five (41%) of Millennials view credit cards with fear and over three quarters (76%) of Millennials don’t see credit cards as a status symbol. Oddly enough, however, when Millennials chose a credit card, they make some interesting choices. A credit card went “viral” in 2017 largely thanks to Millennials that had a $450 annual fee. Most experts tell you to avoid annual fee credit cards, but Millennial snapped this card up in droves.
More than half of Millennials (53%) report they have high anxiety about losing their job, compared to just 29% of all Americans. Then 67% stress about savings compared to 50% of the general population. Plus, over 23% say that financial stress makes them physically ill, while 20% say it contributes to their depression.
This higher level of financial stress may be attributed to how they grew up. The Great Recession saw many households lose their long-term saving strategy as 401(k) assets plummeted. Millennials also came of age during a period of historically high unemployment rates, particularly among youth. This environment likely created a great sense of urgency, as well as one of impending doom.
Millennial consumers face record breaking challenges with student loan debt. The average student graduates with enough debt to purchase a nicely equipped sedan (to the tune of over $35,000).
This level of debt easily puts many entry level workers well above the debt-to-income ratio needed to qualify for significant financing. Purchasing a first home is out of the question in many cases, even if they get help with the down payment. They simply can’t afford the burden of mortgage payments plus student loans.
This has also led to lower rates of marriage for Millennials in the 20s. Millennials often delay starting a family because instead of the benefit of two incomes, they get the anchor of twice the student loan debt. When you consider that the estimated cost to raise a child to the age of 18 (without education costs) is over $250,000, it’s no wonder that many Millennials feel like they’re not in a position to start a family.
On the other hand, however, Millennials are more likely to cohabitate faster AND merge bank accounts into joint accounts. They’re doing this even before they get married.
A 2017 study found that 90% of Millennials view saving for retirement as their primary goal, versus 40% who opt for starting a family. Remember, many Millennials saw how weak their parents’ retirement strategies were during the Great Recession. That dramatic loss of life savings left a serious impression; one that may have inspired Millennials to be more diligent about starting retirement savings in their 20s, instead of putting it off like many Baby Boomers and Gen Xers.
This isn’t necessarily a bad thing. Financial experts have been telling people for years that they need to start saving more earlier. They also advise taking a more active role in your own financial planning and being aware of how investments like mutual funds work. If this really has sunk in with Millennials, then we could see a decreasing trend in the retirement crisis and Millennials grow older.
You’d think given all the uphill battles with finance that Millennials have, they’d be completely devoted to achieving the highest income possible. But multiple pools, surveys and employment data studies show that the bottom line isn’t most Millennials’ bottom line.
Millennials want jobs that make a difference. They want perks that make them happy and comfortable at work instead of offering any financial benefit. In fact, one survey found that a majority of Millennials would look more favorably on an employer if one of the benefits they offered was allowing pets in the office. Millennials want a happy, fun and socially interactive work environment, even if it might not pay as well as a cubicle job.
This creates a bit of a financial paradox. Millennials don’t want to be married to a job because it has a nice paycheck, but they’re also more stressed than any other generation about money. They want to live for today, but put all their financial focus on ensuring they’re not destitute later in life. It will be interesting to see as Millennials grow older (and hopefully wiser) how their financial perspective will evolve. Will they fall in line with Gen Xers and Boomers or continue to march to the beat of their own financial drum?
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