Here’s your 2019 state of the millennial address:Things aren't lit fam.
It’s no secret that our generation has been hit hard by financial problems. But to really grasp where things are at heading into the new decade, here’s what life is like for the average American millennial.
- The average millennial salary is $35,592.When you adjust for inflation, the annual salary for millennials is estimated to be 20% lower than what boomers were making at our age. Which would be ok is everything cost 20% less.But that’s not a thing.Rent, home prices, college tuition and more have all increased faster than incomes.
- The average millennial has a net worth of less than $8,000.Congratulations everyone! According to net worth trends, our generation is “dramatically financially worse off" than older generations. And it’s been heading down the tubes for a while. The average net worth for a young adult has decreased by 34% since 1996.
- The typical millennial saving’s account has less than $5,000.The good news is 70% of millennials have a savings account. The bad news is 58% of us have a balance under $5,000. That’s the perfect amount of moneyfor nothing.
- The typical millennial still get financial assistance from a parent.A huge amount of us is still dipping into the bank of Mom and Dad. More than half of millennials have admitted to getting financial assistance from a parent, guardian, or family member since turning 21. Also, 37% of millennials receive money on a monthly basis and more than half receive money several times a year.And we’re not talking in a Christmas card.
- The typical millennial has crippling student-loan debt.College regret is real.More than half millennials say attending college wasn't worth the student loan debt they’ve picked up from it. And since we now owe over $1.5 trillion to higher learning institutions as a country,there’s plenty of regrets to go around.
Source:BusinessInsider