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70% of Millennials Are Living Paycheck to Paycheck: Survey:
Millennials' wallets are rather skimpy.
Seventy percent of the generation said they're living paycheck to paycheck, according to a survey by PYMNTS and LendingClub, which analyzed economic data and census-balanced surveys of over 28,000 Americans. It found that about 54% of Americans live paycheck to paycheck, but millennials had the biggest broke energy.
By contrast, 40% of baby boomers and seniors said they live paycheck to paycheck, the least of any generation. Living paycheck to paycheck reflects economic needs and wants just as much, if not more than, incomes or wealth levels, according to the report. Age and family status also factor in greatly. This explains why millennials, who turn ages 25 to 40 this year, are struggling.
[...] It doesn't help that millennials have faced one economic challenge after another since the oldest of them graduated into the dismal job market of the 2008 financial crisis. A dozen years later, many are still grappling with the lingering effects of The Great Recession, struggling to build wealth while trying to afford soaring costs for things like housing and healthcare and shouldering the lion's share of America's student-loan debt.
The pandemic threw yet another wrench into their plans by giving them their second recession and second housing crisis before the age of 40. The report acknowledges that the pandemic played a major role in that stretched thin feeling.
[...] It seems, then, that it's a combination of external economic circumstances, a precarious life stage, and some spending habits that are leaving millennials feeling strapped for cash.
(Score: 2, Interesting) by Anonymous Coward on Wednesday September 29 2021, @07:58PM
Having money makes people stupid with money.
Manager at my company makes just over six figures. Complains he can't buy a "Nice enough" house because he's living "paycheck to paycheck". He insists on living in the nicest apartments in the area, driving the nicest car, buying the nicest clothing, eating takeout three meals a day, traveling for vacations, using big name electronics.
The department he manages is staffed with people who make less than 35k and have periodically lived out of their cars. He insists they need to budget better when they ask for a raise while complaining it wouldn't be fair if they made much more money relative to management or other departments. They always bring well budgeted home cooked meals, have various skills from minor tailoring to some appliance & electronics repair, and are often happy to help coworkers with various projects.