SoylentNews is people
SoylentNews
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) by Rich26189 on Wednesday September 29 2021, @01:29PM
JIT, so all is good. /s
(Score: 2) by DannyB on Wednesday September 29 2021, @01:36PM (3 children)
Instead of paychecks, Millennials should demand Direct Deposit.
Much more convenient.
Remote work now enables Millennials to have projects with poorly defined goals and no milestones which makes progress difficult to measure. Direct Deposit is ideally suited for this type of difficult work.
I won't protest. Instead I'll write my representatives in an effort to get this passed into law. *takes-a-bow* thank you!
The lower I set my standards the more accomplishments I have.
(Score: -1, Troll) by Anonymous Coward on Wednesday September 29 2021, @10:14PM (1 child)
That is the perfect example of how duhlennials provide solutions to serious problems: change the name or wording to hide the issue, or to prevent their personal emotional subjective brainwashed feelings from getting hurt!
The man: "Live paycheck to paycheck? We can fix that by offering direct deposit. Then you no longer live paycheck to paycheck"
Duhlennial: "I finally will no longer live paycheck to paycheck. You are a genius like AOC, and so much smarter than those greedy boomers."
(Score: 0) by Anonymous Coward on Thursday September 30 2021, @12:23AM
ok dipshit
(Score: 0) by Anonymous Coward on Thursday September 30 2021, @07:09PM
You realize if you sign up for "direct deposit" it works both ways. And the company can yank your money due to an "error" after you have spent it, leaving you fucked.
(Score: 3, Interesting) by bradley13 on Wednesday September 29 2021, @04:36PM (7 children)
Please note: this is very US specific. The US has been careening down this path for a long time.
- Federal student loans didn't equalize opportunity, they just led to a massive increase in college costs. What's weirder is that the salaries for many college instructors are basically poverty level.
- Education pre-college has been dumbed down beyond belief, thanks to things like NCLB, so a lot of college is just over-priced remedial education.
- Health care used to work, at least for anyone with a job. Obamacare destroyed that system, and replaced it with a disaster. Anything, literally anything would be better, but the politicians are paralyzed.
- The predatory practices of credit card companies have led to a frenzy of needless debt. Sure, people should have self-control, but...buy, Buy, BUY. Free! Pay later! There's a lot of unethical marketing going on that frankly ought to be prohibited.
- Somewhere the laws against usury got lost, so people who fall into the trap can never get out. They are kept in peonage by insane fees and interest rates. That's another failure of government.
That's really the bottom line: The US government has failed it's people.
Everyone is somebody else's weirdo.
(Score: 2) by ElizabethGreene on Wednesday September 29 2021, @05:15PM (1 child)
How does that change if we make student loans be dischargeable in a bankruptcy?
(Score: 1, Touché) by Anonymous Coward on Wednesday September 29 2021, @06:14PM
That is literally the *least* we should do. Keep up.
(Score: 3, Insightful) by sjames on Wednesday September 29 2021, @05:34PM (4 children)
Health care broke long before Obamacare. For example, the many insurance pariahs who couldn't afford to change jobs or (God forbid) own their own business. I know a few people who HAD moderately successful businesses but had to sell them off and become cubicle drones to get health insurance pre-Obamacare.
Obamacare didn't go far enough. If you get health coverage through employment, the outrageous premiums needed to cover the outrageous prices are swept under the rug, but they do affect employer's willingness to hire and what they offer for salary.
It's funny that the GOP is currently running commercials condemning the Democrat's plans to allow Medicare to negotiate prices rather than just pay what is demanded. Silly me, I thought the free market was all about negotiating price and voting with your wallet.
(Score: 0) by Anonymous Coward on Wednesday September 29 2021, @06:16PM
Thank god for Trump and McConnell, really let us see how bad the GOP truly is. Without them the US might've kept stumbling along for another 20 years. Now we either fall on our faces or sober up.
(Score: 2, Informative) by Anonymous Coward on Wednesday September 29 2021, @10:42PM (2 children)
I do find it funny that the Republican's stated solution is to pay extra to import Canadian drugs that are cheaper because the Canadian medicare negotiated cheaper prices. Rather than just letting US medicare negotiate cheaper prices in the first place.
(Score: 3, Interesting) by epitaxial on Thursday September 30 2021, @01:22AM (1 child)
The one good thing Trump tried to do was allow the government to negotiate drug prices. Lobbyists the drug companies had that swiftly killed.
(Score: 0) by Anonymous Coward on Friday October 01 2021, @11:14PM
Trump didn't do that or even attempt to do that.