Millennials Are Falling Behind Financially

In a new study, The Guardian found that Millennials are falling behind financially: “A combination of debt, joblessness, globalization, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.” In the US, under-30s are now poorer than retired people as Millennials’ income growth has been lagging behind the national averages for the past 30 years. They are also burden by  $1.3 trillion in student debt. Around the world, prosperity has plummeted for young adults. “We definitely have to make more compromises. Compromises like if I want to have kids by the time I’m 30, or even 40, can I still have the career I want to do?” Millennial Tanaka Mhishi said. Millennials have a lot of catching up to do, including educating themselves about personal finance. (theguardian.com)