Amidst financial challenges, Millennials look to each other
The economic crisis of recent years has had profound consequences on places like Broward County, Florida, and others around the country. And just as neighborhoods, cities and whole states have been affected by the recession and housing bubble burst, an entire generation of Americans may have been groomed by the experience. New research suggests that the Millennial generation is unlike any other in the way young people understand and engage in financial issues like credit card debt and debt relief.
The Millennial generation is made up of young people between the ages of 25 and 34, which places them as coming into adulthood right around the time that the national economy began to hit hard times. Between the bank bailouts, the bankruptcy hikes and the foreclosure epidemic, countless Millennials experienced the financial crisis on a personal level. As a result, there is evidence that they prefer the advice of each other to that of financial establishments
The Ad Council and the American Institute of CPAs recently conducted a study into the financial mindset and status of the Millennial generation. According to the survey, most Millennials understand financial stability as not having late bills. Almost half of those surveyed pay for necessities using credit cards and almost a quarter have unpaid bills. The survey also found that more than 50 percent of Millennials still rely on financial support from their families.
And while such statistics are concerning, there is evidence that the latest generation of adults are savvy about how to save money, and they may even be more responsible workers than previous generations.
Source: TIME Business and Money, “Millennials Are Growing Up – But They’re Still Making One Huge Mistake,” Dan Kadlec, Nov. 1, 2013