7 of the Biggest Financial Problems Millennials Face

  • Millennials are the generation born between 1981 and 1996.
  • Because they came of age during the Great Recession, millennials face a number of financial challenges.
  • Some of millennials’ most critical money issues are student loan debt, cost-of-living inflation, unexpected expenses, and the need to save more for life stages.

Defined as the cohort born between 1981 and 1996, millennials are known for being tech-savvy, pursuing their passions, and killing off a bunch of industries. They are also known to carry a number of financial burdens unique to their generation.

This is largely because millennials grew up or entered the workforce during the Great


creating unique financial challenges.

Even though millennials have enjoyed a 67% wage hike since 1970, according to a Student Loan Hero report, the increase did not keep up with cost-of-living inflation. That doesn’t mean millennials are mired in student debt, working to catch up on lost income, and needing to save more for life milestones like buying a home and retiring.

But many millennials are so strapped for money that they rely on others — like their parents or grandparents — for financial help.

Below, learn about some of the biggest financial issues facing millennials today.


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