- 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
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.