Earn any money and spend it all, saving is too far away
According to Bloomberg, the results of a survey show that nearly half of young Americans say they live in a way that they get what they pay for. This number is up 6% from a year ago.
And with less money to spend, a growing number of young people of working age – ie 25-40 years old feel they cannot pay unexpected financial expenses. Only 28% said they were prepared for unforeseen circumstances, down 4% from a year ago.
The survey was conducted by AgingWell Hub of Georgetown University’s Business Impact project and in partnership with Bank of America. 1,174 people participated in the survey in October and was conducted across the US.
Jeanne de Cervens – director of AgingWell Hub said that the negative results could be because young people moved in with their parents at the beginning of the pandemic, then they moved out again when the survey was carried out. presently. These people face daily expenses such as rent. Jeanne de Cervens also pointed out that the number of Covid-19 cases also increased when the survey was conducted, which also affected the psychology of the participants.
Millennials are feeling significant financial pressure. Meanwhile, at a similar age to the previous generation, they have reached important milestones such as getting married, having children or buying a house. Many people carry even more student debt than their parents. Moreover, the oldest millennials entered the labor market right around the time of the 2008 financial crisis, with devastating consequences.
Still, there are some bright spots about the financial health of young Americans. Thanks in part to programs such as federal student loan repayments, unemployment benefits and rent assistance, millennials surveyed say they are receiving more positive signs in terms of job security. pay off debt (44%), be able to create and maintain your own budget (33%) and increase your credit score (43%).
However, only 30% of people surveyed said that they are taking steps to save for retirement. And only 32% of young people say “I can enjoy life comfortably because of the way I am managing my money” or “I am also securing my financial future”.
Despite the government’s efforts to reduce financial stress during the pandemic, “the daily cost of living is continuing to rise”.
Young people sometimes have to rely on their parents as a “family bank”, but financial stress has affected the amount of money their family can support.
“Very few young adults say they have told their parents about money problems and very few people know about their parents’ financial situation.”
The survey also found that attitudes about the financial future were more positive among racial, ethnic and ethnic groups and millennial men. While 48 percent of millennials said they lived a “earning” lifestyle. spend as much as you can” only 29% of millennials in Asia said their situation was good.
Additionally, while 39% of those surveyed think they would enjoy a better life than their parents did, that percentage jumps to 43% among men. Women in this generation see many financial obstacles ahead. Only 29% said they have money left at the end of the month, and only 21% agree they have the ability to deal with a large unexpected expense. For men, the ratio is 42% and 35%, respectively.
Source: Bloomberg
By Business and Marketing
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