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More than half of young Americans live in the situation of “earning all the money”, not having enough money to save

According to a new survey, nearly half of millennials in the US say they are living in a state of “earning money, spending it all”. This number is up 6 percentage points from a year earlier.

With little cash to spare, a growing number of millennials, who are between the ages of 25 and 40, feel they can’t afford a surprise payment. Only 28% said they were prepared for the unpredictable, down 4 points from the previous year.

This survey was conducted by AgingWell Hub of Georgetown University’s Business Impact project and in partnership with Bank of America. The survey had 1,174 participants in October with a nationwide scale.

More than half of young Americans live in the situation of

Jeanne de Cervens, director of AgingWell Hub, said the darker outlook could be because young people moved back in with their parents during the pandemic, then moved out when the survey was released. perform. As a result, they face pressures of daily expenses such as rent. She 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.

According to the survey, the financial situation of young people in the US also has some bright spots. Thanks in part to programs like federal student loan repayments, unemployment benefits and rent assistance, millennials surveyed say they’re taking on more positive signs. in paying down debt (44%), being able to create and maintain a separate budget (33%) and increase credit score (43%).

Yet, only 30% are taking steps to save for retirement. And only 32% said that statements like “I can enjoy life because I know how to manage my money” and “I’m securing my financial future” are enough to describe their situation this year. 2021.

Despite support from the federal government and other efforts to reduce financial stress during the pandemic, the cost of living continues to rise, De Cervens said.

Millennials sometimes rely on their parents as “family banks,” but financial stress has affected the amount of money the family has, according to Surya Kolluri, executive director of Bank of America’s retirement research group. their family can support.

“Very few people say they have discussed financial issues with their parents, and not many understand their parents’ financial capabilities,” De Cervens said.

Furthermore, attitudes about future financial well-being also differ between racial, ethnic, and millennial groups. While 48% of millennials said they live in an “earned” status. spend every penny”, only 29% of millennials in Asia said that their financial situation is quite good. While 39% of survey respondents think they will have a better life than their parents, the percentage spikes to 43% for men, 52% for African-American millennials, and 47% for Americans. Hispanic/Latin ancestry.

Millennial women find themselves facing financial obstacles in the future. Only 29% say they have money left over at the end of the month, and only 21% say they can cope with a large unexpected expense. For men, the ratio is 42% and 35%.

Refer to Bloomberg

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