More than 50% of young people in the US live in the situation of “pulling the bear and patching the shoulder”

Bloomberg news cited the results of a survey conducted by Georgetown University and Bank of America that showed that more and more millennial workers in the US – those between the ages of 25 and 40 – are currently saving very little. backup cash. They feel unable to pay if there is an unexpected payment.

The survey in October 2021 with a nationwide scale has shown the fact that nearly 50% of respondents said they were living in a state of “earn what you spend all the money on”, only 28 % said they were prepared for the unexpected.

Jeanne De Cervens – Project Manager of AgingWell Hub survey said: “The reason may be that young people have moved back to live with their parents during the pandemic, and then moved out again at the right time. As a result, they face pressures about daily expenses such as rent.”

According to the same survey, millennials (those born between 1981 and 1996) are feeling significant financial pressure. Many people carry even more student debt than their parents. Moreover, those born in the early millennium entered the labor market right around the time of the 2008 financial crisis.

There are also some bright spots in the finances of young people in the US, thanks in part to programs like federal student loan repayment, unemployment benefits and rent assistance, according to the survey. At home, the “Gen Y” surveyed said they are receiving more positive signs of debt repayment (44%), being able to create and maintain savings (33%) and increase their credit score ( 43%). Yet, only 30% are taking steps to save for retirement.

According to Surya Kolluri, Executive Director of Bank of America Retirement Research Group, “Millennials sometimes rely on their parents as the ‘family bank,’ but financial stress has affected the amount of money spent. that their family can support”.

According to experts, very few young people in the US said they had discussed financial issues with their parents and not many people understood about their parents’ financial ability.

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