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7 of the biggest financial problems millennials face that their parents didn't

Published by Business Insider on Sun, 19 Aug 2018


Millennials are the generation born between 1981 and 1996.Because they came of age during the Great Recession,millennials are dealing with a number of financial problems.Some of millennials' most critical money problems are student loan debt, inflating living costs, unexpected expenses, and needing to save more for life milestones.Defined as the cohort born between 1981 and 1996, millennials are the generation known for being tech-savvy, pursuing their passions, and killing a bunch of industries. They're also known for shouldering a number of financial burdens specific to their generation.This is in large part due to the fact thatmillennialsgrew up or entered the workforce during the Great Recession, creatingunique financial challenges.Even though millennials benefited from a 67% rise in wages since 1970,according to a Student Loan Hero report, the increase hasn't kept up with inflating living costs. That's not to mention that millennials are bogged down with student loan debt, are working to catch up on lost income, and have to save more for life milestones, like a buying a house and retiring.But many millennials are so strapped for money that they are relying on otherslike their parents or grandparentsfor financial help.Below, see some of the most significant money issues millennials are facing today.SEE ALSO:It looks like it's not just crushing student loans holding millennials back anymore ' it's also their aging parentsDON'T MISS:More than half of 20-somethings still count on money from their parents to pay their billsMillennials are burdened with student loan debt that's higher than everCrushing student loan debt is one of the most notorious expenses burdening millennials. College tuition has more than doubled since the 1980s; as a result student loan debt is at an all-time high, with the average student debt per graduate who took at loans at $17,126,Business Insider reported in November.Not only has the number of students taking out student loans increased by 10% from 2000 to 2012,according to a report by the American Academy of Arts & Sciences, but students began borrowing more money too the median cumulative loan amount rose to $20,400 from $16,500 in that time.Millennials have to save longer to buy a houseHome prices are on the climb and millennials are paying for itliterally.Millennialsbuying their first home todaywill pay 39% more than baby boomerswho bought their first home in the 1980s, according to Student Loan Hero.In fact, the value of homes has increased by 73% since the 1960s, when adjusted for inflation.Maybe this is why homeownership among millennials is at a record lowthey have to spend more time saving money to buy a house. In some cities, it can take nearly a decade to save for a 20% down payment on a house, according to a SmartAsset report.Millennials are shelling out money for soaring rentsMeanwhile, many none-homeowning millennials are devoting their hard-earned cash to soaring rents.Rents increasedby 46% from the 1960s to 2000 when adjusted for inflation, according to Student Loan Hero. In 1960, the median gross rent was $71, or $588 in today's dollars. By 2000, that number rose to $602, or $866 in today's dollars.See the rest of the story at Business Insider
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