Millenials Are Spending Too Much According To New Study
Millennials are financially worse off than generations before them, according to a new study by Deloitte, an accounting firm. The average Millennial has a net worth of only $8,000 dollars, an astoundingly low number compared to their parents’ generation at the same age.
While it’s easy to blame Millennials’ foolish spending habits for the discrepancy, that’s not the whole story, the researchers found. The average Millennial is paying far more for education, housing, and even food and transportation. According to The Washington Post, “Education expenses have climbed 65 percent in the past decade. Food costs have jumped 26 percent, health care is up 21 percent, housing jumped 16 percent and transportation rose 11 percent. And there are now expenses that most consumers didn’t have to account for 20 years ago, including smartphones and data plans.”
The study found Millennials’ spending habits and priorities aren’t much different than previous generations. But the cost of living has gone up, but average incomes have remained stagnant. On top of that, Millennials are still suffering the after-effects of the 2008 market collapse and subsequent recession. Wealth inequality is growing–in the last 10 years, people making more than $100,000 dollars saw their incomes increase 1,305 percent more than people making less than $50,000 a year.
“The vast majority of consumers are under tremendous financial pressure,” Kasey Lobaugh, the lead author of the study, told the Washington Post. “That is particularly true for low-income Americans and Millennials.”
Actor Kevin Spacey Arrives At Court
-
Shareholders have accused Musk of enriching himself to the company’s detriment. In the midst of his ongoing revamp of...
-
Without pandemic-era loan accommodation, borrowers are falling behind. During the height of the COVID-19 pandemic, numerous aid and accommodation...
-
As Twitter changes hands, policies change as well. As of last Friday, social platform Twitter is officially the property...
-
Remote workers have brought in a tidy sum for several major carriers. While the COVID-19 pandemic has reached a...
-
The CPI rose another 0.4% in September. For the past several months, the United States Federal Reserve has been...
-
Musk appears to be backing down from his legal threats. For the last several months, Tesla CEO Elon Musk...
-
Amazon is looking to start the holiday shopping season even earlier this year. Typically, online retail giant Amazon holds...
-
Home Depot still maintains a healthy customer base despite economic concerns. Ongoing concerns of inflation have done a number...
-
A railway strike would severely impact the US economy. This week, representatives of the National Railway Labor Conference and...
-
Customers have been tipping less generously as pandemic restrictions relax. At the height of the COVID-19 pandemic, when many...
-
After years of exclusivity, Peloton is finally allowing third-party sales. Since it first launched as a company, exercise device...
-
Uber was first on the chopping block as SoftBank recoups losses. Recently, Japanese conglomerate SoftBank suffered a major loss...