The Rising Financial Burden: Millennials and Debt Explained
The Rising Financial Burden: Millennials and Debt Explained
Millennials are running up more debt than ever before.
According to a report by the Federal Reserve Bank of New York, millennials have accumulated over $1 trillion in debt, with credit card and auto loan delinquencies surpassing pre-pandemic levels . Additionally, student loan debt has become a significant burden for many millennials . The combined debt load is causing financial stress and impacting their ability to save and invest for the future. Especially in the U.S. Millennials are the generation born between 1981 and 1996, and they are facing various financial challenges, such as inflation, rising interest rates, student loans, housing costs, and the pandemic’s impact. As of the end of 2022, Americans in their 30s had amassed nearly $4 trillion in debt, a 27% increase since 2019. This is the largest and fastest rise of any age group, and it includes debt from credit cards, auto loans, mortgages, and personal loans. Millennials are also struggling to save and invest for their future, as they have less income and wealth than previous generations at the same age. Therefore, millennials are facing a serious debt crisis that could affect their financial well-being and stability.
https://www.cnn.com/2024/02/06/economy/more-americans-falling-behind-on-loans/index.html
https://www.newsweek.com/millennials-debt-historic-rise-1794455
https://www.cbsnews.com/news/debt-millennials-inflation-interest-rates/
Are you was a millennial spending now now?
