Posted December 14, 2020 by Mark Perna
Episode Title: The Money Mistake Millennials Regret the Most
What do Millennials regret the most when it comes to money? Stay tuned to find out—coming up next on the Perna Syndicate.
Ep 91 show:
Hello, and welcome! This week, we’re talking about Millennials, money, and what they regret the most. A recent study sheds some light on what they consider to be their biggest money mistakes—including their educational, early career and living choices.
College debt overwhelmingly tops the list of Millennial money mistakes, with 90% of respondents reporting that they did not fully understand the terms of their student loans when they signed on the dotted line.
90%…wow! That means that only 1 out of every 10 students knew what they were getting themselves into when they borrowed money to pay for their education. Clearly, we have to do a better job teaching financial literacy and counseling students about their college and career options.
Eighty-four percent borrowed more than they needed and accrued credit card debt while working toward their degree. Another 83% say it was a mistake to attend an expensive college. And 3 out of 4 students say they overpaid for their dorm.
It’s important to note that in general, Millennials don’t seem to regret their college education itself. They just wish they made smarter choices about where and how.
For many Millennials, these mistakes have long-term effects. Respondents who made a high number of financial blunders in college were more likely to worry about paying their monthly bills today.
Unfortunately, plunging into college debt isn’t the only financial pitfall this generation has experienced. But why have Millennials struggled so much with money? The answer may lie with their Baby Boomer parents. Tune in tomorrow for more…we’ll see you then!