Posted December 15, 2020 by Mark Perna
Episode Title: More Millennial Money Mistakes—And Why
File Name: more-millennial-money-mistakes-and-why
Millennials’ biggest financial regret is their college debt burden, but they made other mistakes, too. Coming up next, here’s where else they went wrong—and why.
Ep 92 show:
Hello, and welcome—you’re in The Perna Syndicate! Yesterday, we talked about Millennials’ biggest money regret: student loans. And while that’s definitely the main one, there are several other financial lessons they’ve had to learn the hard way.
Beyond college, Millennials struggled to manage their income wisely during their early career years. Credit cards were a major challenge for many, with 86% admitting they accumulated card debt, 84% harming their credit score, and 74% overspending on big-ticket items.
Millennials also had a hard time planning for a healthy financial future. Eighty-one percent said they did not have a financial plan, 88% said they did not save enough, and 77% failed to contribute to their retirement fund.
Overspending was another huge problem, with 81% admitting they would blow through their entire paycheck before the next payday rolled around. Money mistakes are easy to make, but when they happen so consistently across an entire generation, we have to ask: why?
Perhaps one reason Millennials find money management hard is because their Baby Boomer parents did. Recently, Experian found that Boomers carry the highest personal loan debt in America, fully 18% higher than the national average. Additionally, the number of older Americans filing for bankruptcy has increased by up to 300% in recent years. Boomers who struggled to manage their own money would hardly be able to teach their kids how to do it.
But, there’s a bright side. Millennials may have learned about money the hard way—but they did learn. Tune in tomorrow for more on why Millennials are now making smarter financial decisions. We’ll see you then!