Posted December 16, 2020 by Mark Perna
Episode Title: Millennials Learned Money the Hard Way—But They Did Learn
Between student loan debt and challenging economic conditions, Millennials haven’t had an easy road to financial health. Here’s why they’re making better choices today—coming up next.
Ep 93 show:
Hello and welcome to The Perna Syndicate! This week, we’ve been talking about Millennials and what they regret most about their money decisions. College debt tops the list—no surprise there—with 90% of this generation saying they didn’t fully understand what their student loans entailed. A significant majority of Millennials also struggled with credit card debt and financial planning.
Many Millennials just weren’t taught financial literacy, and that may be partly because their Baby Boomer parents had their own money challenges. Add the Great Recession to the mix, and it’s easy to see how so many Millennials found it hard to live within their means.
But in spite all this, there’s a bright side for this generation. Business Insider reports that despite an average net worth of just $8,000, most Millennials today are fairly savvy and practical when it comes to money. Yes, they’ve made a lot of mistakes—but they’ve learned from them.
And as they climb the ladder at work, taking on more responsibility as managers and leaders, they’re also working hard to make better financial choices.
Between student loan debt, challenging economic conditions, inflation and the ever-rising cost of living, Millennials have always known they’re up against it. But they’ve proven incredibly resilient in their uphill journey toward financial health.
Instead of asking why money is so hard for this generation, maybe a better question is this: How have they managed to do as well as they’re doing?
Find out more about the younger generations in my award-winning bestseller, Answering Why — available in hardcover, ebook, and audiobook on Amazon.com.