6 facts that show millennials are going to be OK, even if you think they aren't

millennial

The story isn’t a new one:
Millennials
are struggling with financial problems previous
generations didn’t face.

They’re dealing with a
heavy trifecta formed by
the ongoing fallout of the recession,
rising living costs, and
staggering student-loan debt
. But perhaps not all is as bad as
it seems.

Insider recently teamed up with Morning
Consult
to survey more than 2,000 Americans about their
financial health, debt, and earnings for its new series, “The
State of Our Money
.” More than 670 respondents were
millennials, defined as ages 23 to 38 in 2019.

While several findings weren’t positive — millennials are

more likely than their parents to delay life events
because of
money and
they’re pretty stressed about their debt
— other results
painted a much brighter picture.

Millennials overall view their financial standing favorably when
compared to their peers — and compared to Gen X, the preceding
generation. They’ve also made strides in money compared to their
parents: Millennial women are earning more than their mothers, and
millennials overall are more open talking about money.

Here, six facts that show millennials will probably be okay,
even if you think otherwise.

SEE ALSO: 6
financial problems plaguing millennials through no fault of their
own

DON’T MISS: 17
ways life is different for millennials than for baby boomers, from
crushing student loans to a disappearing middle
class

Millennials are more open about money than their parents

If there’s one thing millennials have going for them that their
parents don’t, financially speaking, it’s that
they’re talking about money
.

Thirty percent of millennials share financial info with their
friends, compared to just 9% of boomers; 25% of millennials share
financial info with their siblings, but 12% of boomers do the same;
and 12% of millennials talk to their colleagues about money,
whereas only 2% of boomers do.

When it comes to sharing their finances with family, millennials are
also more likely to do so — 46% talk to their parents about it,
while 24% of boomers talk to their kids about it.

Millennial women are more likely than their mothers to out-earn
their partners

Millennial women have progressed when it comes to income
earnings. Only 18% of baby boomer women said they make more money
than their partner or spouse, while 35% of millennial women
reported making more money than their partner or spouse,
Business Insider’s Liz Knueven reported
. That means millennial
women are twice as likely as their mothers to earn more than their
partners.

However, 25% of the 1,068 survey respondents people who
identified as women said that they made more than their spouse or
partner, while 75% of those who identified as men said the same.
That goes to show the gender pay gap is still in effect; men make
more money as they advance in their careers.

Note that the survey did not distinguish between respondents in
same-sex and different-sex relationships.

Millennials may have credit-card debt, but they have less than the
previous generation


While more than half (51.5%) of millennials
said they have
credit-card debt, it’s not out of the norm. In fact, it’s less than
the percentage of Gen Xers who have credit-card debt:
54.5%

And when you narrow the scope of the picture, you’ll find that
of those millennials who have credit-card debt, the majority don’t
owe a lot. More than half (54%) said they owed less than
$5,000.

Most millennials think they have less debt than their peers

Nearly half of millennials (48%) think they have
less debt than their peers
(17% said they didn’t know).

It’s likely many are right. As we’ve seen, of those with
credit-card debt, the majority
owe less than $5,000
. And only about 28% of millennial
respondents have a mortgage, so most millennials aren’t carrying
the debt of homeownership. 

Around 28% of millennial respondents have undergrad student-loan
debt, meaning the majority aren’t faced with this burden. If
millennials are reading anything about the student-debt situation,
those who don’t have it are likely to think they have less debt
than the rest of their generation. 

And more millennials than not think they’re financially better off
than their peers


More millennials are positive
when comparing themselves to
their peers  — 46% think they’re much better or somewhat better
off than their peers. That’s compared to 37% of millennials who
think they’re doing worse than their peers (the remaining 17% said
they didn’t know).

These perceptions might be because millennials are reading their
own press about their generation’s
financial woes
 — like how they’re suffering
from stagnant wages
, struggling to afford
staples like housing
, and dealing
with staggering student-loan debt
.  

If millennials are overall thinking they’re doing better than
their peers, the situation on the ground may be better than we
believe. Though things may be rough for the generation, the
fundamentals may not be as bad as the story they’re told.

Millennials are more positive about their finances than Gen X

The percentage of millennials who think they’re financially
worse off than their peers (37%) is also notable because it’s

lower than the percentage of Gen X
who think they’re
financially worse off than their peers — 43%.

And when asked how they would rate their financial health,
slightly more than 41% of Gen X said it’s not very good or not good
at all. That’s worse than millennials, 37% of whom said the
same.

While millennials may face some
financial problems specific to their generation
, they may not
be doing as poorly as it seems — at least compared to Gen X.

Source: FS – All – Economy – News
6 facts that show millennials are going to be OK, even if you think they aren't