Lately I have been thinking a LOT about the Millennials – the generation born between 1982 and 2002. This might be because I just had the lovely experience of teaching a slew of them some critical business skills at the Society of Grownups in Boston – but also because I am interested in what young people are learning about money, and how they are managing their dough.
How are Millennials doing with money?
It turns out – they aren’t doing so great. According to the Wall Street Journal, and this article, Moody’s has reported that it turns out the young folks born after 1982 have a negative savings rate. I can’t say it’s their fault, it been interesting to do a comparative study between the debt load to savings rate between Generation X’ers vs Millennials. Another words – maybe this generation CANT save because so many of them are a.) hanging by the noose of student loan debt, b.) can’t find jobs or c.) are really low on the totem pole of wages, bonuses, and raises.
Millennials and Money
Forever the optimist I would point to the fact that more than 1 in 3 workers freelance in America now which means there are plenty of opportunities to build up some freelance work on the side when working full time (in fact I taught on this VERY subject in Boston) and perhaps even launch a small business. In the women’s entrepreneurial community, Millennials are definitely pulling up the rear in terms of talent and ambition which means I think their earning – and savings and investing potential – hasn’t yet to bloom. If you have a super awesome savings tip please share in the comments!
