We, Baby Boomers may complain about our financial hardships, but ours are nothing compared to those of our offspring. Millennials are a generation inundated with financial burdens.
The Guardian just released a new study, stating that; “A combination of debt, joblessness, globalization, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.” Compare that with additional findings indicating that many retirees in the Western World are now enjoying higher disposable income growth.
In our country, Millennials face an unimaginable negative nine percent in their disposable income growth, which has been lagging behind the national averages over the past 30 years. In fact, “the under-30s are now poorer than retired people.” Conversely, Baby Boomers are reporting 25-28 percent positive disposable income growth..
Let’s look at some of the financial pressures on the Millennials and offer some suggestions on how to get out of this economic hole.
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