We’re Having a Millennial Moment
While Baby Boomers worry over retirement, and Gen Xers struggle to stay ahead, Millennials are starting to hit their stride. A new report from Bankrate finds that, as a group, younger adults are feeling more confident about their finances these days.
As the economy improves, millennials are feeling more confident. Bankrate found that 32% of employed millennials (18-29 year-olds) said they had higher job security relative to a year ago vs. just 23% of all employed Americans who said they did.
Thirty percent of millennials are feeling better about their savings today than they were a year ago. Overall, just 20% of Americans feel that way, while just 13% of those age 50 and older say their savings are in better shape.
Millennials are also faring better than their elders in terms of overall financial satisfaction, with 33% expressing greater satisfaction today than they enjoyed 12 months ago vs just 19% of those aged 50 or more reporting a better overall financial situation.
Part of this disparity is to be expected. Workers typically see some the most dramatic pay raises of their careers from age 25-35. Younger workers also have many years ahead of them to save for retirement, and climb their career ladders.
Older Americans don’t have the luxury of time, and many of them have hit their peak professionally.
However, there have been some unique challenges in recent years, for old and young alike. Young Americans emerged from college with record levels of debt, and found themselves in the worst recession since the 1930s. At the same time, many workers who are over 50 today had some big setbacks in the past seven years.
While younger Americans can recover from the career setbacks they’ve experienced, many of the older ones feel that opportunity, and time, are not on their side. When the economy is as turbulent as it’s been in recent years, it pays to have youth on your side.
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