Money is a huge issue for Americans, specifically for Millenials and Gen X. It definitely plays a huge role in our lives, being the root behind our most of our stress and most of our life decisions. A recent study between Business Insider and Morning Consult show a survey of around 2,000 Americans within the Millennial and Gen X generations, considering they are in their prime working years.
Different generations were more concerned about different debts. For example, Gen X is more worried over their credit card debt than Millennials who are worried about student loan debt. Some even think these loans for college weren’t even worth it after dealing with all of this stress that comes with it.
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It also puts a stress on marriage as 64% of both Millennials and Gen X’s population stated that money causes stress with their partner. “Even single people who date said money is a source of stress for them,” according to Business Insider.
Gen X maintains a concerned and negative perspective towards their finance. While they are both stressed, Millennials are less worried about not saving up.
Millennials are less stressed about their debts because they think they are doing better than others. They are actually more aware of their situation as they are up to date with headlines and press about the financial reputation of their generation. You may think this makes them naive, and you know what? You may be kind of right, but it’s also kind of smart.
“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,” Business Insider explains.
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However, both generations are not saving up for retirement which is an issue. 54% of Millennials don’t even have a retirement account, and 11% of Millennials who do have one are not making monthly contributions, while 13% of Gen X are said to have an account, but again, aren’t gradually contributing to it monthly.
This is going to not only affect the Millennial and Gen X generations’ future, but the future of the next generations to come. Debt will only increase as Gen Z is on nearing the age where this becomes a concern. Is this an issue we personally struggle with, or is it our economy to blame?
