Millennials: A Generation in Financial Chaos
Millennials are set to become one of the most important constituencies in the 2016 election cycle. This generation faces many diverse issues as they enter the workforce and move out from under the umbrella of their parents. Generation Opportunity, a grassroots organization that represents the interests of Millennials, put out the 2016 State of the Millennial Report, which highlights many of the issues that Millennials are facing today and in the future.
Here are three of their main findings:
- Millennials face stagnant economic opportunities. As an increasing amount of younger Americans join the workforce the unemployment rate for millennials soars above other generations. Currently, unemployment for 18-29 year olds is around 8%; much higher than the 3.7% for those over the age of 29. Also, many millennials have given up looking for a job all together after a search that has left them unemployed and frustrated with the country’s current economic state.
- Expanding higher education costs and low wages have put many millennials in a dire financial mess. As young Americans are attending colleges and universities around the country and with tuition rising at rapid rates, millions of young Americans find themselves with mountains of debt. In addition the report states, millennials face “lower levels of wealth and personal income than their two immediate predecessor generations.” With higher unemployment and underemployment rates, this all makes for Millennials to be the first generation that is worse off than the previous one.
- Government debt has become an uncontrollable monster that Millennials will be forced to pay. The US national debt is almost $19 trillion and continues to grow every day. Millennials are going to be forced to pay the bill. Elected officials continue to spend an excessive amount of taxpayer money and ignore the snowballing national debt. One particular program that will cause millennials many sleepless nights is Social Security, which is set to go bankrupt in 2034 almost a decade before the first millennials are set to receive their benefits.
With the 2016 election cycle underway, it is time for millennials to vote for candidates who stand to do something about these issues and protect future generations.