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To take control of their finances, millennials need to budget

October 9, 2020 Article 4 min read
Authors:
Jaime Eckels Wealth Management
Some have called millennials the unluckiest generation in U.S. history. But as Jaime Eckels explains in Kiplinger, with the right mindset and tools for budgeting, millennials have the power to take back control of their finances and achieve financial independence.
Woman and man at desks with a dog walking down a hallway

There’s no escaping the fact that millennials have been dealt a tough financial hand.

Many of them have lived through at least two big recessions, the second caused by an unprecedented pandemic that has dented their employment prospects.

The COVID-19 crisis has recently led them to be branded the “unluckiest generation in U.S. history.” Changes in the economy and job market mean they earn about 20% less than their boomer parents did at the same stage in life, despite having higher education levels. They can also expect far less of a retirement cushion than their parents got, with the future of Social Security in doubt and company pension plans largely a thing of the past.

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