To take control of their finances, millennials need to budget
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.