Millennials Are Feeling Priced Out of Life
According to Morning Consult’s Q1 2022 State of Consumer Banking and Payments report, despite Americans’ surge in savings, many millennials feel like their finances will never afford them the life they want.
According to the report, 45% of millennials (those born from 1981 to 1996) feel like they will never make enough money to have all the things they want in life, 10 percentage points higher than the average U.S. adult. Over a third (38%) of millennials also feel that they’re behind on their finances, 13 percentage points higher than the average U.S. adult.
Millennials’ financial health is also struggling. According to Morning Consult, millennials’ average financial well-being score (developed by the Consumer Financial Protection Bureau) sits at 47.05 out of 100, while the average American adult’s is 50.81.
That may not sound like a lot, but it is. According to Morning Consult, a one-point gain in a person’s month-to-month well-being score essentially equates to either a $15,000 boost in household earnings, a five-year age jump, or a 20-point bump of their credit score.
Not just us:
The report found millennials all over the world feel financially left behind. Among the countries polled, only millennials in Spain and Latin American countries had well-being scores above their country’s average.