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A recent study discovered that 70% of millennials are living paycheck to paycheck in 2021, which is significantly higher than ANY other generation. They say, the aspect of “living paycheck to paycheck” is a better indicator of economic needs and water, just as much – if not more, than income or wealth, because how much a person has left over – AFTER expenses – is a MAJOR COMPONENT to your overall financial health. .
However…a lack of INCOME might not be the be the entire problem here…even though the median income for millennials was $57,500 per year…like I mentioned, TODAY, 60% of millennials earning above $100,000 are ALSO living paycheck to paycheck…indicating that, there’s a MUCH BIGGER PROBLEM than most people initially expect.
The BIGGEST ISSUE from all of this, though…is that “Millennials spend an average of $838 a month on nonessentials” – which is absolutely NOT acceptable if you’re living paycheck to paycheck. The biggest spending categories here include vacations, dining out..and COFFEE..which, they say, is heavily influenced by your friends, boredom, advertising, and social media. AND THEN…the final nail in the coffin: 49% of millennials respondents said their non-essential purchases contributed to DEBT.
So, overall…the reason why 70% of millennials are living paycheck to paycheck, without any money left over to save and invest, is both a COMBINATION of low wages, increasing expenses, and poor spending habits, all cumulating into the perfect storm of little leftover money.
If you’re making UNDER the median wage…and you’re already SAVING and CUTTING BACK as much as you possible can…then switching jobs, learning a new career, and increasing your income would be the best solution to start investing more. However, if you’re making ABOVE that median wage…then I would CAREFULLY look over every single one of your expenses, identify where your money is going, and then find a way to scale back and save the difference.
Lifestyle inflation, and “keeping up with the Jones” seems to be the main driving force behind why 60% of millennials earning above $100,000 say they’re ALSO living paycheck to paycheck…and, that deserves a full evaluation to eliminate what you don’t absolutely need.
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