Despite the dire financial situation many of us may face on a daily basis, millennials reported similar levels of financial satisfaction to Gen Xers and baby boomers. So what gives? Considering their age during the Great Recession (remember when gas sold for more than $4 a gallon?), the study’s author says they may have different financial expectations than their predecessors. Since they experienced the wake of countrywide economic downturn, it’s possible many think it can only get better from here. The author also cites the fact that they're still relatively young compared to their wiser, more experienced elders as a reason for our lack of fiscal knowledge.
Yes, the stats from this study are grim — nearly two-thirds of millennials make less than $50,000 a year in household income (yet it’s likely they'll be the most-educated generation in American history…so much for that degree), 23% spend more than they make, and 31% have unpaid medical debts. Still, the author thinks more are participating in financial-education programs or have been offered financial education, compared to previous generations. As a milleniaI, I haven’t exactly had anyone knocking on my door offering guidance, but maybe as a whole we’re not totally screwed after all. (FINRA)