5 Reasons Why Millennials Struggle To Manage Their Finance
It’s no secret millennials hate chain restaurants, 9-5 jobs, jobs in general, and diamonds.
More than anything, millennials hate managing their finances. In this guide, we are going to go over why millennials struggle.
Millennials don’t save enough money.
The average millennial has a checking account. For most, it’s not in the triple digits for very long.
The crippling debt of student loans and the cost of living has reached absurd rates. It’s a struggle to put aside a lot of extra money for savings.
The internet offered access to unlimited information. It also offered an unlimited amount of ways to spend money on useless distractions.
The temptations that social media shows make it worse. A successful week for many is surviving work and then releasing some stress. When millennials have money, it’s usually misused on a night out.
How millennials spend their money is a reflection of their lifestyles. Some spend their money on Ubereats and delivery. Others spend their money on apps like Wish on a whim.
Others still save up what little they have to travel for a small amount of time. Any number of habits can eat away at potential reserves.
Millennials don’t develop skillsets in their free time.
Trade/labor jobs are having a harder time than ever finding employees. Not just because of the situation with an aging workforce, but because of lack of flexibility.
Most millennials don’t like jobs that are too constrictive.
Most millennials want a job that offers a chance to be appreciated.
Stigmatization of “hard labor” makes it even harder to find millennials willing to invest in themselves to work long hours, hard job.
Millennials deal with different types of stress.
Having access to the internet also comes with an array of new neuroses and disorders that had never been diagnosed before.
Everyone has always wanted to “Keep Up With The Joneses.” It worsened by real-time opportunity.
Constant access to the lives of others makes us compare and over-analyze. It’s frustrating, time-wasting, and becomes a cycle that harps on our insecurities.
Millennials as a whole have to move beyond them to be able to make better decisions for themselves.
How many disorders are “legitimate” or not is up to them as a group but to the individual. The general sentiment is “their money is theirs or lack thereof.”
Millennials don’t know how to make their money work for them.
One of the biggest points of contention between millennials and prior generations is their investments. They invest in ideas or movements.
They flow between selfishness and altruism.
Setting up an investment plan for a nihilist is an exercise in futility. When so much of the generation focuses on their freedom as their livelihood, it’s hard to be pragmatic.
Coupled with the emotional responses that millennials have to hard decisions, it’s hard to find a balance.
On the one hand, they have to pay their bills. On the other, they want to move beyond their current economic threshold.
They don’t invest in stocks or bonds. They believe in movements, but as the show Atlanta by Donald Glover so succinctly surmised, investment is an opportunity for the wealthy. Most millennials don’t think of themselves as such. That includes the ones that are wealthy.
Millennials benefit from grant programs, from loans, from everything they’re distrustful of. They should be embracing them.
For instance, if well-planned, bad credit loans can make a massive impact on a millennials net worth, income, or just general freedom. Sites like www.localcashhelp.com offer financial breathing room that can be crucial.
Millennials hate being told to do something.
Growing up in the age of internet exploration, social media, and memes has a profound effect. The narcissism that comes from being immersed in subcultures is profound.
Echo chambers contribute to a cycle of repeated ideas.
They affirm that whatever has already been saying is correct. In some cases it is. In others, it does little more than prevent corrective measures.
Millenial’s most significant challenge is not the history that precedes them. It is. Without any real actionable plan beyond lofty ideals, it spells further doom.
Intense skepticism won’t open up more opportunities even if it seems an alternative.