According to new published reports, students and graduates born between 1980-2000 are probably going to be financially screwed for the rest of their lives.
This report comes from financial advisor Lee Jenkins of Lee Jenkins on Money. He asserts that “They have high, unrealistic expectations and many don’t manage money very well.”
Even prior to the December 2007 recession the students were destined for doom. Their parents had the G.I. Bill and pension plans while they have expensive high-tech gadgets necessary for scholastic success along with an average of $23,200 in student loan debt come graduation.
Additionally, the entire generation faces economic struggles come graduation where they will encounter a decline in health benefits, chronic job insecurity, stagnant wages, and a soaring increase in basic living expenses while having minimal savings.
However, it isn’t society that is fully to blame. Most people categorized as Generation Y have an average of at least three credit cards that will inevitably result in debt, with 20 percent of those already holding more than $10,000 worth according to Fidelity Investments.
Wherever you choose to assign blame, the bottom line is that Generation Y needs to set their priorities to ensure their income, savings, and career-ladder potential well-being.