Number of the Day Shows Millennials Are More Strapped
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That’s how much more likely millennials are to be struggling with bills during the pandemic compared with the older “silent generation,” a government survey shows.
Some 38% of millennials (people born in 1981 or later) surveyed in August said they were having a “somewhat” or “very difficult” time paying their usual household expenses, compared with 16.5% of people in the silent generation (born between 1928 and 1945), the Bureau of Labor Statistics said this week. Respondents were asked to weigh whether they could cover expenses like food, rent or mortgage, car payments, medical expenses, and student loans over the previous seven days.
Since the pandemic has upended the economy, fewer millennials say taking out student loans was worth attending college, according to the findings of a September survey from research firm Morning Consult.
Retirees, which make up most of the silent generation, are more insulated from financial shocks because they are less reliant on employment for income and more likely to own a home they’ve paid off, according to separate survey findings by Age Wave and Edward Jones. They instead rely on Social Security benefits, Medicare coverage, and retirement savings.
Bureau of Labor Statistics. "Changes in Consumer Behaviors and Financial Well-Being During the Coronavirus Pandemic: Results From the U.S. Household Pulse Survey." Accessed Dec. 18, 2020.
Morning Consult. "National Tracking Poll #200926 September 08-10, 2020." Accessed Dec. 18, 2020.
Edward Jones. "The Four Pillars of the New Retirement." Accessed Dec. 18, 2020.