Nearly three out of every four millennials are living paycheck to paycheck. That is a major issue for everyone.
PYMNTS and the financial services company LendingClub collaborated to release a report titled “New Reality Check: The Paycheck-to-Paycheck Report.” The goal of the report was to learn consumers’ financial situations based on different generations.
The study found that 73.2% of millennials (ages 27 to 42) were living paycheck to paycheck. 65.5% of Generation Z (11 to 26) consumers and 64.2% of Generation X (43 to 58) were living paycheck to paycheck, but only 49.5% of baby boomers and senior citizens (59 and up) were.
Why is that?
Were millennials not taught the importance of saving money? Were they not able to put any money away into savings because everything is so expensive?
It is an interesting topic of discussion that will lead to problems not just for the people living paycheck to paycheck, but for everyone else who put money away.
To hear Tony Katz, explain those problems, click the link below.
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