Additionally, cost of living has grown at rates much faster than rates of income, leaving many millennials in degree-holding professional positions still unable to pay the rent in a livable apartment. Purchasing a home in many markets has become completely cost-prohibitive to any but the absolute highest income earners among the young millennials. As a result of all of this, millennials must cope with a much slower financial start than earlier generations of the same age.
They represent the most well educated generation in American history, and manage to save far more of their modest incomes than their predecessors do. Making any significant contributions to investments becomes painfully difficult, however, when student loan and other debt interest rates have risen to record-breaking highs, while savings account returns have plummeted to all-time lows. Unable to make ends meet even with Masters-level degrees, many millennials still live with or get assistance from their parents, further perpetuating the negative assumptions about their work ethic and competence.
The infographic below outlines the millennial financial state, clearly showing the distinct disadvantage our highly educated young workers struggle against.