Why Milllennials Are So Bad With Money... #Best Education Page #Online Earning

why are Millennials so bad with money

that is what we are going to be talking

about in this video today so recently

money under 30 conducted a survey to

test the financial health of Millennials

what they did was they surveyed 612

American Millennials to try to

understand what it is that is going on

with this generation that is causing us

to be so poor off financially now the

first thing I want t
o say is that this

is not necessarily all Millennials

because I have a lot of young people who

watch my channel or here on the channel

we talk about personal finance the stock

market financial education and so there

are a vast amount of Millennials out

there that are killing it financially

but the majority of people based on this

survey suck financially and we are going

to talk about the main findings of this

survey and why this might be the case if

you guys want to read the survey it's

going to be the top link in the

description below money under 30 is a

great finance blog if you guys are

looking to learn more about personal

finance investing anything of that

nature that's gonna be down in the

description below as well

but I found these results to be

absolutely shocking and there were a

couple of them that I wanted to share

with you so the first reason why

Millennials are so bad with money really

is not our fault and that is the fact

that college tuition has skyrocketed

there's a number of different statistics

out there that are sharing data on this

about how much college tuition costs at

this point in time but what money under

30 found in this survey is that 16

percent of a Millennials surveyed listed

their primary financial goal is to pay

off student loans that is kind of a sad

financial goal of your biggest goal out

there is not to own a house it's not to

retire it's just to get out of debt

there are a lot of different reasons why

people are struggling to get out from

under their student loans but one of the

main reasons is the fact that like we

said tuition in this country is

skyrocketing but there's also this idea

that everybody needs to go to college

and there are a lot of good jobs out

there you can get that do not require a

college education and so I think this

idea that college is essentially a

prerequisite to life is a very old idea

that a lot of people need to get out of

their head college is the good choice

and the right choice for some people

but it is definitely not the right

choice for everyone out there the second

reason why millenials are so bad with

money is because they can't find jobs in

their field and so what they're finding

is that after you get educated after you

get your college degree you come out and

you're in a massive amount of debt but

you can't find a job in your field this

is another common problem among

Millennials and this survey found that

13 percent of Millennials listed their

primary financial goal is to get a job

in their field again these are pretty

sad numbers here 16% say they just want

to get out from under their student

loans 13% just want to find a job in

their field and in my opinion the

primary reason for this is that people

are not thinking about what they're

gonna do when they get out of college

there are some degrees that are more

marketable than others and so if you

have a degree in glassblowing or basket

weaving it's going to be hard to

actually get a job unless compared to

somebody who may have a degree in stem

or something medical related so what I

believe this comes down to is a lack of

research or a lack of a plan as far as

what you're going to do after college

and how you're actually going to utilize

that degree so that I do have to blame

on the Millennials going to college and

seeking a college education in a non

marketable or a non valuable skill the

third reasons why a lot of Millennials

are broke or so bad with money is that

number one and number two are preventing

them from purchasing homes and so as a

result they tend to rent for all of

their authorities or they're in their

30s and they're still renting because

they cannot get out from under their

student loan debt they are underemployed

or they're not making enough money based

on their education level and as a result

they can't afford to buy a home so

they're just burning money burning

through cash left and right by renting

and it's extremely hard for Millennials

to buy homes if they're stuck in this

trap because their student loan payment

is basically their mortgage I mean I

have friends I've talked to in their

student loan payments or five six seven

hundred dollars per month that is

astronomical that is almost what you

would pay for a mortgage of maybe half a

mortgage and so because of the fact that

they are burdened so heavily by student

loans and they are potentially not

making the right amount of money based

on their skill

or they have a non marketable skill they

are unable to save up money to pay for a

house and they are renting and

oftentimes what you're paying in rent is

going to be higher than what you would

pay if you actually own that property so

that is another reason why Millennials

are so bad with money is they are not

able to buy homes because of their past

choices here with education number four

the fourth thing that this survey found

here is that Millennials are a little

bit too optimistic about their future

financially and so money under 30 found

that 78% of the millennial surveys to

fuel that their financial situation will

improve compared to forty five point

five percent of Americans now there's a

very clear reason for this in my opinion

and that is the fact that Millennials

have only ever been adults in a healthy

and prosperous economy and during the

2008 crash the market crash when

unemployment was through the roof most

Millennials were not of the adult age

and so they've only ever been adults

during a prosperous and healthy economy

and so I believe that a lot of

Millennials are a little bit too

optimistic about their situation

improving now I don't think their

situation can't improve but they're

actually gonna have to take some steps

and take some action to improve it it's

not just gonna magically get better and

so I feel there is an overall sense of

optimism that might be a little bit

overdone here dears based on the fact

that they've only ever seen a prosperous

economy the fifth thing that this survey

found that was absolutely shocking to me

is that nineteen point five percent of

Millennials would borrow from friends

and family if they had an unexpected

$500 expense this is just so

mind-blowing to me that $500 a 500

dollar expense a fender bender or some

kind of dental surgery costing you 500

bucks

you're gonna call up your friends you're

gonna call up your family members for a

bailout this is just such a poor

decision to be making in my opinion to

have to rely on friends and family for a

$500 expense and I think this is again

another reason why Millennials are bad

with money is they are not too proud to

ask for that I know personally I would

never ask my friends or family for money

I would figure it out I would do

whatever I had to before I crawl to my

friends and family and said hey can I

get

hundred bucks I'm in a pinch but I think

a lot of people a lot of Millennials

would be totally willing to do that and

that is more or less a mindset problem

in my opinion of having that willingness

to go out there and you know ask your

friends and family for money in a pinch

number six the sixth thing found here

which is why Millennials are going to be

so bad with money going forward is the

fact that 51 point six percent of

Millennials are not contributing to

retirement accounts and ten percent

don't even know if they even have one

that means that sixty one point six

percent if you lump this together they

either are not contributing or they have

no idea if they have one and this is why

they're gonna struggle so much

financially going forward is that most

Millennials of these Millennials

surveyed here are not contributing

towards retirement and it just shows you

how bad this financial landscape is here

because anybody who understands compound

interest knows that it's the time value

of money and if most Millennials are not

contributing towards retirement accounts

they're not going to have enough time or

as much time for compounding to take

place and for them to earn money from

their existing amount of money so that

in and of itself is going to be a huge

financial problem for Millennials and

then number seven the seventh thing

found by this survey here is that 36

percent of Millennials don't know their

credit score and if that's not bad

enough 35 percent have zero credit cards

this just comes down to in my opinion a

lack of education whether it be from

schooling whether it be from parents

friends whatever it is there is a lot of

bad stigma out there surrounding credit

cards and credit cards are not the root

of all evil as they're made out to be

and it's very important to have good

credit as a young person if you're going

to be buying a car if you're going to be

buying a home a lot of places if you're

looking to rent from that place they're

going to run your credit and so if you

don't have a well established credit

you're going to be paying higher

interest rates on credit card payments

higher interest rates on auto loans if

you ever want to buy a house you're

gonna have to get somebody to be a co

borrower with you it's going to be a

massive headache and so again this right

here is another reason why Millennials

suck financially they don't know their

at score and a lot of them one third of

them have zero credit cards meaning they

have no established lines of credit

building their credit score and so

anyways guys this is what this survey

here money under-30 found to be a lot of

the reasons why Millennials are

struggling financially and I would love

to hear what you guys think about this

do you fall under these statistics here

or are you among the people that are

doing well financially as a millennial

I'd love to hear what you guys think

down in the comment section below

but anyways guys that's going to wrap up

this video like I said I linked up to

money under 30 as well as this survey if

you guys want to check it out in the

description below definitely a great

resource for personal finance and

investing articles and content

everything like that but thank you guys

so much for watching this video I hope

you enjoyed it and I will see you in the

next one

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