With matters of money, millennials have an uphill climb.
That is the story we hear: millennials digging out from record student loan debt – expected to soar above £1tn ($1.27tn) in the UK over the next 25 years alone – and scrambling to pay rent with globally rising living costs and lower wages. And the numbers corroborate the story. Generation-on-generation wealth is declining, and millennials are financially worse off than those before them.
None of this is exactly surprising, however. We have known for years that the 2008 global financial crisis hit millennials hard, with many graduating directly into a troubled global economy – from which some countries are still struggling to rebound entirely. Slow wage growth, high living costs and a lack of retirement savings mean millennials will be playing catch-up well into retirement.