The burdens of millennials are significantly more complex than they were of baby boomers, according to a recent report released by Boston Research Technologies.
According to the report, millennials are graduating with more college debt than baby boomers, the unemployment rate has doubled for millennials, millennials earn less money than boomers, and the average cost of public college tuition has increased by 3,700 percent since 1964.
Spencer Wood, a sophomore studying construction management, recently got engaged, and said he feels the overwhelming stress of finances affecting his life.
“It can be scary when you don’t know when your next paycheck will be, especially as a student working a job in-between classes,” Wood said. “I am lucky enough to have a job that works with my busy schedule. Now that I am engaged, I have to consider what my money will look like with two people.”
According to USA Today, a major portion of millennials’ anxieties come from college debt.
Julia TerHorst, a junior studying exercise physiology, was married in April. She said she has seen major benefits from following a budget.
“We have a budget that we do our best to follow,” TerHorst said. “It was hard the first few months to actually stick with it, but I’m hoping that in the future, or next few months, if we stick to it and get used to budgeting, it will be easier.”
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TerHorst said she feels optimistic about her financial future, though she stressed about money more before she was married.
“Before marriage, I stressed more because I had my own groceries to pay for, my own way to get to school or Idaho Falls for work,” TerHorst said. “It was a lot of other payments that I had to pay for a single person, but now I get to share that load with another person.”
Wood said he does not feel as confident about his financial future because he is now concerned about having to split what little money he has through his job.
“As far as finances, two people will share one financial income,” Wood said. “Financially, I’m concerned about the things I can’t see, like cars breaking down or emergencies, anything that I am not prepared for. I want to keep out of debt, but how can I when my soon-to-be wife has more student loans built up than me?”
According to Vice Magazine, millennials doubt whether or not college was a good investment.
College graduates with excessive debt still have a higher rate of owning a home than baby boomers back in 1989, and college graduates are saving more money for their retirement than millennials who do not have a degree, according to Vice Magazine.
“It is easier because now you have his money to help pay for bills, but it is also harder because you have more payments to pay for as well,” TerHorst said. “It is between the couple; if they decide that one person takes care of the finances it can be difficult to remember all of it because everything is brand new.”