Why The Millennials Are In Debt

Millennials are in Debt: Millennials Are The Spending Generation

“The majority of the 79 million U.S. Millennials are either unemployed, underpaid, or weighed down with student loans,” said full time Journalist, Larissa Faw from Forbes.com. (Faw). Millennials of western countries such as the United States and Australia are recognized by elders as the, me, me, me generation. This is as they tend to be shallow, self-entitled, selfish and lazy, although the latest criticism is of their indebting spending habits. The tragic part of this generation is their dependent ties with their parents, forcing Mothers and Fathers to continually provide and financially support them, well throughout and after adolescents and into adulthood. Millennials lifestyles

The millennials are a very tech savvy generation and are well known to be the largest demographic purchasing the latest gadgets and apparel. Brand named fashion apparel has never been so idolized, and the generation is willing to cash out on luxurious jewellery, too. According to ‘American Express Business Insights’, “their spending on jewelry increased 27% in 2011”, and it has only increased since then. (American Express Business Insights). This generation has been proven to camp overnight outside malls and create riots to be the first get their hand on a pair of $200 limited-edition Air Jordan sneakers. But how did this generation grow up? “They grew up in a time of insecurity, with 9-11 and banks cheating people. The traditional institutions and the way things are supposed to be weren’t that way for them,” sayscultural analyst Donna Sabino of IpsosOTX MediaCT. This crisis gave the millenials a ‘who knows what tomorrow will bring?’, and, ‘why not treat myself?’ attitude, but this is toxic to the importance of money. The millenials are going to grow up not knowing the value of money to life. But who’s

It is clear that the idea of supporting oneself is not an option for the youth, with parents now expected to continually financially support them. And then there is the fact that Millennials aren’t often the ones footing these purchases. Some ‘59% of moms pay for their millennial child’s cell phone and 53% of moms spend more than $5,000 per year per each adult child covering everyday expenses, according to ‘Vibrant Nation’. This unusual trend is going to force the age of retirement to much later for these parents as the children benefit with free housing, transportation, and food from