HOBOKEN, N.J.–Senior citizens believe it is much more difficult for younger people today to become financially sound than it was when they were younger.
A new survey probed senior citizens for their views on the financial challenges to today’s Millennial generation, those Americans between 22 and 37. In releasing the survey, LendEDU noted that the median price for a home in the U.S. in 2017 was $199,200. Adjusting for inflation, the median home price in 1940 was $30,600 in 2000 dollars and $65,600 in 1970, LendEDU pointed out.
It added that the average borrower today now owes $27,975 in educational debt.
So, are Millennials just poor money managers, unlike previous generations? To get answers, LendEDU asked Americans 65 and older for their views on the issue. Here’s what the survey found:
- 53% of senior citizens believe it is more difficult to become financially sound now as a 20-something than it was for them in their 20s
- A combined 79% of senior citizens are either "very much worried" or "slightly worried" about the financial health of their family's future generations
- 48% of senior citizens think Millennials will be less prepared for retirement than their generation
- 30% of senior citizens believe Social Security benefits will not exist for Millennials, while 44% are unsure
- The plurality, 31%, of senior citizens recommend that Millennials learn how to save for retirement and wish someone had told them that while in their 20s
- 70% of senior citizens think college students are going into too much debt to pay for college
- 39% of senior citizens think Millennial complaining about student debt is justified, while 27% are indifferent
- 20% of senior citizens think Millennials saving money by living with their parents longer is one of the smartest decisions they are making, while 16% point to having fewer children and waiting longer to start a family as the smartest decision millennials are making.
For the full survey, go here.