Yet another bad hand is being dealt to Millennials.
Millennials, those born between 1985 and 1996, are earning less money then any other generation, according to Glamour magazine.
In a study released by the New York City Comptroller, Millennials are earning roughly 20 percent less than any other generation before them.
This is due to the fact that Millennials entered the workforce during the worst economic period since the Great Depression. Because of this, Millennials will spend more time working in low-income jobs like retail and food service, making it more difficult to obtain the type of income their parents were able to achieve at the same age.
In fact, a study conducted at The College Investor revealed Millennials currently have a net worth of -$9,000, according to Al Jazeera Plus.
This is because of the massive amounts of student loans this generation is having to pay back. That in combination with a weak job market to enter into makes for Millennials living a paycheck-to-paycheck kind of life.
Those at The College Investor recommend Millennials pay back their student loans as soon as possible before trying to invest, and to try and make money on the side, according to Al Jazeera Plus.
The average amount of student loan debt from 2016 graduates is just over $37,000, with the average monthly payment of $351 dollars.
The median salary for Millennials is just around $30,000, according to Business Insider, so when you factor in their student loan debt, plus their living expenses, it’s no wonder why so many are looking at a net worth in the red.
Millennials are the most educated generation ever, they just got dealt a crummy deck of cards to riffle through. Although more Millennials are moving out of their parents’ house and back out on their own, the biggest thing we can do to help this generation survive is to foster an economy that will allow them to get ahead, according to Glamour magazine.