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Why are so many millennials struggling with debt?

With the recent recession, the rising cost of education and stagnant pay, it is becoming more and more difficult for people in Fort Lauderdale, Florida, and elsewhere in the United States to achieve a comfortable standard of living. Many are discovering that using credit cards to cover the needs not met by a paycheck has resulted in crushing debt. As millennials are graduating from college and seeking careers, they are encountering significant financial challenges.

According to a recent survey reported by CNBC, female millennials are struggling with debt more than their male counterparts, in part due to a significant pay gap of nearly $20,000 in the median income between the genders. Women also find that their career options are not as open, and they are not as willing as men to make investments. Of the women who participated in the survey, 45 percent indicated that their debt was overwhelming, compared to only a third of the men.

The top source of debt for both women and men is credit card payments. Currently, student loan payments may take as much as 12 percent of a millennial’s annual income, and mortgages are a significant source of debt for many. Generation Y is having more trouble saving for retirement than previous generations, the survey found, even though most of them believe it is necessary. In fact, 45 percent are not saving at all, and many stated that their living expenses and debt are equal to or greater than their income. This information is provided for educational purposes only and should not be interpreted as legal advice.

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