Y is for the Top Ten Financial Issues Facing Generation Y
Personal Finance from A to Z
Eileen St. Pierre, The Everyday Financial Planner
There are about 70 million members of Generation Y – those born in the early 1980s to the early 2000s. They are referred to more frequently as Millenials. Some even refer to them as Generation 9/11 since they have grown up in the aftermath of that fateful day. From a financial standpoint, they face a tough road ahead.
Here are my top ten financial issues facing the Millenials of Generation Y:
10. I wish that personal finance course was required at college. Why is it so easy to pay with a debit card but so hard to remember to write down what I spent?
9. Do I really owe that much in student loans?
8. Finally got a job but I’m paid as an independent contractor. I will have to pay estimated income taxes or pay a penalty – what a pain! My parents didn’t have to go through this.
7. No benefits with my job – should I get “Obamacare” health insurance? I never get sick but I can’t afford a hospital bill.
6. I have a great idea for a new business, but who’s going to give me a loan?
5. Save for retirement? You have to have money to do that.
4. They say my generation has great technology skills. But how do I transfer these skills into a higher paying job?
3. I’m not expecting Social Security to be there for me.
2. Raising a kid costs how much? I think I’ll wait to get married.
1. Will I ever be able to afford a house of my own, or will I spend eternity in my parents’ basement?
I had a scary thought as I was writing this column. As a Generation Xer, I’m old enough to be their mother.