Y is for the Top Ten Financial Issues Facing Generation Y

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?

Y

 

 

I had a scary thought as I was writing this column.  As a Generation Xer, I’m old enough to be their mother.