The best millennial finance stories of the past fortnight. Find out why millennial women could be setting themselves on a collision course, how finances are putting pressure on millennial marriages and why a quarter of millennials think they’ll never be able to retire.
A study by Discover found that, far from being disengaged with their finances, millennials are the age group most likely to be working to improve their credit score. 83% of millennials said they are taking steps to boost their score. However, on closer inspection, up to 70% said the main way they’re doing this is by checking their credit scores. Furthermore, another survey, by financial tech firm OppLoans, found that one in four millennials thought their poor credit scores were holding them back.
A study by Student Loan Hero, a website aimed at helping people manage education debt, has unveiled the relationship pressures faced by those in the US with high level of student debt. Around a third of divorced borrowers named college loans and other money issues as factors in the breakdown of their relationship. 13% specifically blamed student loans.
A quarter of millennials think they’ll never be able to retire, according to a new survey by Printerland.co.uk. This is in large part down to their lack of trust in the state pension, with around a fifth of those in this age group not believing it will still be available when they reach retirement. Others still are concerned that they’ll have to find additional sources of income in retirement to keep the money coming in.
A new survey by TD Bank has found that millennial couples are surprisingly open about their finances. Nearly 75% of millennials in relationships say they talk about their money with their partner at least once a week. Experts believe this could be making them happier.
Research by TD Ameritrade has found that the gap between the financial aspirations of millennial men and women is widening. According to the survey, millennial men said they wanted to earn $118,000 a year, while their female counterparts said they would be satisfied with $58,500. This gap in aspiration could be putting women on course for poor financial outcomes. Millennial women also felt that having children had harmed their career advancement.
This article looks at the growing inequality among millennials. It considers the gulf not just financially, but also in terms of attitude between rich and poor millennials.
The articles include a piece in The Money Diaries feature in online magazine Refinery 29 where a young woman working as an intern angered many when she revealed she was receiving a generous monthly allowance from her parents, who were also covering her expenses. Recent coverage of Kylie Jenner and the debate about how self-made she really is also covered.