Study Reveals Why Millennials Are Broke
Millennials are making the same projected salary as they would have in the 1980s - here are the statistics to prove it.
April 12, 2016
If you’re a broke Millennial, unfortunately, you’re not alone. Apparently, statistics show that there’s a significant reason for this, too.
According to Post Grad Problems, Millennial workers’ wages are about the same today as they were in the 1980s.
Yes, you read that correctly: Millennials are making the same projected salary as they would have in the 1980s.
These statistics were discovered within a new study by the Center for American progress, who reported that “30-year-olds today make around the same as they would have in 1984.”
After adjusting for inflation, it’s not surprising that most Millennial workers feel like they cannot afford the cost of living. The study goes on to detail another couple of facts that make this discovery even more appalling, if that’s possible.
First, Millennials today are 50% more likely to have a college degree. Second, the economy is much better than it was in 1984. 70% better, in fact.
However, that doesn’t change the reality of the situation. To put this in perspective, a 30-year-old living in 1984 generally made an hourly wage of about $18.99. It’s important to keep in mind that the cost of living in 1984 was much lower as well.
In 2004, however, the expected wage rose to $20.63. However, that’s since lowered back to $19.32 – comparable to the expected wages in the 1980s.
Basically, this means that the majority of Millennial works are making 1980s money with 2016 prices – which means most Millennials are in real trouble, financially. Take student loans into account and you’re likely to find yourself in some serious debt.
At any rate, at least Millennial workers can take comfort in the fact that they’re all in the same boat. Not that it helps, of course, but misery does love company, right?
Need Money to Pay for College?
Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants, and internships, for which they actually qualify. You'll find scholarships like the Sallie Mae's $1,000 Plan for College Sweepstakes, and easy to enter scholarships like Niche $2,000 No Essay Scholarship, and internships with companies like Apple, Google, Dreamworks, and even NASA!