- Millennials have been in a financial slump up until now.
- The 2020s will bring many developments in their lifestyle and circumstances that will benefit this generation.
- The coming decade should be the decade that Millennials will see financial improvement.
The Millennial generation — also known as Gen Y, Digital Natives, or Echo Boomers — has been blamed for the death of many industries in the last decade. But they’ve had an incredibly valid reason for not keeping these industries afloat: They can’t afford it. The fallout of the recession, increased housing and healthcare costs, and student loan debt have all been contributing factors to Millennials’ financial mess. They have been slow to build wealth and are, in turn, spending significantly less than previous generations.
A Promising Decade Ahead
Millennials are due for some good news, and the 2020s will most likely be the decade that they find it, as Millennial researcher and President of The Center for Generational Kinetics Jason Dorsey shared in this article for Inc. He said, “The next ten years may finally be the decade where Millennials feel a more solid financial foundation, especially after the long economic headwinds and recovery many of them have faced due to the Great Recession, wage stagnation, rising cost of real estate, and student-loan debt.”
Optimistic Predictions for the Future
Dorsey sees much potential for a financial turnaround for this generation. He shares in the article that student loan debt will decrease the longer that Millennials have been out of school. Many will receive inheritances from Boomers. The time for marriage and homeownership has arrived, which will allow Millennials’ finances to benefit from a two-income household. And they continue to earn more as they progress in their careers.
From Downside to Bright Side
Millennials have had a rough start financially, but it’s very possible that the 2020s will be the silver lining. The hope is that their struggle will come to a close as their situations evolve into something more positive.
The Pivotal Years Are Here
The next decade will be a critical time period. As we continue to closely examine the path of all the generations at CGK, we’ll be relieved to see the upswing of the Millennials and their financial state in the coming years.
How Can You Support Your Millennial Employees in The Next Decade?
Millennials are currently the largest generation in the workforce. Are you doing what you can to help them thrive and develop into the leaders of the future? Contact us here to see how we can help you do just that. We deliver custom keynote speeches, research, and consulting that solves generational challenges.