Millennials Face Tough Financial Road [AUDIO]
The “Millennial crush,” it’s not a trendy new club drink. It refers to the hard times facing the 18- to 34-age crowd in this tough economy.
Rutgers economist James Hughes says twenty-somethings make up the majority of the millennials. He says they may have graduated from college, but many have yet to find full-time work. Hughes says each year they fall behind further.
Voters under age 30 in the recent presidential election identified unemployment and rising prices as the most pressing economic issues they face, according to the Pew Research Center. Pew says with money tight, many of them voted with the economy on their minds.
They fall behind on student loans and credit card debt. Many have trouble finding a good full-time job. Hughes says New Jersey millennials can seek employment in the state and in New York and Philadelphia, so they have a variety of options.
But, Hughes says there are others competing for those jobs, so overall, Jersey 18 to 34′s are not faring much better than the rest of the country.
Some millennials say they used to gather with their crowd at a nice, medium-priced restaurant. Now, they get together at McDonalds.