Published On: Sun, Jan 14th, 2018

Major Problems Facing Millennials

Millennials have it tough. Well, they think they do. In truth, all generations have it hard. But in different ways. Nothing is ever perfect. Our expectations change, the world around us changes, and we have to make the best of it. That’s life. But, it’s fair to say millennials have some major problems ahead of them. Some of the things that previous generations have taken for granted are now problems, and technology has changed the world in at a dramatic rate, leaving millennials to figure out their place in it all.

Major Problems Facing Millennials

Huge Debts

Millennials are the first generation to face huge amounts of debt before they even really settle into their adult lives. Our parents and grandparents had mortgages and credit cards, but their debts generally meant something. They got something from them.

Millennials are often tied down to massive student loan debts as they graduate before they’ve even started work. Then the current cost of living means they’re often forced to make purchases with credit as they are just starting out in their careers. Without taking out a secured personal loan to help consolidate debt, many spend their lives in debt.

Buying a House

Many millennials are forced to live with their parents until they have a good job. Sometimes even after they’ve got married themselves. This is because saving for a deposit and then getting a mortgage is so difficult. Their only chance to save enough money is to avoid paying massive amounts of rent by staying at home.

Others find themselves renting for long periods of time, without ever managing to save. This means that millennials are faced with the idea of perhaps never owning their own home, and never having anything to leave their children.

No Inheritance

In previous generations, those that couldn’t save for a deposit at some point had an inheritance to fall back on. Their parents would leave them a house, or the money to buy one. Now, parents are living much longer. While this is obviously, fantastic, it does mean that millennials might not get any inheritance to boost their financial situation until they have retired themselves.

Social Media

Social media has changed the world in many ways. Today’s young adults were the first to have Facebook as children. They’ll also be the first to have to deal with their children being on social media. Their children will be able to look at their own youthful indiscretions online. There’s no escape.

Millennials are also the first generation to be watched online. Prospective employers will look through their social media feeds and online profiles to see what kind of person they are. They don’t just rely on a CV or interview.

Depression and Anxiety

All these issues facing them means it’s not totally surprising that millennials are reporting the highest levels of depression and anxiety among any generation at the same age. They’re facing money issues, high competition for jobs, massive overpopulation concerns, the pressures of being the generation to tackle climate change, and so much more. And, they are more likely to face up to mental health issues than previous generations.