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High-Income Millennials Say They’ll “Need To Work Forever” Due To Lack Of Savings

Courtesy of ZeroHedge View original post here.

The economy isn't even in a full-blown recession yet, but nearing one, and high-income millennials are already saying they'll need to work "forever" because they don't have enough savings, stated a new study via Spectrem Group, a wealth advisory company, first reported by Bloomberg. It certainly seems that after the financial crash of 2008/09, the economic environment for millennials ages 30 to 34 changed for the worst. 

High-income millennials as a whole are maxed out on credit cards, student loans, auto loans, and if they're fortunate enough, have insurmountable mortgage debts. Their debt servicing payments have left many of them without savings, but it depends on which millennials you ask. 

The study says 50% of high-income millennials ages 30 to 34 feel that they will work forever because their savings are depleted.

Meanwhile, younger millennials, 29 or less, ones who graduated college after the financial crash, so the economy was already in an upswing, are more optimistic in retiring. Only 25% of them say they will need to work forever because of savings issues. 

And when the next recession strikes, millennials as a whole, one of the most highly leveraged generations at the moment, could collectively feel the financial distress and draw from whatever little savings they have as they lose their jobs and their investments in technology unicorns implode. The next bear market for millennials could be one for the record books. 

 

 


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