Out of all generations in the workplace, millennials are struggling the most when it comes to their finances, due to high student loan debt and lack of savings, according to a new study.
Thirty seven percent of millennials would not be able to come up with $2,000 in 30 days, compared to 34% of Gen X and 23% of baby boomers, according to the report by the TIAA Institute and the George Washington University’s Global Financial Literacy Excellence Center (GFLEC). Millennials tend to rely more heavily on debt and engage more frequently in expensive short- and long-term money management behaviors to deal with financial shortfalls. They also display lower financial literacy than older working-age adults, the study finds.
