via Business Insider:
As the wealth gap in the US continues to increase, millennials are getting left in the dust.
As the Everything Bubble has formed, inflating the prices of both housing and education, the youngest adult generation of Americans find themselves operating with very little room for error, often saddled with massive student loan debt prior to ever holding a job
It can be easy to gripe about millennials, but the truth is that, in some ways, millennials face a harder life than their parents did — largely because they’re confronted with different financial struggles and increasing expenses.
While millennials have benefited from a 67% rise in wages since 1970, this increase hasn’t kept up with inflating living costs. Rent, home prices, and college tuition have all increased faster than incomes in the US, according to research conducted by Student Loan Hero.
While it’s nice to save on these everyday purchases, The Atlantic points out that it’s the most important parts of the economy that are getting more expensive, creating an even bigger financial burden for millennials to shoulder.
But it may be making millennials more financially savvy.
“Facing a stark set of financial circumstances, millennials started adulthood with less room for financial mistakes than previous generations,” Shannon Insler wrote in an article for Student Loan Hero.
ORIGINAL SOURCE: 7 ways life is more expensive today for American millennials than previous generations by Hillary Hoffower at Business Insider on 5/21/18