Millennials Set to Have Greater Financial Stability in the 2020s
My Discussion with Voice of America (VOA) on How Millennials’ Financial State is Finally Improving
- Millennials have had a slow start at financial success.
- They are now paying off debt and getting better-paying jobs.
- Millennials are finally ready for growth and prosperity.
Millennials grew up during the Great Recession of 2007-2009. They had a tough start. But the good news is they are finally starting to emerge from the financial difficulty of their early years. The Millennials’ financial state is looking bright. They are paying off student loans, buying houses, and moving into higher-level positions. It took them longer to find a stride because they came up in a time of high unemployment, causing many to be without a job or else take a lower-paying one.
Millennials are Entering a New Stage
The decade ahead looks promising because this group of younger Americans is starting to enter a new stage of life. In my recent interview with VOA, I shared that “Boomers are finally going to transition increasingly out of the workforce, which is going to create opportunity for them to actually move up into more management-style roles.” This means Millennials’ financial state is set to improve greatly.
The Future is Bright for Millennials
At this point in their lives, Millennials should be starting to save money for the future and look into retirement planning options. There are other clues that their status is elevating. At the same that they are getting out of debt, “many of them will become potentially two-income households and that’s also really helpful for many of them. It’s sort of a perfect storm. It just happens to align with the 2020s. It’s not that the 2020s are a famous decade, but more so that millennials are hitting the times when they should start really saving and investing, and earning higher incomes relative to their spending.”
Financial Security Lies Ahead
It will be exciting to see where the 2020s leads us all — and Millennials in particular. As this article from VOA explains, this generation is ready to step into the wealth-accumulation phase. This is welcome news for the generation that had such a rocky coming-of-age. We’ll be watching them closely at CGK.
Are Your Millennial Employees Ready for Advancement?
Do you think Millennials employees are ready for their new management roles and positions of power? If you’d like to find out how we can help your organization get ready for this shift, contact us here and we’ll set up a call to discuss how we can help. We deliver custom keynote speeches, research, and consulting that solves generational challenges.
Posted: February 7th, 2020
Categories: Generations | Investing | Millennials (Gen Y)
Written by Jason Dorsey
Jason Dorsey is an acclaimed generations and behavioral researcher and speaker. He's received over 1,000 standing ovations for his unique keynote presentations. Jason has led over 120 research studies. Adweek calls him a "research guru." His mission is to deliver new insights and practical strategies that solve business challenges for leaders.
