The millennial generation is now reaching the age of 30. Many of these 80’s and 90’s kids are having children of their own, and recent surveys show that one in five millennial parents is living in poverty.
This is a result of rising costs for raising children, declining wages, high levels of unemployment, and high debt, mostly college related. But the boomer generation doesn’t seem to think so: Millennial’s are to blame for their own financial status, thanks to wasting time on the Internet and being too lazy to find jobs.
The millennial’s were told that if they followed the American “prescription for success”, which began with a nice college degree, they would be successful in the American society. They listened to their advice. But unfortunately, they entered college precisely at the moment tuition was skyrocketing, endowments were falling, and interest on student loans was climbing. College loans are a major contributor to millennial debt, so much so that there are legitimate fears of a college debt bubble that could be as devastating as the tech bubble of the 1990’s.