The 2020 Decade Looks Promising For Millennials and Their Finances

The Millennial generation — also known as Gen Y, Digital Natives, or Echo Boomers — has been blamed for the demise of many industries in the last decade. But they’ve had an incredibly valid reason for not keeping these industries afloat: They can’t afford it. The fallout of the recession, increased housing and healthcare costs, and student loan debt have all been contributing factors to Millennials’ financial mess. They have been slow to build wealth and are, in turn, spending significantly less than previous generations.

A Promising Decade Ahead

Millennials are due for some good news, and the 2020s will most likely be the decade that they find it, as I shared in this article for Inc. I told them: “The next ten years may finally be the decade where Millennials feel a more solid financial foundation, especially after the long economic headwinds and recovery many of them have faced due to the Great Recession, wage stagnation, rising cost of real estate, and student-loan debt.”

Optimistic Predictions for the Future

There is a lot of potential for a financial turnaround for this generation. As I shared in the Inc. article, student loan debt will decrease now that Millennials have been out of school for a while. Many will receive inheritances from Boomers. The time for marriage and homeownership has arrived, which will allow Millennials’ finances to benefit from a two-income household. And they continue to earn more as they progress in their careers. 

From Downside to Bright Side

Millennials have had a rough start financially, but it’s very possible that the 2020s will be the silver lining. The hope is that their struggle will come to a close as their situations evolve into something more positive. 

The Pivotal Years Are Here

The next decade will be a critical time period. As we continue to closely examine the path of all the generations at CGK, we’ll be relieved to see the upswing of the Millennials and their financial state in the coming years. 

How Can You Support Your Millennial Employees in The Next Decade?

Millennials are currently the largest generation in the workforce. Are you doing what you can to help them thrive and develop into the leaders of the future? Contact my friendly team here if you’d like me to speak at an event or talk about leading custom research or consulting that shows you how to unlock the potential of this generation.