The Generation Of Millennials

analytical Essay
986 words
986 words

Essay Draft 1 Finances play a part in everyone’s lives. According to critics, the generation of Millennials have not been the most accomplished in this area. However, new information is on the rise, and it shows that Millennials are becoming more financially stable. The generation of Millennials is a broad group. The group of Millennials associated in this discussion are from the beginning of the Millennial generation, which are those born between the 1980s and 1990s. The Millennials generation itself ranges from the 1980s to 2004. After the Great Recession, the older generation of Millennials had a massive setback with financial security. Since then, Millennials have always been known for having poor finances by critics. Millennials may not …show more content…

In this essay, the author

  • Explains that the generation of millennials is a broad group, which includes those born between the 1980s and 1990s.
  • Analyzes how millennials are making an effort in their finances, prioritizing and budgeting, and investing in retirement savings.
  • Analyzes how tim gurner, an australian millionaire, argues that millennials spend too much money on avocado toast when they could be saving and buying a house.
  • Explains that the great recession affected the entire us from 2007-2009, and we are still recovering from it. the federal government invested $4.7 trillion into the failing economy.
  • Analyzes how recent statistics and surveys about millennials' improving finances show they are on the mend from the great recession and are changing the status quo of their finances.
  • Explains that millennials are investing in their futures by saving money for retirement and saving in general. the schwab modern wealth index survey included 1,000 americans between 21-75 and how they managed their money.
  • Explains that the growth of millennials investing in their 401(k) plans is 20% higher than in 2015. employers advertise automatic-enrollment for their employees, which opens the door for them to contemplate their savings and investing.
  • Explains that millennials are saving for retirement, paying bills, buying groceries, purchasing every day necessities, and leaving room for entertainment costs.

They squander their money on luxurious foods instead of taking the next step into adulthood. (NY Times, 2017) However interesting Gurner’s argument may seem, he is incorrect. Avocados may currently be at their peak price, but Millennials buying too much of them is not the cause for Millennials’ financial hardships. According to the source, this isn’t the first time someone has tried to blame buying luxurious foods as an excuse for Millennials’ failing finances. Millennials’ finances have not been under extraneous tension for a while. Since the Great Recession, Millennials have been trying to improve their finances and find their place in …show more content…

Three in five millennials have been saving more than 5% of their income, and have the best budgeting system. Millennials are investing in their futures by saving money for retirement and saving in general. (Chase Bank, 2017) Another survey was done by the Schwab Modern Wealth Index. The survey included 1,000 Americans between the ages of 21-75 and how they managed their money. Schwab was mainly concerned with four areas: goal setting and financial planning, saving and investing, staying on track, confidence in reaching financial goals. On a scale of 0 to 100, the different generations were analyzed. Baby boomers came in with a score of 49, generation X had 45, and millennials scored a

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