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Average Millennials Have Less Than $5,000 In Savings

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Average Millennials Have Less Than $5,000 In Savings

Average Millennials Have Less Than $5,000 In Savings

What is life like for a millennial?

For most, Business Insider says that it is financially tough.

The average American millennial is behind, from an economics standpoint due to student debt, lower wages and higher costs of living, and the financial crisis.

Here are some financial facts about the average millennial in America, which falls under the category of being 18-34 years old.

1.

45% of all millennials have lots of student loan debt.

Business Insider explains, "Millennials in the graduating class of 2018 have an average student-loan debt of $29,800." 2.

On average, they make just over $35,000 annually, which is 20% lower than the average salary for baby boomers.

Business Insider adds, "Rent, home prices, and college tuition have all increased faster than incomes in the US." 3.

They generally have a net worth of less than $8,000, with less than $5,000 in their savings accounts.

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