Crisis For Millennials

We already know that 70% of Americans don’t have $1000. That means living check to check. So what happens when millions of Americans miss the student loan payments, car payments, furniture payments, Visa payments, rent and mortgages?
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The last time a serious economic downturn hit in 2008, Evan Schade was in high school and the crisis seemed like a news event that happened to other people. This time, as the coronavirus has brought the economy to its knees, it has become a personal affair.

When nonessential businesses were closed last month in Kansas City, Missouri, where he lives, Schade, 26, lost his job at a carpet store and almost all of the shifts in his second job at a coffee shop. His girlfriend, Kaitlyn Gardner, 23, was laid off from a different coffee shop.

“I know so many people my age who are going through the exact same thing,” Gardner said.

The youngest American adults are facing what is, for most of them, the first serious economic crisis of their working lives. By most measures, they are woefully unprepared.

While the past few years were largely good ones for the American economy, that did little to help set millennials up with a solid financial foundation. Overloaded with credit card and student debt, and underrepresented in the housing and stock markets, they entered this uncertain period with significant obligations and few resources.

Their position looks doubly precarious when measured against older generations today and relative to those generations when they were the same age, from 23 to 35 years old.

https://www.sfgate.com/business/article/Millennials-Burdened-With-Debt-Are-Now-Facing-15181245.php