Millennials are going broke for a reason that has nothing to do with college or avocado toast
Millennial is a term that defines a generation, but it has also become a buzzword with bad connotations because it is so often used to vilify the younger generation. Economic news has drilled it into our heads that millennials are broke, but there’s a new reason. The latest economic trend involving millennials proves many of them are really great people.
The Financial Cost of Caregiving
Thousands of millennials, who are often not even financially equipped to care for their own needs, are being suddenly called upon to care for their aging parents. Being a caregiver also necessitates living close to the loved one who needs care, which could mean moving to an area where jobs are scarce.
While caring for parents is certainly nothing new, millennials are facing unique challenges in doing so. Millenials are living with their parents longer than other generations, meaning that a sick parent could mean homelessness for both the adult child and parent.
A Perfect Storm
Millenials are historically drowning in student loan debt. Everything, especially healthcare is more expensive than ever. Many parents old enough to have a millennial child are in a generation that has been historically unprepared for retirement.
All of these combined factors put many millennial caregivers in a very terrible financial situation. Despite all of this, there is a much larger human cost.
The Human Cost of Caregiving
Caregivers are heroes who don’t wear capes. The process of watching a parent decline is even more emotionally grueling than it is financially. The National Alliance For Caregiving lists free resources that can help caregivers emotionally and financially on its website.
Only time will tell how the complex relationships between two of the largest age groups — baby boomers and millennials — continue to impact the economy as a whole. That said, give the millennials a break!