15 unfiltered posts that show how much millennials are struggling financially right now
Responding to a thread about millionaire millennials, one Redditor asked for stories of folks in this group who are struggling financially. Thousands came forward in under 24 hours, and the consensus is about what you'd expect if you're a millennial yourself.
"Do you know any millennials who are not doing well financially?" the Reddit post asked.
The top response is a Star Wars gif of Obi-Wan Kenobi saying, "Well of course I know him. He's me."
Millennials gained the dubious honor of being the first generation to be worse off financially than their parents in a very long time. While their average net worth may be growing, it can't keep up with all the ways in which it's becoming more expensive to live each year.
A 2022 Magnify Money report stated that over the first year of the pandemic, the average millennial's net worth increased from $62,758 to $127,793. In addition to the savings gained from enhanced unemployment and other government assistance, they attributed most of this to the drastic rise in the value of houses.
If you don't own a house, however, chances are you feel left behind. According to Redfin, only 55 percent of millennials own homes compared to 73 percent of Gen X and 80 percent of Boomers. Meanwhile, 73 percent of millennials say they live paycheck to paycheck—more than any other generation, including Gen Z.
So the answer is yes, Redditors know plenty of millennials who are not well off. The following 15 examples only scratch the surface of the problem.
1. Living for payday
"Me and probably half my friends are paycheck to paycheck. I know people who were very nearly homeless." —u/TheOpenCloset77
2. Living out of a car
"I have been homeless before, briefly."
"I had everything I owned that I could fit packed in my car and it was also doubling as shelter. Stability, real stability, is the only dream I have left for my life. Like that I can live without worrying about it all coming crashing down any moment. I know that any good situation is merely temporary and will be ripped from me as soon as someone realizes that I’m not suffering enough." —u/canisdirusarctos
3. No savings, no assets
"Me! I am terrible with money. I mean all my bills are paid and I live just fine but I have zero savings and owe nothing of real value." —u/belowdecky4life
4. Saving is impossible
"Most of my millennial friends have good jobs but very little savings."
"Their savings keep being eaten up by things like moving against their will (landlord wants to put his mother in the house, etc) or expensive things breaking down (car, washing machine etc) or a pet needing medical attention." —u/Even_Saltier_Piglet
5. The housing crisis
"Housing has been a real point of difficulty for me. Renting is not sustainable when you don’t have the security to know where you’re going to live from year to year. I essentially relocated three times in a year and a half across multiple states, not even remotely on purpose. I threw away so much money." —u/Lord-Smalldemort
6. Wages aren't keeping up as plants close down
"I feel the pain. What really kills me is wage stagnation. And every time I get a better job making more money, the economy takes a sh*t."
"Growing up, my family worked at the local Ford plant for 3 generations. I always assumed I'd follow suit and have a good union job. But the plant closed, and dad moved state." —u/Necessary-Score-4270
7. Layoffs are a killer
"I used to have just under $15k in savings and then I got laid off. That f**ked me over so bad. I've been out of work 7 months now. It's going to take me years to save that much back up, I was set back so much and it's frustrating." —u/Kerlykins
8. Barely avoiding homelessness
"I've been homeless before, constantly evading being homeless again, I have $1 in savings, somewhere between $20-$1300 in my checking depending where I am in the month, $12kish in debt that is eating me alive, and an uncertain amount not even worth mentioning in my 401k. I'm somewhere between barely treading water and drowning, and it's only going to get worse. I'm done." —u/SadSickSoul
9. Relying on parents—if you can
"I’m surprised how many millennial people I know that get financial assistance from their parents. Not continual payments like an allowance, but were gifted huge chunks of cash to buy homes. I don’t begrudge them for it at all but am surprised how many friends have this advantage." —u/BoseSonic
10. Grim retirement plans
"I’m turning 40 in two weeks, and I know more people close to my age in the 'my retirement plan is dying in the water wars after Skibidi Toilet: The Musical' club than those who actually have decent income and savings consistently." —u/Jealous_Location_267
11. Multiple bankruptcies
"My sister has gone bankrupt 3 times, found out my old friend is on her 5th bankruptcy this time over furniture." —u/Sea-Rough-5874
12. Only the nepo babies are doing well
"Pretty much everyone, far as I can tell. I don't know ANYONE doing financially well for themselves that didn't come from wealthy families in the first place." —u/far_tie923
13. $90K a year isn't cutting it
"Yeah, me. If 20-year-old me knew he’d be making 90k a year he’d be pumped. Sadly, life is extremely expensive." —u/Wishistarted10yrsago
14. Healthcare costs wiping out paychecks
"Yes. Me, and it's about to get worse with all the health problems I've just been diagnosed with. Womp womp."
"I might actually have to quit my job so I can qualify for Medicaid." —u/HelgaGeePataki
15. Kids are a status symbol now
"Wife and I had our first recently and the financial burden has been a reality check."
"My parents had six kids and we lived right around the poverty line, and while it wasn’t ideal (all hand-me-downs, got free lunch at school, lived in a small town). I absolutely cannot fathom having six kids in 2025. Just crazy talk." —u/BigTomBombadil
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