By PYMNTS Data Books
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New PYMNTS Intelligence research reveals that younger households are juggling multiple bills, deploying more coping strategies and facing growing family-related costs during their peak earning years. Yet even as millennials work harder to manage their finances, their confidence that strategies are working is slipping.
Millennials, born between 1981 and 1996 and now age 30–45, are navigating a cost-of-living environment that has ceased spiking and cooling to stay persistently high. In this Data Book, these consumers (including bridge millennials, born between 1978 and 1988 and now age 38–48) stand out for the number of overlapping financial pressures they face, the number of tactics they use to cope and how quickly their confidence in those maneuvers is eroding.
Five Millennial-Centered Data Points
Cost Pressures
Millennials report an average of 3.4 simultaneous cost pressures, while baby boomers and seniors report 2.6. Financial management for this younger generation increasingly involves juggling multiple bills rather than solving a single problem.
Grocery Squeeze
Grocery stress for millennials rose 11 percentage points from October to January, increasing from 79% to 90%. For these consumers, even routine spending now requires active day-to-day tradeoffs.