Kent E. AllisonPartner and National Leader of Employee Financial Education and Wellbeing, PricewaterhouseCoopers
Financial Stress on the Rise: No doubt about it: Millennials feel more stress than before. While our survey found financial stress rising among all employees for the first time in the past five years (with 52 percent saying they are “stressed out” about finances and 45 percent saying that their stress has increased over the past 12 months), fully 64 percent of Millennials indicated they were stressed. The pressure is from several sources: volatility in the stock market, salaries that have struggled to keep pace with the cost of living; and an upcoming presidential election that has heightened attention to income disparity.
Student Loans Pose Severe Burden: Everyone appreciates the value of education, but the cost of expanding your mind can be exorbitant – and sometimes debilitating. We found that employees impacted by student loans are in worse financial shape than other employees. This stress is most acutely felt by Millennials, since 42 percent of Millennial survey respondents indicated that they have a student loan, and 79 percent of Millennials with student loans say that their student loans are having a moderate or significant impact on their ability to meet their other financial goals.
Source – HuffPost: Financial Stress Surging Among Millennials