Cash issues faced by millennials have been the talking point in the past few weeks.
Many millennial graduates are getting ready to enter the workforce with hefty student debt at a time when unemployment is high and they are struggling to find a job that is well paying. As a result the chances of them being able to afford to buy a home at this point is very small too. Many are dependent on their parents for financial assistance with groceries and other monthly bills. Also, many millennials end up living with parents until they are financially independent and are able to move on their own.
An article published by the Financial Post gives us more insight to the struggles, millennials are faced with.
Our advice for young parents is, you should look at building a “future college education fund” for your children, to ease the burden of carrying hefty student loans in the future.
For millennials, strategically planning your financial future would be advisable, also look at actively reducing debt and not adding anymore consumer debt.