Financial Stress Plagues Older Millennials as They Struggle to Keep Up
Older millennials, aged 35 to 44, are the most financially stressed age group, with 80% reporting feeling stressed about their financial situations, according to Bank of America's Workplace Benefits Report. Factors contributing to their anxiety include the challenging economic circumstances they faced during the Great Recession and the COVID-19 pandemic, along with staggering student debt, childcare expenses, and soaring housing prices. Inflation outpacing salary or wage growth further exacerbates their financial stress. Additionally, as they enter their prime earning years, they have not had enough time to build substantial safety nets, leading to concerns about retirement and future financial preparedness.