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The Financial Reality of Being a Millennial

The Financial Reality of Being a Millennial

The Financial Reality of Being a Millennial

If you were born between the early 1990s to the mid-1990s, then unfortunately you fall into the millennial category. You’ll have seen politicians tell you that if you really want to save up for a house you should stop drinking so much posh coffee. However, as the years pass facts and figures are proving that it’s not just as easy as giving up on your caffeine fix.

Is It Time to Pursue Another Career?

A survey by the Office of National Statistics found that around 50% of UK 16 to 17 year old’s expected to earn around £40,000 by the time they reached 30 if they’d managed to get a degree, but the average salary is just £29,600. The reality is that not only are millennials earning significantly less than they expected, but many have been unable to pursue a career that they had hoped for.

For example, 9% of 16 to 21 year old’s wanted to become teachers back in 2011/12, yet only 4% made it. It’s even worse with healthcare, with only 1.7% of the generation finding their way into the profession despite around 8% of them dreaming of pursuing it as a career.

a group of millennials look at their financial state

What Are Other Millennials Doing?

With the cost of living on an increasing trend and wages aren’t supporting this, it’s easy to see why millennials feel hard done by in the current financial market. Thanks to the financial crisis era, millennials are left with a lot fewer chances for career progression.

It appears that a high percentage of millennials are/have been turning to the tech they have on hand in order to make some extra money. Here’s a list of some popular side hustles they’ve been using over the recent years:

  • Micro-investing 
  • Investing in robo-advisors
  • Cryptocurrency 
  • Dropshipping  
  • NFTs 
  • Freelancing 
  • YouTube channels 
  • Ecommerce

Earning a decent living as a millennial is tough, whether you’re a student in need of a loan, or someone who just needs a hand until you get paid. You can apply to LoanBird with no fees and no obligation quotes – basically you can check first to see if you’re likely to get a loan from a large panel of UK lenders.

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