Pew Research Center
Many Millennials cannot cover their basic needsPosted by RJ and Makay on May 02, 2012 |
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A WSL Strategic Retail survey shows that one-fourth of Millennials (age 18-34) do not earn enough money to cover basic needs. This compares to 17% of adults aged 35 to 54, and 13% of people age 55 and older. The employment rate for young people age 18-24, at 54%, is the lowest in six decades, according to the Pew Research Center. The challenges of young people are further compounded by student loan debt that by some estimates exceeds $1 trillion.
Americans who live to be 100 years old will spend $3.5 million in their lifetimes, according to Bureau of Labor Statistics (BLS) data. More than $1.5 million will be spent by age 50, another $1.4 million by age 81, and $630,000 more for those fortunate enough to be centenarians. Even though many older people plan to cut back on expenses in retirement, the high cost of retirement often comes as a shock to retirees, the BLS said.
New census data indicates that the wealth gap between whites and minorities has grown to its widest level in 25 years. The recession and spotty recovery has erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times the net worth of Hispanics, according to the data.
