Question

1. Why do you think it's difficult for our generation to save money?
2. Share one piece of budgeting/financial advice you've learned or heard

Answer 1

For millennials (ages 23 to 38), number one factor is housing costs. Young people are spending huge chunks of their income on housing partially because of rising rental prices. This is especially true for families: 1 in 5 millennial parents reported spending 50-59 per cent on housing. It leaves no room for the saving. They are still being held back by student loans from planning for their future.

One piece of advice would be:

Stick to what you need

Make sure you're not getting more than what you need when shopping for a house. If you're renting, ask yourself if stainless steel appliances will really improve your life in any meaningful way. If you're buying, take a hard look at how much space you really need and whether a mega-gigantic yard with its mega-gigantic upkeep really is everything you want in your life. Overall it is important to be open-minded. For example, if your dream neighborhood breaks your budget consider other places. The greatest mistake that home buyers make first time is not to keep an open mind