Millennials Enter High-Earning Years But Don't Feel Financially Secure
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Here's your Money Briefing for Friday, August 13th. I'm J.R. Whalen for The Wall Street Journal. For older millennials, now in their late 30s and early 40s, these are supposed to be the good old days, when they reach their high earnings years, opening up a clearer vision of what their finances will look like going forward. But instead, millennials are seeing more clouds on the personal finance horizon.
A lot of people are struggling to envision past the next two or three years. And when they're not able to do that, they're not able to long term plan for the future.
So why are these millennials facing more challenges than previous generations did at the same age? On today's show, we'll talk with personal finance reporter Julia Carpenter about that. Plus, we'll meet one 35 year old who's reached his personal salary goals, but still isn't feeling all that financially secure. That's after the break.
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Why are millennials entering their high-earning years but still feeling financially insecure?
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When Americans enter their 40s, that's traditionally the start of their high earning years, the sweet spot of their career. But for older millennials just hitting that age, that hasn't translated into financial security. So what's going on here? Our personal finance reporter, Julia Carpenter, has been covering the personal finances of millennials, and she's here with us to discuss. Julia, thanks so much for being with us. Thank you for having me. So Julia, for past generations, what typically happens when workers hit this point in their financial lives?
The high earning years is the period when education pays off, when promotions come to fruition, when we see all of the work that people have put in in the beginning of their careers finally start to pay off. So people will get that senior level position at their company or they'll make a very fruitful career change or they'll finally manage to cash in on an advanced degree or higher education. So this is when we see people sort of level up to their peak earning potential.
And so what are older millennials experiencing?
Right now, older millennials have just turned 40. The oldest millennials are 40. So this is when they would typically be entering that high earning year period. What we're seeing instead is that millennials are carrying a much higher debt burden. They're saddled by student debt. They've been greatly affected by both recessions, the Great Recession and the post-pandemic recession. So they're at a little bit of a delay when compared to previous generations.
Okay. And so what's getting in the way for this group?
The older millennials I talk to you are pretty fearful of inflation right now. They're very aware that there's going to be things like childcare, eventually college education that will be pressing on their budgets. I spoke to one woman about her experience and she said that daycare is a mortgage payment. You know, when she was first receiving a little bit more income from her job, she got excited about crossing this new milestone. But then immediately all of that money went to daycare for her first child.
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