Recent surveys indicate a majority of millennials consider themselves in dire financial straights. Upon further inspection, women appear hardest hit. (People.com)
“Women keep the majority of their money in a bank, while men tend to invest the majority of their money in the stock market,” says Krawcheck, a former CEO of Merrill Lynch Wealth Management and Smith Barney. “And it costs women a fortune over the course of their lives.”
Still, says the 54-year-old New Yorker, millennials of all sexes are facing tougher financial circumstances than previous generations.
Their average student loan balance is double that of Gen-Xers at a similar age, she says. Meanwhile, the Federal Reserve found millennials’ average inflation-adjusted income is significantly lower than that of Gen-Xers and Baby Boomers when they were the same age. And then there’s the skyrocketing price of rentals and house prices in many areas of the country, putting home ownership out of reach for a large percentage of millennials.
“I think it’s super important for millennials to realize this is not your fault,” says Krawcheck. “You need to accept it is what it is, and don’t be defeated. There’s always something you can do today.”
Continue reading at People.com.