| September 8, 2014

Millennials are Feeling the Financial Pressure

New survey indicates most don’t feel financially equipped for a “major life event.”

Most millennials are stressed about money, especially yougn Hispanics

No generation has a corner market on financial stress, but a new survey seems to indicate millennials are feeling the pressure. According to a survey of over 1,000 millennials and 150 Hispanic millennials by TD Bank, 22 percent of millennials age 24-34, “are under extreme financial stress.” An additional 55 percent say they have the ability to “manage their finances” but can’t find “financial happiness.”

Nandita Bakhishi, Head of Consumer Bank, TD Bank says, “Many factors can contribute to millennials’ financial stress. Major life events such as getting married or starting a new job require solid understanding of personal finance and if millennials are telling us they aren’t prepared for this, we need to help find solutions.”

Unprepared for life events

Whether you’re a millennial or not, a little planning for major life events can go a long way in helping people feel financially stable says Gary Herman, president of Consolidated Credit.

“Whether it’s preparing your finances for marriage and saving up for a wedding, funding college education for you or your kids, or getting retirement-ready, there’s peace of mind in planning ahead,” says Herman. “Most life events can be planned for and the right strategy can help you save in advance so you avoid problems with debt”

According to the study, most millennials reported they were underprepared for:

  • Affording college: 31 percent –  34 percent Hispanic
  • Having a child: 27 percent –  26 percent Hispanic
  • Starting a new job: 21 percent –  23 percent Hispanic

What’s stressing millennials?

Herman says daily expenses can also bring anxiety to people who don’t have a budget, and results of the survey seem to show how true this is. According to the survey, the main sources of stress for millennials include:

  • Keeping up with bill payments: 45 percent – 51 percent Hispanic
  • Not having enough money: 33 percent –  31 percent Hispanic
  • Affording daily living: 7 percent  – 7 percent Hispanic

Taking steps to take control of your financial situation can help decrease your stress level and get you to a point where you’re more confident about your outlook. If your financial situation scares you, you should also look into methods for coping with financial stress, so you minimize the impact your money troubles have on your life.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive