Are millennials financially doomed?

first_img 32SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Millennials have more debt and less income than Gen X or baby boomers on average. But those aren’t the only financial constraints some face.New data show 1 in 5 supported an aging parent over the last year, spending an average of $18,250 a year on medical bills and other expenses — more than any other generation, according to TD Ameritrade’s recent 2015 Financial Support survey.That single expense puts a serious strain on their ability to pay off student loans and save for retirement. (Consequently, baby boomer parents have also delayed their retirement plans to help their children financially)“It’s a lot harder to keep your head above water if you have to support family members and still try to tackle your debt,” said Matt Sadowsky, TD Ameritrade’s director of retirement and annuities. continue reading »last_img

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