Many millennials worry they won’t be able to afford life they want, poll finds
For a generation that has so far lived through two recessions, it’s no secret many millennials have been placed under a harsh financial burden.
Millennials have been left worrying for their financial future at rates unparalleled by other age groups, according to a poll by Morning Consult.
Morning Consult’s State of Consumer Banking & Payments report highlighted the hardships millennials face. Of the poll’s thousands of respondents, 45% of millennials say they are very or completely concerned money will prevent them from having the things they want in life.
A similar percentage — 46% — say finances control their lives while 38% say they are often or always behind on their finances. Each response is at least 10 percentage points greater than that of other adult generations in the United States.
The poll has a margin of error of up to plus or minus 2 percentage points.
Millennials are described by the Pew Research Center as individuals born between 1981 and 1996. The generation follows Generation X and comes before Generation Z.
“In the prime of their wage-earning years, millennials are struggling to balance the many financial responsibilities they’ve shouldered and goals they’ve set,” Morning Consult said. “Millennial financial well-being reflects the numerous struggles the generation faces: Both near- and long-term financial burdens weigh on them, but to varying degrees.”
Part of that stress may come from student loan debt. Growing higher education costs have led 14.8 million millennials to carry student loan debt, more than any other generation, the Education Data Initiative said in October. The generation has an average balance of $38,777 per borrower.
Others have concern about affording homes in a difficult buyer’s market. Despite being the most populous generation in the U.S., only 47.9% of millennials owned homes in 2020, compared to 69% for Generation X and 77.7% for baby boomers, Forbes reported.
And when they did buy homes, the generation had plenty of buyer’s remorse. Nearly two-thirds of millennial homeowners surveyed by Bankrate in May said they had regrets about their purchase, with maintenance costs and high mortgage payments being the biggest reasons.
The idea of starting or growing their families has also caused some financial stress as millennials plan their futures. Fifty-five percent of millennial women have given birth, compared to 62% of Gen-Xers and 64% of baby boomers when they were the same age, the Pew Research Center found in a 2020 poll.
Uncertainty about the economy was the second-biggest reason why millennials are waiting to have kids, with the first being the COVID-19 pandemic, according to a survey conducted in May by The Harris Poll.
“Millennials have lifelong damage, given the severity of the Great Recession,” Mark Muro, policy director at the Brookings Institution, told Insider at the onset of the pandemic in 2020. “They’re still overshadowed by it, with new consequential burdens coming at them.”
That’s not to say the generation isn’t attempting to improve their financial situation. Morning Consult found 69% of its millennial respondents were saving for education, while 71% were working toward purchasing a home. About 86% of the generation had goals of improving their credit and 80% said they are trying to eliminate their debt.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
This incorrect tense of "awake" is used in the phrase "stay woke" as well as to describe whether someone is paying attention to political and social events or aware of certain truths. For example, a man conscious of the glass ceiling and gender pay gap for women is "woke." "Get woke" can be used as an admonishment for someone who is ignorant and needs to educate himself properly about a topic.
DreamstimeThis incorrect tense of "awake" is used in the phrase "stay woke" as well as to describe whether someone is paying attention to political and social events or aware of certain truths. For example, a man conscious of the glass ceiling and gender pay gap for women is "woke." "Get woke" can be used as an admonishment for someone who is ignorant and needs to educate himself properly about a topic.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
First introduced into the lexicon in 2016 by rapper Birdman during rap radio show "The Breakfast Club," "respek" is a slang spelling of the word "respect." It can be used alone or as part of Birdman's original usage in the phrase "put some respek on my name," meaning to show someone respect.
DreamstimeFirst introduced into the lexicon in 2016 by rapper Birdman during rap radio show "The Breakfast Club," "respek" is a slang spelling of the word "respect." It can be used alone or as part of Birdman's original usage in the phrase "put some respek on my name," meaning to show someone respect.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
This verb means that a millennial is engaging in an activity or behavior that involves responsibility or decision-making that is usually taken care of by fully developed adults. Paying your rent, getting your oil changed, going to the dentist and other such accomplishments fall under the parameter of "adulting."
DreamstimeThis verb means that a millennial is engaging in an activity or behavior that involves responsibility or decision-making that is usually taken care of by fully developed adults. Paying your rent, getting your oil changed, going to the dentist and other such accomplishments fall under the parameter of "adulting."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Predominantly used in the past tense, "canceled" is used to describe someone or something that you've rejected, deleted or cut out of your life. For example, your friend could ask you if you are still dating someone, to which you could reply, "No, they're canceled."
DreamstimePredominantly used in the past tense, "canceled" is used to describe someone or something that you've rejected, deleted or cut out of your life. For example, your friend could ask you if you are still dating someone, to which you could reply, "No, they're canceled."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Low-key" is used as an adjective to describe something you're doing on the down-low, understatedly or secretly. You might confess to low-key loving Justin Bieber's new song or low-key using Tinder. It can also have a vaguer meaning of "sort of" or "kind of," such as being low-key sad that you're out of ice cream. The opposite of low-key is "high-key," meaning to be unabashedly vocal about something.
Dreamstime"Low-key" is used as an adjective to describe something you're doing on the down-low, understatedly or secretly. You might confess to low-key loving Justin Bieber's new song or low-key using Tinder. It can also have a vaguer meaning of "sort of" or "kind of," such as being low-key sad that you're out of ice cream. The opposite of low-key is "high-key," meaning to be unabashedly vocal about something.
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Millennials slang: A look at 24 phrases that define a generationLuis Sinco/Los Angeles Times
Like many popular millennial terms, "snatched" was borrowed from the LGBT and drag communities. As an adjective, snatched is used to mean "perfect" or "on point," usually to describe hair, makeup, someone's body. Snatched can also be used as a verb that means "to slay someone so hard, their weave flies off into the distance," per Urban Dictionary. So a millennial might say "Beyonce snatched me with her Coachella set," meaning it blew them away so much that if they had been wearing a wig, it would have gone flying.
Luis Sinco/Los Angeles TimesLike many popular millennial terms, "snatched" was borrowed from the LGBT and drag communities. As an adjective, snatched is used to mean "perfect" or "on point," usually to describe hair, makeup, someone's body. Snatched can also be used as a verb that means "to slay someone so hard, their weave flies off into the distance," per Urban Dictionary. So a millennial might say "Beyonce snatched me with her Coachella set," meaning it blew them away so much that if they had been wearing a wig, it would have gone flying.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
A past tense form of "shake," "shook" is used like "shaken," meaning rocked, dislodged or trembled, but refers to an emotional rather than physical state. To be shook is to be surprised, shocked or scared.
DreamstimeA past tense form of "shake," "shook" is used like "shaken," meaning rocked, dislodged or trembled, but refers to an emotional rather than physical state. To be shook is to be surprised, shocked or scared.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Keep it 100," with the number often being replaced by the 100 emoji, is synonymous with "keep it real." Keep it 100 can also refer to staying true to yourself and your values, respecting others and acting with integrity, keeping things above board if you will.
Dreamstime"Keep it 100," with the number often being replaced by the 100 emoji, is synonymous with "keep it real." Keep it 100 can also refer to staying true to yourself and your values, respecting others and acting with integrity, keeping things above board if you will.
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Millennials slang: A look at 24 phrases that define a generationSamy Khabthani/Avalon/Zuma Press
Draking is the verb form of the name of popular rapper Drake, whose lyrics are known for being emotional, revealing his anxieties and insecurities. Behavior such as calling or texting an ex late at night or being sad or nostalgic about past relationships would be examples of draking. Someone who is constantly draking and caught up in feelings is known as a "sad boi."
Samy Khabthani/Avalon/Zuma PressDraking is the verb form of the name of popular rapper Drake, whose lyrics are known for being emotional, revealing his anxieties and insecurities. Behavior such as calling or texting an ex late at night or being sad or nostalgic about past relationships would be examples of draking. Someone who is constantly draking and caught up in feelings is known as a "sad boi."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
While used by the general public to describe the principles or ideas about beauty and style of a particular period, place or person, to millenials, "aesthetic" is used much more simply as a synonym for "vibe," "artistic" or "beautiful." A picture, person, song or video can be "aesthetic," usually accompanied by the modifier "af," which means "as (bleep)."
DreamstimeWhile used by the general public to describe the principles or ideas about beauty and style of a particular period, place or person, to millenials, "aesthetic" is used much more simply as a synonym for "vibe," "artistic" or "beautiful." A picture, person, song or video can be "aesthetic," usually accompanied by the modifier "af," which means "as (bleep)."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Thirst" or "being thirsty" is a way to describe lusting after someone, usually desperately. This slang birthed another phrase, "thirst trap," used to describe photos a person posts on social media. A thirst trap is a photo that people post with either the obvious or subtle intention of getting others to lust after them and post comments that boost their ego.
Dreamstime"Thirst" or "being thirsty" is a way to describe lusting after someone, usually desperately. This slang birthed another phrase, "thirst trap," used to describe photos a person posts on social media. A thirst trap is a photo that people post with either the obvious or subtle intention of getting others to lust after them and post comments that boost their ego.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Blessed" can still be genuinely used by millennials to mean "divinely or supremely favored," but it's often meant tongue-in-cheek or ironically on social media to dramatically denote anything good or positive that happens. One can be #blessed, verbalized as "hashtag blessed," by a good hair day or an aesthetic piece of avocado toast or sarcastically blessed by a broken zipper or forgetting your lunch.
Dreamstime"Blessed" can still be genuinely used by millennials to mean "divinely or supremely favored," but it's often meant tongue-in-cheek or ironically on social media to dramatically denote anything good or positive that happens. One can be #blessed, verbalized as "hashtag blessed," by a good hair day or an aesthetic piece of avocado toast or sarcastically blessed by a broken zipper or forgetting your lunch.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Short for "feelings," "feels" are generally intense emotions that are overpowering, so something that "gives you all the feels" is overwhelming you with emotions, both good and bad. To get "hit right in the feels" means to be incapacitated by the emotions something makes you feel.
DreamstimeShort for "feelings," "feels" are generally intense emotions that are overpowering, so something that "gives you all the feels" is overwhelming you with emotions, both good and bad. To get "hit right in the feels" means to be incapacitated by the emotions something makes you feel.
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Millennials slang: A look at 24 phrases that define a generationDoug Peters/Abaca Press
When you "grow up" but have an unbelievable, Ugly Duckling-like transformation, you "glow up." "Glow up" can refer to both the bodily changes of puberty as well as someone's drastic style evolution. Celebrities who have "glowed up" include Matthew Lewis from the "Harry Potter" films, Jonah Hill and Kylie Jenner.
Doug Peters/Abaca PressWhen you "grow up" but have an unbelievable, Ugly Duckling-like transformation, you "glow up." "Glow up" can refer to both the bodily changes of puberty as well as someone's drastic style evolution. Celebrities who have "glowed up" include Matthew Lewis from the "Harry Potter" films, Jonah Hill and Kylie Jenner.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"It me" is a short, fast way of saying, "This represents exactly how I feel." This can even be shortened to just "me." For example, a millennial can point to a lazy cat and say "it me," or send a gif of a clumsy penguin with the caption "me."
Dreamstime"It me" is a short, fast way of saying, "This represents exactly how I feel." This can even be shortened to just "me." For example, a millennial can point to a lazy cat and say "it me," or send a gif of a clumsy penguin with the caption "me."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
While Gucci is the trademarked name of a luxury Italian fashion company, among millennials the word isn't used to refer to handbags. Instead "gucci" in slang is a synonym for cool, good, fine or OK, so if something is "all gucci," it's "all good."
DreamstimeWhile Gucci is the trademarked name of a luxury Italian fashion company, among millennials the word isn't used to refer to handbags. Instead "gucci" in slang is a synonym for cool, good, fine or OK, so if something is "all gucci," it's "all good."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Whether or not it's written in all caps, millenials know GOAT is is actually an acronym for "Greatest of All Time." The term originated in the sports world, where it was used as early as the 1900s, initially as a shortened form of "scapegoat." According to Grammarphobia, the first usage meaning "greatest" was in 1992 in reference to Muhammad Ali. The music world soon caught on, with LL Cool J leading the charge in 2000. The term then trickled down from rappers and hip-hop artists to teens.
DreamstimeWhether or not it's written in all caps, millenials know GOAT is is actually an acronym for "Greatest of All Time." The term originated in the sports world, where it was used as early as the 1900s, initially as a shortened form of "scapegoat." According to Grammarphobia, the first usage meaning "greatest" was in 1992 in reference to Muhammad Ali. The music world soon caught on, with LL Cool J leading the charge in 2000. The term then trickled down from rappers and hip-hop artists to teens.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Used in texting or on social media, "v" is simply a shortened form of "very." Millennials can be "v excited" about a "v cute" photo you took. V's cousin is "p," which is used as shorthand for "pretty," as in "p excited" or "p cute."
DreamstimeUsed in texting or on social media, "v" is simply a shortened form of "very." Millennials can be "v excited" about a "v cute" photo you took. V's cousin is "p," which is used as shorthand for "pretty," as in "p excited" or "p cute."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Meaning "very good" or "on point," "on fleek" was coined on Instagram specifically to describe someone's snatched, well-groomed eyebrows. Nowadays, one's outfit, car or report card could all be described as "on fleek."
DreamstimeMeaning "very good" or "on point," "on fleek" was coined on Instagram specifically to describe someone's snatched, well-groomed eyebrows. Nowadays, one's outfit, car or report card could all be described as "on fleek."
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Millennials slang: A look at 24 phrases that define a generationDreamstime
Shorten for swollen, "swol" is both an adjective and a noun referring to getting buff and muscular at the gym. One can be swol or get swol.
DreamstimeShorten for swollen, "swol" is both an adjective and a noun referring to getting buff and muscular at the gym. One can be swol or get swol.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Do it for the views" is an expression used to explain or encourage doing something rash for entertainment purposes. The phrase originated with "do it for the Vine," but after the video app shuttered, the phrase has evolved to refer to YouTube or Instagram with the variation, "do it for the 'gram," which justifies taking absurd pictures, visiting extreme locations or dropping money on luxury items or experiences for the purposes of bragging through a photo on social media.
Dreamstime"Do it for the views" is an expression used to explain or encourage doing something rash for entertainment purposes. The phrase originated with "do it for the Vine," but after the video app shuttered, the phrase has evolved to refer to YouTube or Instagram with the variation, "do it for the 'gram," which justifies taking absurd pictures, visiting extreme locations or dropping money on luxury items or experiences for the purposes of bragging through a photo on social media.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
This phrase, now used as a complete sentence, is used when you're overwhelmed by your reaction to something, so much so that you can no longer think, breathe, articulate your emotions, etc. It can be used positively, such as in reaction to a cute dog, or negatively, as a reaction to something offensive or disgusting.
DreamstimeThis phrase, now used as a complete sentence, is used when you're overwhelmed by your reaction to something, so much so that you can no longer think, breathe, articulate your emotions, etc. It can be used positively, such as in reaction to a cute dog, or negatively, as a reaction to something offensive or disgusting.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
"Sus," short for suspect or suspicious, is used when someone is acting unusual, fishy or shady.
Dreamstime"Sus," short for suspect or suspicious, is used when someone is acting unusual, fishy or shady.
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Millennials slang: A look at 24 phrases that define a generationDreamstime
To millennials, the word "literally" is used to mean the complete opposite of its standard definition. While literally usually means actually rather than figuratively, millennials purposefully misuse this word in phrases such as "literally dying" or "literally the worst" for dramatic effect.
DreamstimeTo millennials, the word "literally" is used to mean the complete opposite of its standard definition. While literally usually means actually rather than figuratively, millennials purposefully misuse this word in phrases such as "literally dying" or "literally the worst" for dramatic effect.