Millennials, aka Generation Y or Gen Y, were born between 1981 and 1996. Therefore, their ages range from 25-40 years old. With about 31 million millennials in the United States, this generation makes up a significant portion of our population. Older folks, Boomers and Gen Xers, think millennials feel entitled and are impulsive, restless, and wild. However, they see themselves as loyal, fearless, wise, and strategic. It is these later attributes which allow them to use bankruptcy laws to handle financial difficulties with less stress than previous generations. In other words, millennials are filing for bankruptcy, and they don’t care.
Really, They Don’t Care?
Okay, I may be taking some liberty with the declaration they do not care about bankruptcy. Of course, they care. Nevertheless, they are not afraid of the stigma of bankruptcy. They do not experience the same level of fear, shame, or failure as previous generations. Rather, they view bankruptcy as an efficient way to handle their dire financial situation. Millennials are filing for bankruptcy to improve their quality of life. Therefore, they don’t care how others will view them.
The Millennial Reality
Millennials saw the financial hardship that their parents faced during the Great Recession of 2008. Parents lost their jobs and their homes. They saw the deterioration of their family’s financial health. Parents had to use savings and retirement plans for survival. In addition to survival, they used these funds to help pay for college. And at the end of the day, both parents and millennials were left with massive student debt. This all left a real bad taste in the mouths of millennials. The see that the system failed their parents which, in turn, also failed them.
More recently, millennials also see and experience:
- Gun Violence
- The Pandemic
- Unaffordable Housing Costs
- Expensive Healthcare Costs
- Stagnant Wages
- And more…
All of these factors are more signs of a broken system. The see the problems and not many solutions. Consequently, millennials understand that falling into crippling debt is often out of their control and not entirely their fault. In other words, the system was broken over the course of generations before them, only to leave them holding the bag.
That solution is the bankruptcy process. For this generation, most do not get into financial trouble because they need the expensive car or meals at the most expensive restaurants. They simply have too much debt from everyday expenses and not enough income. To make ends meets, they often run up credit card debt. As a result, filing for bankruptcy to get a clean start makes perfect sense. I admire their attitude and resilience.
So millennials, if you have any questions or want to discuss your financial situation, call me. I will listen to you and help you.