Most millennials, especially younger ones, have a lot less money saved than previous generations. Cost of living is much higher now, wages are stagnant, and consumer culture also encourages high levels of debt. That means on average, their retirement accounts are paltry, if they exist at all.
In 2008, I remember hearing the grumblings of older folks who were watching their retirement savings tank in value because they had left everything in the stock market. That's typical for 401(k) investment. Meanwhile, I didn't care because I had no retirement savings anyway. I was living hand to mouth and couldn't care less about the stock market, bailouts, or any of it.
I'm agree with it, most millenias could only get into debt, personal loan, study loan, getting married and easily piled up with so much loan that no recourse, my peer are getting 100k in scholarship in that year, but they're quickly spend it up, I'm too surprise how fast they spend the money as I thought it could be enough for a typical person to last for many years of many bills and expense, but well, not today though. I think today everyone, no limited to millenias are highly in debt, old or young all have debt.
No argument there......debt is obviously a general problem these days. But I think millennials have felt the sting most because they never had the opportunity to save like previous generations. It was ~ 2000 or so when wages decoupled from GDP and all economic growth began being swallowed up by bankers. So millennials have never known anything except shit wages and skyrocketing cost of living, in addition to being piled under debt.