Millennials Worry About This Specific Debt and It’s Not Student Loan
The 2015 United States Census data said found that there are actually 75.4 million millennials in the United States and according to a research done by the Pew Research Center, they have already surpassed the Baby Boomers by becoming the largest living generation in the New World. So technically, millennials have obviously taken over, especially with their contribution towards the rise of the advanced technology and the development of artificially intelligence.
Then again, millennials seem to have gotten such a reputation of not being good when it comes to money, both saving and spending. However, they all blame it all on the thousands of dollars of student debt most of them are still trying to pay off.
Student Debt And More
Millennials may be having a really difficult time paying off their student debt but it would seem that it may actually be the least of their worries. That is because their personal loans are revealed to be bigger since they have a three to five year set term for it as a general rate.
They can be easily accessed through credit unions, banks and even online since they are not exactly secured. According to LendingPoint, people who took out personal loans in 2015 were the ones ages 35 and younger, and as of this year, it was revealed that the number of people who has personal loans have doubled since then. In fact, they have managed to hit the all time-high of personal loans of $125.4 billion which is said to be a 17 percent increase from last year.
Experts believe that one of the most common reasons why millennials are in this state at the moment is because of the FOMO phenomena or the Fear Of Missing Out. With the rise of social media, it has became very epidemic for people especially millennials to not wanting to feel inferior when it comes to either material things or experience.
Psychologists say that it is perfectly normal to feel jealous or envious at times, but it is such a negative feeling that if it basically get thrown at you most of the time, or if it gets triggered, it may not lead to good consequences.
Just like how in social media millennials love to show off, the feeling of getting envied instead of feeling envious themselves give them a certain amount of satisfaction. This is despite of the fact that most of them have to literally get loans and be in a massive debt.
Experts also believe that FOMO is becoming a hindrance towards the millennial’s growth in the future despite their potentials, especially since most of them are not exactly trying to save up for retirement.
Millennial Money On Mind
Psychological research show how debt is basically the main reason on why millennials are already having a mid-life crisis, even if they are only in their 20s and early 30s. It is a fact that no one literally wants to be in debt but unfortunately in some cases it cannot be helped. This then lead to the effects of this stress on the minds of the millennial generation. Experts believe that happiness is a choice that everyone could make and that comes with content, but no one is known to be truly happy by having debt to worry about.
Having a student loan is perfectly understandable and it may seem unfortunate but it does make sense especially if it would be guaranteed that you will have a brighter future ahead of you. Then again, experts believe that the kind of pressure and stress that any type of loan is giving you, it is guaranteed that there will be a rainbow after this storm and you’ll be able to be happy just as long as you know when to choose it.
Money may seem like it makes the world go round and it could literally control people’s lives, but at the end of the day, it is just a way of payment in paper form and it just comes and goes.
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