Surprise, L.A. Millennials Are Stressed About Money
Millennials—the 18 to 34-year-olds that are often accused by baby boomers of being lazy, pop culture obsessed and technology-dependent—are also pretty stressed out in Los Angeles about money, which they know less about than food, a new survey reveals. Bank of America and USA Today found in a recent survey that 39% of 1,320 millennials are “chronically stressed” about their finances, and 74% are either sometimes or often worried about money, the L.A. Times reports. On other hand, 44% say they understand their finances and have at least months' worth of living expenses saved up. Top concerns included housing, saving money while living in L.A., being debt-free and figuring out how to spend spending less.
The survey also asks respondents what they felt arenas they had expertise in, and a larger percentage of millennials claimed expertise in food, social media and fashion than personal finance.
This isn't really that surprising, considering that millennials are often required to say they're well-versed in social media to get one of those creative jobs that target millennial applicants but that doesn't pay them enough money to not be stressed out about their finances. Plus, if millennials in Los Angeles are stressed out about the cost of housing, they're not the only ones: rent is pretty high. Also: student loans.
At any rate, it's better insight into the lives of millennials than the opinion of L.A. Times editorialist Chris Erskine, who wrote a snarky Millennial Pledge and, in the face of backlash, suggested millennials would have found it funny if they had been spanked more as children.