Report: Millennials Prioritize Debt Management & Career Goals

December 24, 2018 by Lily Wright

Like all the generations that came before, Millennials are pushing forward into their adult lives with new struggles and consequently new priorities. Elder generations have been quick to criticize millennials as being lazy, selfish, and financially ignorant, and while the stereotypes ring true for some, it’s important to understand the landscape that these young people have been brought up in and how they’ve been forced to adjust with the financial and technological times. This past September, Inc. released a study that provided more color into the struggles and shifting priorities of millennials with their top life goals:

Millennial Life Goals
Paying off debt/Being debt free (94 percent)
Having a meaningful career (92 percent)
Traveling (86 percent)
Finding and marrying someone that I love (83 percent)
Owning a home (81 percent)
Raising a family (76 percent)
Obtaining a higher degree (68 percent)
Earning a higher degree than I have now (64 percent)
Becoming rich (56 percent)
Starting a business (40 percent)
Being famous for what I do (30 percent)

It’s no secret the millennials are saddled with an exorbitant amount of debt, and many prioritize paying it off over other life milestones like marriage, home ownership, and even raising a family. Because the biggest amount of debt comes from student loans, a lot of young people have been forced to hold off on pursuing a degree in higher education, which in turn, effects the career goals of many.  Debt has impacted almost every aspect of their lives, including their health, their quality of life, and their personal relationships, pushing them far behind previous generations in almost every economic dimension.

With the focus primarily on managing money and finding success in a meaningful career, perhaps millennials are more focused than many generations have previously understood. Is the shifting in priority necessarily a bad thing?

 

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