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This data leads to one big question: is the problem internal or external?
Turns out, its both.
GOBankingRates spoke with financial experts to discover the four biggest obstacles millennials face insaving for the future.
For millennials, saving money often feels like being caught in quicksand, he said.
Saving for the future is difficult when ones purchasing power is decreasing in real time.
After the Great Recession, however, millennials were stuck figuring out other money-making alternatives and typically online.
There is so much information available to them do they fully understand how to interpret and implement it?
said Brett Bernstein, CEO and cofounder atXML Financial Group.
After all, anyone can call themselves an expert on YouTube.
They arent saving, he added.
Plus, the younger generations love to travel.
Consumer debt is back up to record levels post pandemic.
Bernstein recommended a better alternative for putting away money is trying to live below ones means.
And this can hamper their financial prospects.
We always stress that true wealth is made over the long term.
And thats not always easy with excessive stimuli in the environment.
He stated that growing their savings is about weathering market volatility throughpatience and long-term investmentsin diversified index funds.
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