You Can Now Check How Much Less Money You’re Making Than Your Parents Did
It’s official: being single is a bummer for your money.
You’d think it’d be the opposite statement, but no; a recent article in the Guardian delightfully titled ‘Young single people bear the brunt of Generation Y’s economic woes‘ reported that young, single people are less well-off financially than the same age group of past generations.
And in an even greater twist, single 20 to 29-year-olds are less wealthy than people the same age with kids. So Baby Boomers, you can stop your complaining that Millennials have it easier now.
“New data accessed by the Guardian reveals that singletons aged 25 to 29 in eight rich countries – the US, UK, Australia, Canada, Spain, Italy, France and Germany – have become poorer over the last 20 years compared with the average population, and unattached young adults are finding it harder than ever to set up on their own,” says the Guardian.
If you’re a 25 to 29-year-old in the US, Canada, France, Germany and Spain and want to live by yourself, not only is it already tough, being unable to split rent, food costs or bills – but you’re actually earning less than your counterparts from 20 years ago.
What’s interesting is that despite financial difficulties, the numbers of single-person households is still considerable. We’re just delaying the major ‘adult life events’ to a little later than past generations.
To find out how your age group compares financially to other generations and countries, you can click here.
And if you’re slightly depressed and want to take some action by saving, here are 8 finance tips for people who completely suck at money.