Out of the 80 million millennials, a majority are reported to have financial difficulties. Some are even reported to sell their plasma, sex, virginity...or crafts online to make up for low wages. Millennial personal finance author Stefanie O'Connell said they're the most diverse group.
“So naturally, there are going to be some doing better than others. Millennials are still doing, on average, worse off than their predecessors—like Baby Boomers, Gen Xers. Income wise, they’re making about 20% less on average than their parents did at the same age,” said O’Connell.
She said they're not investing wisely and have much more debt, but don't use credit cards.
O'Connell added that millennials go into the workforce knowing they're not going to be at that job forever—even if they're making a lot of money.
“This notion of having additional income streams has become much more important, whether that is selling your plasma or whether it’s crafting things on Etsy,” said O’Connell.
She said millennials are trying to diversify to protect themselves.