Millennials Are Drinking More To Deal With Financial Stress
Oct 25, 2022
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Millennials are facing a lot of debt stress, and it's leading to some bad decisions. They're drinking more than ever, for example.
The economic outlook for many Millennials is worrisome
It's no secret that Millennials are facing a lot of financial stress. In fact, a recent study found that nearly half of all millennials are currently in debt. And while some may chalk this up to young adults being irresponsible with their money, it's actually due to several factors.
First, many millennials are saddled with high levels of student loan debt. According to The Huffington Post, about one-third of all millennials have student loan debt, which can amount to more than $30,000 on average. And unfortunately, this debt isn't going away anytime soon. Many Millennials expect to earn less money than their parents did after completing their undergraduate education, meaning they’ll be saddled with debt for longer than previous generations.
Second, many millennials are also working in unstable jobs. This lack of stability can lead to big financial stressors, like not knowing how much money you'll have coming in each month.
Many Millennials are seeking ways to cope with these significant factors weighing on them. Some may turn to hobbies as a way to focus on something else as a temporary, healthy distraction. Others, however, are choosing to drink more as a way to dull their senses and avoid their economic reality.
The dangers of drinking too much alcohol are well-known. It can lead to dangerous decisions, like driving while under the influence. It can also lead to problems with finances, like not being able to pay rent or bills on time or slipping up at work.
What can Millennials do to deal with their financial stress?
Millennials can do a few things to improve their financial situation.
First, they can learn about finances and how to manage their money effectively. This way, they'll be able to better plan for their future and manage their current money issues.
Second, Millennials can look into debt consolidation or refinancing options. This will help them reduce their debt and get more manageable terms on their loans.
Also, try to take advantage of student loan forgiveness if your debt includes student loans. In 2022, President Biden made up to $20,000 in federal student loans forgivable for many Americans. You could be eligible to have most of your student loan debt wiped out just by applying for government aid.
If you're a Millennial facing economic stress, you can channel your frustration into something more productive than drinking. There are many ways to engage in constructive, healthy activities like gardening, volunteering, or even starting a side business selling things you already create. Millennials and Gen Z are considered some of the most creative generations to date, so it's likely you may already have something you're passionate about that you can turn into a profitable business.
Finally, consider reaching out to financial advisors or therapists who can provide guidance and support as you work through your financial state. These professionals can help you understand your options and make better choices than throwing your money away on cocktails and beer.
The bottom line
Financial stability is a critical component of overall happiness, and it can be incredibly challenging for Millennials. While there are many ways to cope with financial stress, drinking can be dangerous and lead to other problems. Financial advisors and therapists can provide support as you work through your challenges, but it's up to you to take the first step and realize that there are better ways to deal with your money problems.
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Name: Michael BertiniEmail: href="mailto:press@credello.com" target="_blank" rel="noopener">press@credello.com
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