10 Biggest Challenges Millennials Face in the New Era

 Mathew Jade
  Jul 03, 2019

Challenges

Many people wrongly assume that millennials are a privileged lot of population. They have access to the technology, high-quality education, impeccable healthcare and many other luxuries which previous generations did not have at their disposal.

Well, the world has certainly progressed on the surface but that does not mean problems have ceased to exist for millennials. On top of that, some issues have intensified like never before. So the Millennials also have a fair share of challenges.

Let’s List Down Top Ten Hardcore Challenges They Face

1. Unemployment

Today, more people are becoming college and university graduates. But it has turned into a curse instead of a blessing. The competition in the job market is sky high. Companies are offering entry-level positions to the candidates having 3 to 5 years of experience. It seems that the supply is clearly outnumbering the demand.

For millennials, the college diploma does not account for more than a high school degree and graduation is no more an automatic job-opener.

2. Burdened with student loans

There is no question about education being more common today than ever before. But, at the same time, it has become expensive too. The college tuition fees has soared more than double compared to what it was in 1980. No wonder, the student loan debt has touched the threshold of an all-time high. If we dig deep, the picture is even bleaker than this.

According to a study, in U.S, the average graduate who takes a student loan is indebted to 17,126 dollars. The buck does not stop here. Not only the amount of loan has surged, but the number of students undertaking loans has seen a rapid rise of 10% from 2000 to 2012.

3. Buying or renting a house

Buying a house is indeed a big deal for any individual. However, it was comparatively easier for baby boomers to purchase one. The figures give us conclusive evidence of this claim – a millennial will have to pay 39 percent more than a baby boomer who bought his house in 1980.

Real estate prices are so out of hand that millennials find it tough to rent a house let alone buying.

4. Social media overdose

To say that millennials love social media would be an understatement. They are literally addicted to platforms like Facebook, Instagram, Twitter, etc.

Social media has infused the “fear of missing out” into the millennials. They don’t want to miss out on any update regarding their favorite personalities or brands. That’s one reason why brands are using social media for marketing to millennials.

Bombardment of social media also accounts for lack of concentration because millennials have the habit of checking the notifications even when they are engaged in studies or other important tasks.

5. Relying on parents for financial assistance

Wealth accumulation is becoming increasingly tough for the millennials. So much so, a report declares millennials as a “lost generation” in terms of wealth. Since everything around them is so expensive, they rely on their parents for financial needs.

6. Workplace issues

Millennials have been raised in a totally different atmosphere. So getting along with baby boomers at workplaces is difficult for them. Here are some common issues faced by millennials at workplaces:

  • Tackling with conflicting ideas: At many offices, baby boomers and millennials are blended together in the workforce. So the clashes between the two generations is commonplace because millennials are short tempered and can't take no for an answer.
  • Dress code: There is hardly anything that annoys millennials as much as a rigid pattern of dress code. They are free souls so they feel caged when something like this is imposed upon them.
  • Office politics: Office politics is the norm. However, unlike previous generations, millennials don’t indulge in such practices. That’s why office politics is a big turn off for them.

7. Coping with anxiety and depression

A finding spells out that millennials have the highest ratio of psychological problems like anxiety and depression. These problems have seen a general rise but millennials are particularly found victim of them. The psychological problems are the result what millennials go through day in and day out.

Technology is said to contribute leaps and bounds to increase the level of anxiety and depression. Take the example of online dating applications. Long distance relationships are hard to maintain and generally expose them to anxiety and depression.

 terms of stress

The above graph makes it crystal clear that any other age group is nowhere near to millennials in terms of stress.

8. Health issues caused by excessive usage of technology

Apart from mental issues, access to technology leads to physical problems as well. More than 92 percent of the millennials own a smartphone. That’s why neck pain, vision problems, and hair loss are amongst the top problems faced by millennials.

Be it a smartphone or tablet computer, millennials are right at the top – being tech addicts.

9. Over-reliance on Google

Let’s face it: reading habits are hitting the rock bottom among millennials. They rely on Google for every single piece of information. It does save time but that way millennials develop the mentality of taking short cuts is harmful.

Google has fostered their mindset in a way that they are convinced they can get everything cooked up at their doorstep without undertaking any hardship.

10. Save more for retirement

As discussed above, accumulating wealth is getting tough for millennials. The icing on the cake is, they have to save more money to live a decent post-retirement life – thanks to whopping inflation rate. 50 million dollars are not what they used to be 30 years back.

A prominent financial analyst Greg McBride says “millennials are going to have the biggest retirement saving burden in the history.”

10 Biggest Challenges Millennials Face in the New Era

Mathew Jade

Mathew Jade is a business, marketing and technology blogger who spends his entire day writing quality blogs. He is a passionate reader and loves to share quality content prevalent on the web with his friends and followers and keeping a keen eye on latest trends and news in those industries. For more updates follow his on Twitter @Mathew Jade

Popular posts

Why Buy a New Nissan With Purchasing Extended Warranty
Sep 19, 2019
What Do Mice Eat? Surprising Facts About Mice
Sep 20, 2019
Top 6 Must-know Tips for Renting Forklift Products
Sep 20, 2019
What Do Foxes Eat? Unknown Diet & Habitat

What Do Foxes Eat? Unknown Diet & Habitat

In this article, you will discover what do foxes eat? The foxes belong to the Canidae family. Their appearance resembles the dogs. Moreover, foxes have many similarities wi...

Sep 19, 2019
Other posts by Mathew Jade
8 Amazing Tips To Keep Your Car In Best Shape
Aug 30, 2019
6 Practical Tips to Obtain Working Capital Financing
Aug 03, 2019
7 Fundamentals of a Successful SEO Strategy

7 Fundamentals of a Successful SEO Strategy

Search Engine Optimization (SEO) is the key to success for any content available on the Internet. In the absence of an effective SEO strategy, the content is bound to lose ...

Jul 18, 2019
How to Create an Ebook with a Designrr

How to Create an Ebook with a Designrr

Throughout history, people have used different mediums to educate themselves. A few years ago, you could declare paper books as the most popular medium of learning. How...

Jun 27, 2019
  • Add Comment