Do you know any broke 20-something year-olds? The combination of YOLO (you only live once) lifestyle and heavy debt load is crippling this generation’s financial health. The average student debt load stands at a staggering $29,337. As a result, one in five adults under 30 are living in their parents’ home, and 43 percent earn less than $25,000. The hard reality is that many of these under 30-year-olds are living YOLO lifestyles in which bar hopping is preferred over saving. Over half of all adults under 30 admit they know very little about how to manage their finances.
They could start by spending less than they make and contributing to their 401(k). Going out and drinking less—and instead stashing that money away into a savings account would do them quite well.
If you are a broke 20-something year old or know one, take a look at the infographic below for some valuable savings tips.