A dismal job market, ballooning student loan debt, low savings rates—it's no secret that members of Generation Y (those born between the early 1980s and the late 1990s) face some big financial hurdles, and that the economic landscape is fundamentally different now than it was for their parents and grandparents.
If you're a member of Gen Y (or the parent of a "millennial") you're probably all too aware of the challenges. But what you may not know is that there are some things you can do to overcome those difficulties and get started on the path to financial success.
Challenge #1: My student loan debt is making it difficult for me to accomplish my other goals.
Forty percent of households headed by a person under the age of 35 have student loan debt.And the total average balance on that debt is a hefty $26,682.1 Owing that much money at a young age can make it difficult to save for retirement, buy your first home and achieve other goals.1