Young Black Americans report medical debt impacting financial health
COLUMBUS, Ohio, April 21, 2022 /PRNewswire/ -- Young Black Americans report that medical debt is impacting their financial health and nearly one in five Black millennials (19%) report that paying for health care is their biggest retirement stressor, according to a recent Nationwide Retirement Institute® survey. Black millennials report carrying substantially more medical debt compared to other generations. Of those respondents who could estimate their medical debt, Black millennials self-reported they have on average $11,469 in medical debt. That's four times higher than Black Gen Xers ($2,818) and ten times more than Black baby boomers ($1,111). The outsized medical
Don’t just know your worth…Create it!
The average net worth for millennials is less than $11,000. While that is not necessarily a small number, it pales in comparison to the figures needed to achieve most long-term financial goals. While we might think the path towards these goals is to make more money, the real solution is building wealth. The two might seem the same, but they are very different. When you’re rich, you work for and/or have a lot of money. But when you’re wealthy, your money and your assets work for you. This is a
Millennial Marriage: What’s Love Got to Do with It?
At a recent dinner with friends, all of whom happen to be Millennials, we got on the topic of dating and, for us at least, dating’s ultimate goal: marriage. Despite having desires of what age we’d be married by when we were younger and, perhaps,more naive, none of us seemed to be in a rush currently, despite our ticking clocks. The conversation then turned to the marriages we have experienced first-hand; that of our parents. Although love was present, all of us admitted we wouldn’t want to follow
Hobby or Hustle: Understanding How Millennials View Entrepreneurship
Among millennials, currently there is a growing theme of people attempting to monetize hobbies. As opposed to previous generations, millennials (born between 1980 and 1996), have adopted a stronger entrepreneurial mentality. Economic Innovation Group along with EY, a professional services firm, polled millennials. The survey showed 62 percent of millennials have contemplated starting their own business, and 72 percent believe entrepreneurship is “essential for promoting innovation and jobs.” They either try and profit from something they are already good at, invest in something they believe in, or