According to a poll by NBC News, approximately 3 out of every 4 Millennials have some form of debt. Some would think that a majority of that debt relies heavily on student loans, but rather, to everyone’s surprise, it is credit card debt. So maybe the previous generations characterizations of the Millennial age are correct. Credit card debt usually coexists with bad habits such as a lack of accountability, responsibility, and planning which are attributes that all seem to be missing in Millennials. Being someone who is part of the new Gen Z generation, I am very familiar with Millennials and all of their good and bad tendencies. I am willing to concede that the Millennial generation is the smartest generation to date, but while they may be very intelligent, they are flawed in some critical areas that must go hand in hand with that intelligence so they can attain financial freedom.
As someone who likes to study human behavior and human tendencies, I have noticed trends in many Millennials that I have found to be problematic. A disciplined and routine based lifestyle is something that can almost always guarantee some sort of financial security. It allows you to enjoy a fun lifestyle while also making sure that you stick to what is within your own financial limits. I have noticed that with Millennials, they have a seriously inadequate sense of discipline, which often shows throughout various facets of their life. According to Dr. Jordan Peterson, a sense of discipline is best found first in one’s own room. Being someone that is friends with a multitude of Millenials I have always noticed that their rooms are always out of order, while this may be anecdotal, it does provide me some sort of insight into the cultural habits of a Millennial. Even a simple routine of making your bed and then keeping your room in order may result in an effective beginning to keep your mind as well as your finances in order. A disciplined life often results in the discipline of your own finances, and if having a lack of discipline is true with Millenials, then it is no surprise that they have a hard time keeping their credit card bills in check.
While it may seem I am hating on Millennials, I do recognize their capacity for greatness which is why I was so baffled when I first learned about their monumental amount of debt. Millennials, for the most part, have shown that they are confident, intelligent and are looking for a way to make to change in the world. They are often punched down upon by older generations for being bad. But I believe that it was those generations that miss-parented, and created this debt-fuelled monster that currently exists. No, I don’t believe Millennials are doomed, I think they are destined for unrealized greatness, but hopefully, as they get older and more conservative within their lifestyle they will develop a sense of discipline that will match their level of intelligence and confidence.