In recent years, millennials have been blamed for killing everything under the sun for reasons no one was able to figure out until fairly recently.
As it turns out, the generation isn’t spending money because it doesn’t really have any in the first place thanks to a variety of factors, like the tens of thousands of dollars the average millennial has in debt thanks to student loans, some questionable spending habits, and the fact that they’re getting paid less than their predecessors.
Plenty of people were relying on a windfall that never really came after new tax laws resulted in refunds dropping by an average of 8% and millennials are no exception. While those refunds aren’t necessarily life-changing for most people, it turns out they could have more of an impact on millennials than you’d think.
According to Money, a survey was recently conducted by One Poll in conjunction with Self Lender to take a look at the amount of cash that people would consider “life-changing.” The results show the average person would need close to $20,000 to have a serious impact on their financial well-being.
However, when it comes to millennials, the number is dramatically lower, with the average member of the generation saying an unexpected windfall of $5,000 would be the ultimate game-changer.
According to the survey, people in general would put the money in a savings account while another sizeable chunk says they’d use it to put a dent in their credit card debt. While many millennials are in the same boat, a third of them say they’d use the $5,000 to pay off medical bills, another major source of debt for the generation.
Hooray for late capitalism!