NEW YORK (CBSNewYork) — Millennials are thriving against the odds despite being saddled with big student loans and small paychecks.
According to CBS2’s Emily Smith, a report from New York City Comptroller Scott Stringer shows millennials in the city earn 20 percent less than the previous generation of young people. In 2000, the average 23-year-old earned about $27,000. In 2014, that same worker earned only about $23,000, and that’s adjusted for inflation.
“Millennials are now the majority age group in New York. They’re the up-and-comers, yet so many are stuck in low-wage jobs, tourism, fast-food industry and we have to do a better job lifting them up,” Stringer said.
Stringer blames the statistics on timing, saying many young people graduated from college just as the economy was collapsing.
On the other hand, Bank Rate, a website that monitors the economy, released a report with better news for millennials.
The report said millennials have the highest feelings of job security overall and they’re the only age group to feel more comfortable with their savings.
Financial expert Ralph Dibugnara said as someone himself on the cusp of Generation X and Y, that comfort is due to a different way of living and planning.
“I think they are better savers, depending on where they live, obviously. I think we are staying single longer and starting families later,” Dibugnara said.
Thomas Lavecchia, who runs the online magazine New Theory that caters to millennials, said working with them has taught him a few things, like using transportation more efficiently.
“The uberization mentality. So for example, we go to buy a car. We spend $45,000 on a car and that money essentially goes from us to the car company. They believe instead of buying the whole pizza just buy a slice,” Lavecchia said.
Millennials also admit to frequent job-hopping in order to get more money at the next one.
“Year stints each place, sometimes six months at a time. And it was really just cultivating as much that I can learn at that job and then on to the next one,” Jessica Shirripa said.
According to Stringer, collectively New York City residents under the age of 30 owe about $14 billion in student loan debt.