22 Dec Why Millennials Can’t Catch Their Economic Break

Some analysts argue no generation has suffered more from the Great Recession than the millennials. It seems nearly impossible for the millennials to reach the financial successes their parents had. With the student debt at an all-time high and the job market at a competitive peak, the young people of today are inevitably on an economic merry-go-round they can’t seem to get off.

The debt that the millennials have incurred themselves certainty does not help their financial awakening. The average student, according to Forbes, caries $12,700 in credit card debt and nationwide in the United States, tuition debt is close to $1 trillion.

The median net worth of people under 25 has fallen over 37% in recent years and one key reason could be because of the competitive job market. “Employers are often replacing entry-level positions meant for graduates with people who have more experience because the pool of applicants is so much larger. [Basically] when unemployment goes up, it disenfranchises the younger generation because they are the least qualified,” stated a Chapman University in California professor.

Below is an “American Community Survey” state-by-state poll of the median annual salaries for employed millennials throughout the United States. Where do you fall?

• Alabama: $20,000
• Alaska: $27,500
• Arizona: $20,800
• Arkansas: $20,000
• California: $21,900
• Colorado: $24,000
• Connecticut: $23,300
• Delaware: $25,000
• District of Columbia: $43,000
• Florida: $20,000
• Georgia: $20,000
• Hawaii: $25,900
• Idaho: $19,000
• Illinois: $23,000
• Indiana: $20,000
• Iowa: $23,000
• Kansas: $21,000
• Kentucky: $20,000
• Louisiana: $22,00
• Maine: $19,200
• Maryland: $26,000
• Massachusetts: $25,000
• Michigan: $19,300
• Minnesota: $24,000
• Mississippi: $19,400
• Missouri: $20,000
• Montana: $18,000
• Nebraska: $23,000
• Nevada: $24,000
• New Hampshire: $21,000
• New Jersey: $25,000
• New Mexico: $19,200
• New York: $25,000
• North Carolina: $20,000
• North Dakota: $25,000
• Ohio: $20,000
• Oklahoma: $22,000
• Oregon: $20,000
• Pennsylvania: $23,400
• Rhode Island: $20,000
• South Carolina: $19,700
• South Dakota: $21,000
• Tennessee: $20,000
• Texas: $22,000
• Utah: $20,000
• Vermont: $24,000
• Virginia: $25,000
• Washington: $24,000
• West Virginia: $19,000
• Wisconsin: $20,000
• Wyoming: $24,400

From a media standpoint, marketers can really use these analytics to better grasp their market approach when planning their media and push communications. More specifically, the less disposable income your audience has, the less likely they are to respond favorably to certain messaging. The numbers above show a trend across the country in terms of earning, but also do not show equivalent expenses in cost of living. A segmented media mix is crucial when it comes to messaging that could be culturally insensitive or come with bad timing. Essentially, you must know your audience.