Megan Leonhardt with CNBC's Make It spoke with Lazetta about retirement and savings.
Over a decade after the Great Recession ended, nearly half of millennials believe their finances are still recovering from that economic downturn. And that’s before accounting for the latest setbacks being felt by the coronavirus pandemic.
At least, that’s what a recent report revealed when TD Ameritrade conducted an online poll of over 1,000 U.S. adults aged 24 and older with at least $10,000 in investable assets. Although this is based on a smaller sample size and drawn from an online poll, the data gathered provides an interesting snapshot.
Of course, it’s not surprising that millennials feel like they’re still making up for lost time. Americans between the ages of 18 and 34 at the time of the recession suffered double-digit unemployment rates for almost six years following the start of the downturn in 2007, according to a 2014 report from the nonprofit Young Invincibles.
Between unemployment and repressed wages, Young Invincibles estimates that the last recession cost young workers more than $22,000 in lost earnings each. And that’s on top of many taking out student loans, as well as experiencing stagnating wages and increasing costs of living.