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Do millennials need debt relief more than their parents?

The average person in Florida might be hard-pressed to find a news article that shines a positive light on the millennial generation. Frequently maligned for supposedly taking down the napkin and chain restaurant industries, articles often shine a light on the difficult financial situation that many millennials find themselves in. While it might be true that some of the young adults in this generation are in need of debt relief, many are doing just fine.

Millennials now range in age from late 20s to their 30s, and their spending habits reflect their age. That is not necessarily a bad thing, though. According to an expert in personal finance with NerdWallet, millennials are on track to be in the same financial position as baby boomers in a few decades. This seems to contradict what many people love to believe about millennials, which is that they are irresponsible with their finances.

What may come as even more of a surprise is that millennials' financial priorities are largely the same as those of their baby boomer parents. In a survey that asked adults what they would do with an extra $1,000, the majority of both generations prioritized saving and investing. One surprise was the baby boomer attitude toward traveling. In this survey, 7% said they would spend the money to travel while only 3% of millennials would use the money for that purpose.

While it is good news that adults of all generations have their financial priorities in order, having good spending habits does not necessarily prevent anyone from going into debt. Additionally, millennials are not shielded from needing debt relief just by virtue of being young. Rather than spending years trying to climb out of impossibly steep debts, some young adults in Florida might find a better outcome from pursuing personal bankruptcy.

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