Millennials are experiencing professional and personal milestones later than previous generations.

Millennials are experiencing professional and personal milestones later than previous generations. While workers’ high earning years are typically between 35-54-years-old according to the Bureau of Labor Statistics, as Millennials shift into their high earning years, they’re being met with rising costs and inflation rates that are having a significant impact on their ability to achieve life milestones. Millennials’ debt-to-income ratio is 23% higher than expected, based on previous generations at similar ages according to the Federal Reserve Bank of St. Louis, and the federal Consumer Price Index also found that the cost of child care and nursery school has risen at nearly twice the pace of inflation since 2000. With costs continuing to rise and economic setbacks continuing to be a reality due to COVID-19, some Millennials are refocusing their life goals. YPulse’s Life Plans Rewritten trend research found that 30% of Millennials who are interested in buying a home plan to buy one later than expected due to the pandemic, and 27% of Millennials who were interested in having their first child plan to do it later than expected. (WSJ)