Millennials claim a large chunk of consumer purchasing power, but they aren’t quite as well off as their baby boomer predecessors when it comes to financial stability.
Employed millennials are earning a decent wage, but factors such as college debt, cost of living and health care are stifling their opportunities for building a robust savings or retirement plan.
WalletHub recently released its list of the “Best and Worst States for Millennials” to help these ambitious but financially strapped citizens decide the states and territories, including Washington, D.C., where they have the best chance at a comfortable life.
The precise age range of millennials can be a little murky, but for the purposes of this study, they are defined as those born 1981–1997.
The study took five dimensions into account: “Affordability,” Education and Health,” “Quality of Life,” Economic Health” and “Civic Engagement.” These were all weighted equally (22.5 points), except civic engagement, which received a weight of 10 points.
Massachusetts, with a total score of 66.65, earned top honors. Though its “Affordability” rank is middling (No. 24), it ranked No. 1 in “Education and Health,” No. 2 in “Quality of Life” and No. 3 in “Economic Health.”
Here are the top 10:
- Washington, D.C.
See the full list and methodology here.
Here are prime career opportunities in the top five locations:
- Dunkin’ Brands is looking for a brand marketing strategy manager in Canton, Massachusetts.
- The U.S. Department of Treasury is seeking a communications consultant in Washington, D.C.
- Washington State University is searching for a communications manager in Pullman, Washington.
- Mayo Clinic looks to hire a communications specialist in Rochester, Minnesota.
- SSM Health seeks a marketing and communications specialist in Madison, Wisconsin.
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