WASHINGTON, D.C. — Kentucky ranks as the 44th best state (including the District of Columbia), or the 8th worst, for millennials to live in according to a new study by WalletHub.
The study ranked the states based upon five key dimensions including affordability, education & health, quality of life, economic health and civic engagement along with 36 relevant metrics such as the average price of a Starbuck’s latte, the share of millennials with a primary care doctor, median student loan debt and more. In the five main dimensions Kentucky ranks 25th, 28th, 46th, 41st and 42nd in those categories, respectively.
Loved by marketers yet vilified by media, millennials are at once the most popular and unpopular generation alive. They’re projected to become the largest in 2019, too, giving them a huge influence on American culture and consumption. Today, these early-20-to-early-30-somethings who are often depicted through negative stereotypes — entitled, parentally dependent, emotionally fragile — are responsible for 21 percent of all consumer discretionary spending in the U.S.
Yet despite millennials’ trillion-dollar purchasing power and higher educational attainment, they are economically worse off than their parents. Why? The financial crisis remains a big part of the reason. Millennials have come of age and entered the workforce in the shadow of the Great Recession, which has significantly reduced their job prospects and earning potential for decades to come. By one estimate, millennials today earn 20 percent less than Baby Boomers did at the same age.
For more information on the study visit WalletHub.com.