The Key Challenges OF Millennial Parents

In this day and age, being a millennial can really be challenging as compared to the baby boomers and the generation X. Millennials are faced with day-to-day budget demands coupled with scarcity of resources. How else can millennial parents today keep up with the imbalance? Here are a few of the millennial parenting struggles:

Child care cost

Everything about child raising is never cheap. What makes it worse is when all child care expenses are deducted from a minimum wage earner. And anyone who belongs outside the “rich” status is struggling to build and maintain his own family. As a parent, you are forced to work in order to live and to sustain your child’s needs on top of food, rent, and the like. Michael Hild, CEO/Founder of Live Well Financial, said, “Today’s low-interest rate environment serves as a two-edged sword for Millennial Parents. On one hand, it can make the compounding savings growth that is so necessary to effectively save for future college tuition quite difficult. On the other, it affords them access to historically low mortgage rates for starter homes and upgrades alike.”

Career and parenthood balance

Time management seems to be a crucial issue for millennial parents. Finding time or having the energy to perform parenting roles, at the same time being a wife while aiming to go up the career ladder is a big obstacle for them.

Did you know that millennials are considered the most educated generation in history yet most of them are unemployed or underemployed? This is because of the rising demand of highly skilled workers over aspirants who still need to undergo trainings and credentialing. Thus, most of the millennials would accept any job to make money to provide for their family, while others seek the desperation of chasing money. Some even stop schooling because investing in skills is too time-consuming when you’re also raising a family.

Technological influences

Millennial parents have a fear of exposing and allowing their children to use technology. Specific concerns involve content from social media and the danger of too much TV or gaming devices. In fact, this generation have differing views regarding parenting choices. They are so much concerned about not being able to effectively discipline their children and just let them develop their independence.

You now have a better idea of how it is to be not just any parent, but a MILLENNIAL PARENT.