Millennials have worked hard to get their education. Yet, despite that education, they still make less money than baby boomers did at their age. Consequently, the wealth gap between millennials and boomers is quite significant. If this gap stays consistent, millennials will have some hardships to face in the future.

According to a nonpartisan think tank, New America, baby boomers made 20 percent more money than millennials between the ages of 18-34.

With their unpredictable paychecks and inconsistent work hours, millennials are barely making enough to simply get by.

Paying for living expenses such as phone bills, car insurance, gas, groceries, rent, etc. is difficult when living paycheck to paycheck.

Additionally, millennials generally have higher education levels. The Pew Research Center found that “nearly 40 percent of millennials ages 25-37 have at least a bachelor’s degree, compared to just a quarter of baby boomers and 30 percent of Gen X when they were at the same age.”

Not only are millennials battling lower wages and higher expenses, but because of their larger college educated population, they have been thrown into a future of debt from college loans. Millennials do not have the same ability to accumulate wealth as past generations did because of their lower income levels.

Part of the reason why we are facing these problems is due to the after-effects of the Great Recession.

The Great Recession was a global financial crisis that negatively affected the United States and took place from 2007 to 2009. The Great Recession was the most severe economic recession since the Great Depression.

The recession caused higher college tuition costs, which inevitably led to higher student loans and debt. Additionally, the recession resulted in a disadvantage with fewer job opportunities and lower wages.

Millennials are put in a very tough position facing the wrath of simply affording a college education. Their education puts them above others yet they still will have to succumb to lower wages.

Millennials are being forced to attempt to survive from paycheck to paycheck, making it difficult to get rich or even live comfortably.

But the effects do not stop there. The income and wealth challenges millennials are facing affects more than just their salary. According to the Urban Institute, “fewer in this generation are getting married, buying homes and starting families, or experiencing delays in these milestones.”’

All of this will inevitably affect millennials’ ability to eventually retire comfortably. There won’t be wealth to pass on and future generations will continue in the struggle.