A new survey found that 27 percent of millennials are saving more money due to the pandemic, but most can't stay within their budgets.
Taking control of bad luck<p>According to <a href="https://themanifest.com/accounting/budgeting-money-tips-for-millennials" target="_blank">a recent survey by The Manifest</a>, a business news website, millennials agree with Cramer. The study found that, of millennials surveyed, their largest expenses were housing (66 percent), educational expenses (9 percent), and health insurance (6 percent). In light of the COVID-19 pandemic, millennials are using the remaining 19 percent of their paychecks to budget and increase their savings.</p><p>About a third of millennials said they are saving more money in response to the pandemic and creating new budgets for themselves. In fact, of all generations surveyed, millennials felt the most comfortable creating personal budgets. They were also willing to think critically and adjust budgets to match financial changes, both signs that this highly-educated generation is willing to learn and adapt.</p><p>Millennials still have a rough road ahead, though. According to the survey, about half of millennials make less than $50,000 a year. That puts them into the upper-lower or lower-middle <a href="https://www.pewresearch.org/fact-tank/2020/07/23/are-you-in-the-american-middle-class/#:~:text=In%202018%2C%20the%20national%20middle,(incomes%20in%202018%20dollars)." target="_blank">income class</a>, depending on where in the country they live. That matches <a href="https://www.bls.gov/opub/mlr/2019/article/time-use-of-millennials-and-nonmillennials.htm#:~:text=Among%20full%2Dtime%20wage%20and,with%2031%20percent%20of%20nonmillennials." target="_blank" rel="noopener noreferrer">BLS data</a>, which shows millennials earning less than older non-millennials. <a href="https://www.bls.gov/opub/mlr/2019/beyond-bls/the-kids-are-alright-millennials-and-the-economy.htm" target="_blank" rel="noopener noreferrer">The BLS also notes</a> that while millennials have less debt than GenXers, most of that is student loan debt rather than mortgages.</p><p>And despite their budgetary plans, only 11 percent of millennials surveyed were able to stay within budget, while uncertainty still looms in the future job market.<em></em></p><p>With all this said, there are caveats to The Manifest survey. It hosted a relatively small sample size, only surveying 502 Americans. Of those, millennials made up 22 percent of respondents. They weren't even the largest cohort in the study. That was the baby boomers at 32 percent. </p><p>This makes the survey more suggestive than indicative. But the suggestion is that millennials, to borrow a phrase from writer Vicki Robin, are ready to reinterpret their relationship with finances.</p>
A push for financial freedom<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="a463513bfbe5a2b7d5bcc59f8be265a7"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/J-B-b393epk?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>While budgeting and financial savvy have always been important, the millennial generation will need to be far more critical of their relationship with the economy. What <a href="https://www.youtube.com/watch?v=T_tDthUWsVM" target="_blank" rel="noopener noreferrer">Robin calls the old roadmap</a>—the idea that "growth is good, more is better, game over"—is unlikely to support millennials as it did past generations. They'll need a new roadmap, charting both a new macro (the relationship between our economic and ecological footprints, for example) and micro (our individual relationships with money).</p><p>Because the macro is a whole other article, we'll stick with the micro here:</p><p><strong>1) Track and cut your spending</strong></p><p>The first step to financial freedom is to track your spending and cut unnecessary purchases. For Robin, these are often the things, services, and subscriptions that we buy out of habit, but we no longer consider whether they add value to our lives.</p><p>A pernicious modern example is the subscription economy. We subscribe to services for food, clothes, television, exercise, self-help, video games, bric-a-brac, computer programs, and on and on. These services quickly fade into the financial background as just another bill we pay. </p><p>But if we watch Netflix nine times out of ten, why pay for Hulu and Disney+ and HBO Max and CBS All access? Instead, every month or so, we should scrutinize our subscriptions to ask whether they still add value to our lives. If they don't, unsubscribe.</p><p><strong>2) Kill your debt</strong></p><p>Debt doesn't just take away money we could save elsewhere; it's also a self-replicating devourer of wealth. Your debt interest rates are almost certainly higher than your investment returns, especially on credit cards. Because of this, no matter your saving rituals, you're likely bleeding wealth the longer you remain in debt.</p><p>Instead, focus on removing debt from your life. Again, credit card debt especially. The good news is that most companies have hardship programs to help debtors. You can call them to see if they can lower your interest rates or provide other helpful services.</p><p>"Financial accommodations are generally readily available right now," Amy Thomann, the head of consumer credit education at TransUnion, <a href="https://www.nytimes.com/2020/08/29/at-home/manage-finances-save-money-millennials-coronavirus.html" target="_blank" rel="noopener noreferrer">told the New York Times</a><u>.</u> "Lenders, just like consumers, understand the hardships that are going on in the economy."</p><p><strong>3) Have an emergency fund</strong></p><p>Of course, you'll need some savings when the unexpected happens. Say—I don't know—a worldwide pandemic? Experts like Robin and Thomann recommend people have three to six months' worth of expenses on reserve. These should be in liquid assets so you can access them easily and quickly.</p><p>Of course, that's not always feasible, but you should save what you can. </p><p><strong>4) Find social outlets that don't cost</strong></p><p>The economic shutdown has offered one financial boon: It has revealed ways we can enjoy each other's company with overspending. We can host movies remotely with our friends. Play video games online. Enjoy physical-distance strolls through the park. And a host of other creative connections. After the pandemic, the occasional bar hop or Friday dinner out can still be a guilty pleasure. But unlike sitcom characters, we shouldn't be spending our social lives on the set of our favorite coffee shops or local watering holes.</p><p><strong>5) Reconsider your relationship with money</strong></p><p>Robin pushes her readers to be financially free. That is, to understand that there's an economy, people have a relationship with it, but it shouldn't become an obsession that runs their lives. As <a href="https://www.youtube.com/watch?v=xDaBjc4QyWU" target="_blank" rel="noopener noreferrer">she told <em>Big Think</em></a>: "It's like there are so many presumptions that drive us into wage [slavery], and it doesn't matter whether you are at the low end or the high end. If you are engaged in that sort of anxious process of 'more, more, more,' you are not free."</p><p>The millennial generation has certainly been dealt a bum hand, but it's perhaps defeatist, and more than a little premature, to label them the unluckiest generation. Perhaps after being led astray by the old roadmap, they will be the generation to reconsider their relationship with money—not as an end itself but a means to a healthier and more beneficial life. </p>
Amid such suffering, people need some joy.
The year 2020 hasn't been one to remember – in fact, for a lot of people it has been an outright nightmare. The pandemic, along with political turmoil and social unrest, has brought anxiety, heartbreak, righteous anger and discord to many.
Move over, forest bathing.
- A new study found that weekly 15-minute "awe walks" have positive effects on mental health.
- Volunteers reported higher levels of gratitude and compassion after eight weeks of these short walks.
- Researchers believe this low-cost intervention could help prevent cognitive decline in older adults.
Finding Happiness Through "Awe Walks"<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="0988a4421b47d7cdc45d740014a53b17"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/-nVx6SriWPM?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>Importantly, participants were instructed to observe details while walking around the forest. If the goal was only exercise, volunteers were likely to power through trails without noticing their surroundings. This is where awe comes into the picture.</p><p>UC Berkeley psychologist Dacher Keltner <a href="https://www.ucsf.edu/news/2020/09/418551/awe-walks-boost-emotional-well-being" target="_blank">explains</a> the relevance, noting that feelings of awe help us feel more generous and humble, while increasing our overall well-being. </p><p style="margin-left: 20px;">"Awe is a positive emotion triggered by awareness of something vastly larger than the self and not immediately understandable — such as nature, art, music, or being caught up in a collective act such as a ceremony, concert or political march."</p><p>The post-walk selfie is key. Week after week, their smiles grew larger. Incredibly, their bodies shrunk in the photos—the photographer stepped back to include more of nature. Instead of the normal close-ups we associate with selfies, volunteers naturally became more integrated with their environment, without any prompting from the research team.</p><p><a href="https://bigthink.com/21st-century-spirituality/individualism-is-spreading-and-thats-not-good" target="_self">Research</a> on individualist versus collectivist societies shows that the members of individualist societies tend to prioritize independence and autonomy. These seem like positive qualities, though higher rates of anxiety and depression are reported in such cultures. By contrast, collectivist societies emphasize interdependence, which ultimately makes members feel like they're part of a bigger landscape. </p><p>This is exactly what was reflected in those selfies. </p>
Credit: Rudmer Zwerver / Shutterstock<p>Classical Japanese art offers plenty of examples of interdependence. Humans are rarely the focal point in these landscape paintings. People only appear as part of a much larger scene. This trend cuts across Buddhist art, perhaps unsurprisingly given the philosophy stresses collectivity. Happiness levels tend to be higher in these societies than in individualist nations.</p><p>America, arguably the global leader in individualism, has <a href="https://worldhappiness.report/ed/2019/the-sad-state-of-happiness-in-the-united-states-and-the-role-of-digital-media/" target="_blank">continually ranked lower</a> on world happiness charts over the last 40 years. Meanwhile, our rates of Alzheimer's disease <a href="https://bigthink.com/mind-brain/alzheimers-risks" target="_self">rise</a> every year.</p><p>Can a 15-minute awe walk change all of that? Not completely, but we'll take whatever help we can get. As mythologist Joseph Campbell <a href="https://www.jcf.org/works/quote/awe-is-what-moves-us-forward/" target="_blank">once remarked</a>, "awe is what moves us forward." He cited awe as a primary driver in the creation of mythology: the overwhelming sensation that you're part of something grand. </p><p>As Sturm says, this is a low-cost, worthwhile means for alleviating distress and filling people with gratitude and compassion. Given the state of the world, those qualities are in high demand. </p><p style="margin-left: 20px;">"I find it remarkable that the simplest intervention in the world – just a three-minute conversation at the beginning of the study suggesting that participants practice feeling awe on their weekly walks – was able to drive significant shifts in their daily emotional experience. This suggests promoting the experience of awe could be an extremely low-cost tool for improving the emotional health of older adults through a simple shift in mindset." </p><p>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a>, <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank" rel="noopener noreferrer">Facebook</a> and <a href="https://derekberes.substack.com/" target="_blank" rel="noopener noreferrer">Substack</a>. His next book is</em> "<em>Hero's Dose: The Case For Psychedelics in Ritual and Therapy."</em></p>
Money can't buy happiness, but try being hopeful and broke at the same time.
- A new study finds money alone doesn't make people happy—they need some hope for the future too.
- The study adds to the increasing pile of literature on the subject of how hope influences our wellbeing.
- The findings, particularly on when this effect doesn't work, may have implications for future policy decisions.
Symptoms of mental illness in children are often dismissed as "going through a phase."
- A 2020 CDC study examined mental health symptoms in four different school districts within the United States from 2014-2018. This study found that, based on the reports from both teachers and parents, one in six students showed enough behavioral or emotional symptoms to be diagnosed with a childhood mental disorder.
- Mental health conditions or illnesses in children are generally defined as delays or disruptions in developing age-appropriate thinking, behaviors, social skills, or emotional regulation.
- Children can develop many of the same mental health conditions as adults, but their symptoms may be different.
1 in 6 (or 1 in 3, depending on the school district) children were shown to have enough symptoms to be diagnosed with a mental health condition.
Photo by Syda Productions on Shutterstock<p><a href="https://www.cdc.gov/childrensmentalhealth/features/school-aged-mental-health-in-communities.html" target="_blank" rel="noopener noreferrer">A 2020 CDC study</a> examined mental health symptoms in four different school districts within the United States from 2014-2018. This study found that, based on the reports from both teachers and parents, one in six students showed enough behavioral or emotional symptoms to be diagnosed with a childhood mental disorder.</p><p><strong>What was the Project to Learn About Youth Mental Health (PLAY-MH) study?</strong></p><p>This was a school-based study conducted throughout the years of 2014-2018. This study was designed to estimate how many kindergarten - grade 12 students had specific mental health disorders. </p><p>The information was collected in two phases. In phase one, teachers in selected school districts were asked to complete a short questionnaire to determine a student's risk for a mental health disorder. In phase two, the parents of selected students were asked to complete a more structured interview to determine if their child met the criteria for a mental health disorder. Between 1 in 6 students (1 in 3 in some districts) fit the criteria, according to the combined data.</p><p>Teachers also identified a higher percentage of boys, non-Hispanic Black students, and students receiving free or reduced-price lunch as having a higher risk for mental disorders than their peers at most schools. However, based on the parent reports, there were generally no major demographic differences in the percentage of students who met the criteria for a mental disorder. This interesting discrepancy suggests that estimating effects of race or income on symptoms gave different results depending on the way the symptoms were examined. </p><p><strong>How can we help at-risk students?</strong></p><p>The information gathered during this four-year study can help parents, teachers, and communities alike to understand and become more aware of the mental health struggles of younger children. With this knowledge, interventions and treatments can become more normalized when dealing with children's mental health conditions.</p><p>The CDC has some suggestions for how we, as communities, can help our at-risk children:</p><ul><li>Schools can consider screening students for mental health concerns and then following up with effective services and counseling options. </li><li>Pediatric and family clinics can use this information to establish how many children may be at risk. </li><li>Communities and parents can work together with school systems to integrate mental health services and referrals into the schools. </li></ul>
Common mental health disorders in children, according to experts<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzk1NDc4My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0ODg4NzYwMH0.C3dNExRsuVrcDvs_z68q2FY62kee157DLvBtubmmq8A/img.jpg?width=1245&coordinates=0%2C52%2C0%2C52&height=700" id="7b6fe" class="rm-shortcode" data-rm-shortcode-id="a6b046f215f2c8d99c44d09de0dbdef3" data-rm-shortcode-name="rebelmouse-image" alt="Stressed and anxious student sitting at desk during exam" />
Anxiety disorders, depressive disorders, ADHD, ASD (autism spectrum disorder) and eating disorders are among commonly overlooked mental health conditions in children.
Photo by Monkey Business Images on Shutterstock<p><a href="https://www.mayoclinic.org/healthy-lifestyle/childrens-health/in-depth/mental-illness-in-children/art-20046577" target="_blank" rel="noopener noreferrer">According to experts</a>, these are some of the most common disorders among children:</p><p><strong>Anxiety disorders (generalized anxiety, social anxiety, obsessive-compulsive disorders):</strong> These conditions may appear as persistent fears, worries, or anxiety that disrupt their ability to participate in play, school, or other typical age-appropriate activities.</p><p><strong>Attention-deficit/hyperactivity disorder (ADHD):</strong> Children who struggle with ADHD have difficulty with attention, tend to have impulsive behaviors, generalized hyperactivity, or some combination of these issues. </p><p><strong>Depression (or other mood disorders): </strong>Depression in children presents as persistent feelings of sadness and loss of interest that disrupt their ability to function in school and interact with others. </p><p><strong>Post-traumatic stress disorder (PTSD):</strong> PTSD is a prolonged state of emotional distress and anxiety that is prefaced with negative memories, nightmares, and disruptive behaviors in response to a traumatic event the child may have suffered. </p><p><strong>Autism Spectrum Disorder (ASD): </strong>This is a neurological condition that often can be noticed in early childhood (before the age of three), if you know what to look for. The severity of ASD can vary— a child with this disorder has difficulty communicating and interacting with others.</p><strong>Eating disorders: </strong>Eating disorders show as a preoccupation with an ideal body type. These include anorexia nervosa, bulimia nervosa, and binge-eating disorder.<p><br></p><p>You can read the full study <a href="https://link.springer.com/epdf/10.1007/s10578-020-01027-z?sharing_token=a3EvHilTjILJ1pJ3KXQQP_e4RwlQNchNByi7wbcMAY64y5G2OhNS1lAeStiE_xCQ5Ke8aBy4C65sfPZeG19uCwJxFWfAgXejmrE2lLmeYUPkpgNGQgq5jMOY-830oPGU5UOPil0_vjxCu9D4EOPVGt5v1H35kEN5sBTGFb5YJJ8%3D" target="_blank" rel="noopener noreferrer">here</a>.</p>