According to a new Deloitte study, American millennials are hurting financially.
The study shows that the average net worth of millennials is less than $8,000, a 34-percent decrease since 1996.
A big contributing factor to this is food, healthcare and education.
Compared from 2007 to 2017, millennials are spending 26-percent more on food, 21-percent more on healthcare, 65-percent more on education and 16-percent more on housing.
The cost of education in particular is a burden. Student debt has increased by 160-percent since 2004 the study finds.
As of 2019, student-loan debt is at an all time high with a national total of $1.5 trillion.
The study shows that various debt and rising living costs make it more difficult for millennials to save.
More than half haven't saved for retirement and have less than $5,000 in their savings accounts.
(Business Insider and The Washington Post contributed to this report)
