In a recent article on CNBC by Kelley Holland (@KKelleyHolland), future living standards are questioned and the end of living standards is heavily debated. Throughout the years Americans have been faced with numerous financial hardships; now it’s not necessarily Americans in general who should be concerned when it comes to finances, but millennials specifically. Millennials are now the largest generation, accounting for 83.1 million, in comparison to the 75.4 million baby boomers.

According to a recent survey by the insurance provider, Haven Life, only 1 in 8 Americans believe the next generation will be more financially secure than they are.  In addition, 1 in 5 Americans believe they will have a better quality of life. Furthermore this online survey of 1,124 adults reveals that a small majority expects the next generation to have less disposable income. A contributing factor to this is student debt. According to U.S. News, the average student loan debt approached $30,000 in 2014. Where approximately 70 percent of 2013 graduates amounted averaged debts of $28,400.

The Census Bureau showed the median earnings of workers from the previous years between the ages of 18 to 34. The results are alarming. Between the years of 1980 and 2000, workers earnings were at $37,355, in comparison to 2009-2013, where the earnings dropped to a surprising $33,833.

On the bright side, the survey found that 66 percent of respondents expect the next generation to be just as healthy or healthier than they are. The survey also found the next generation to be environmentally conscious, leading a greener lifestyle, and being more ethnically and racially diverse.

This news is quite unnerving to me considering I myself am a millennial. While minimum wage is slowly rising in various states and cities nationwide, the cost of living is still rapidly increasing. This year alone, the average monthly rent in San Francisco reached a shocking $3,458. As a millennial, I’ve found it exponentially more difficult to save money. With expenses left and right, the idea of our future is a murky and unforeseeable sight. My advice: spend as little as possible, while saving as much as possible. Eventually, us millennials will want to own a home, support a family, etc., and we need to brace ourselves for the harsh reality of being a grown up.