The Great Recession plays a big role in that. People in their early 20s to early 30s entered the workforce at a time with limited job prospects and stagnant wage growth.
Also factoring into millennials' success however, however, is the state where they reside, according to a new study by WalletHub.
Using data on affordability, education and health, quality of life, economic health and civic engagement, the financial site ranked all 50 U.S. states and the District of Columbia on how millennial-friendly they are. Massachusetts, the District of Columbia and Washington, in that order, took the top three slots, while Mississippi, New Mexico and West Virginia took the bottom.
Texas, which likes to tout its economic strength, only landed around the middle, though. It fell at No. 22.
While the Lone Star State did score high in affordability (second only behind North Dakota) and quality of life (No. 12), its overall ranking was dragged down by the education and health category. There, Texas came in at a dismal 50th.
Why'd the state fair so poorly in that category?
First, it was the state with the second-highest percentage of millennials battling depression. Second, it landed at the dead bottom of the list in the percentage of millennials who have health insurance.
Of course, WalletHub isn't the first group to point out Texas' woeful track record on health insurance. The Washington D.C.-based Urban Institute recently estimated that 19 percent of Texans under age 65 are uninsured — the highest uninsurance rate of any U.S. state.
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