Perhaps it’s because youth don’t have a great handle on finances. Perhaps living life is just too expensive these days. Perhaps the government has been a horrible role model in budget balancing. Regardless of the reason, here’s the upshot: Millennials are struggling with debt something fierce. Most18- to 24-year-olds who are renting a house or apartment (or at least three-quarters of them) are spending more than they’re earning every month, according to a survey by Rent.com. A fifth of those renters are spending at least $100 or more than they earn every month. Another study, this one from Ohio State University, finds that young adults are accumulating more credit-card debt than any other demographic. Some worry they might never pay it off. “If what we found continues to hold true, we may have more elderly people with substantial financial problems in the future,” says Lucia Dunn, professor of economics at Ohio State University. “If our findings persist, we may be faced with a financial crisis among elderly people who can’t pay off their credit cards.” (Time)

Paul Asay has covered religion for The Washington Post, Christianity Today, Beliefnet.com and The (Colorado Springs) Gazette. He writes about culture for Plugged In and wrote the Batman book God on the Streets of Gotham (Tyndale). He lives in Colorado Springs with wife, Wendy, and two children. Follow him on Twitter.