“Millennials don’t need to be guilted into a way of thinking that doesn’t suit them,” he said. “They need to be told it’s okay if they want to focus on short-term goals.”

“You see people who could be paying a couple of hundred dollars a month for 40 years.”

When you consider the defining characteristics of the millennial generation—starting careers in the shadow of the Great Recession and squarely behind an eight-ball of student debt—focusing on more manageable milestones begins to make sense.

A few decades ago, young Americans graduated with loans they could pay off in 10 to 15 years. “Now you see people who could be paying a couple of hundred dollars a month for 40 years—or worse,” Frailich said. While moving to income-based repayment plans can ease the monthly burden (if you qualify for one), there’s a long-term downside—you’ll be paying the mounting interest rather than the principal.

Of course, the student lending industrial complex won’t mind if you pay interest the rest of your life. But you might. Other unhappy economic realities facing millennials and Generation Z include wages that have stagnated over the past decade and housing, childcare, education and healthcare costs that have risen dramatically.

Fifty years ago, an American family could live on one salary with less of a struggle. Nowadays, the entirety of one spouse’s wages often go to childcare and healthcare. Raising a family on one income just isn’t possible for most. And while baby boomers have enjoyed a long bull run in the stock market, younger workers with minimal retirement savings haven’t benefited nearly as much.

Apps that gamify savings can make finding spare cashflow a little less daunting.

As terrible as all this sounds, there is some good news: For many people, it’s still possible to start putting a little money away for one’s later years. One thing millennials and Generation Z do have going for them is time.

Starting to save regularly, however small the amount, can still pay off big. Fidelity Investments calculated how much a 1% increase in contribution to a tax-advantaged retirement plan could mean for a 35-year-old currently making $60,000. That extra contribution—the equivalent of about $12 more a week—translates into $85,492 more in the kitty come retirement. Fidelity’s calculation assumed a 5.5% return and annual increases in salary of 4%. 

Apps that gamify savings can also make finding cashflow to divert into your savings or investment account a little less daunting.