7 of the biggest financial problems millennials face that their parents didn't

Defined as the cohort born between 1981 and 1996, millennials are the generation known for being tech-savvy, pursuing their passions, and killing a bunch of industries. They're also known for shouldering a number of financial burdens specific to their generation.

This is in large part due to the fact that millennials grew up or entered the workforce during the Great Recession, creating unique financial challenges.

Even though millennials benefited from a 67% rise in wages since 1970, according to a Student Loan Hero report, the increase hasn't kept up with inflating living costs. That's not to mention that millennials are bogged down with student loan debt, are working to catch up on lost income, and have to save more for life milestones, like a buying a house and retiring.

But many millennials are so strapped for money that they are relying on others — like their parents or grandparents — for financial help.

Below, see some of the most significant money issues millennials are facing today.

Millennials are burdened with student loan debt that's higher than ever

Crushing student loan debt is one of the most notorious expenses burdening millennials. College tuition has more than doubled since the 1980s; as a result student loan debt is at an all-time high, with the average student debt per graduate who took at loans at $17,126, Business Insider reported in November

Millennials have to save longer to buy a house

Home prices are on the climb and millennials are paying for it — literally.

Millennialsbuying their first home today who bought their first home in the 1980s, according to Student Loan Hero. In fact, t

Millennials are shelling out money for soaring rents

Meanwhile, many none-homeowning millennials are devoting their hard-earned cash to soaring rents.

Rents increased

Many millennials are struggling to build wealth

Millennials born in the 1980s are at risk of becoming for wealth accumulation

More millennials are caring for aging parents — and spending more money doing so

An increasing number of millennials have to care for their aging parents, according to Clare Ansberry of The Wall Street Journal. The

Business Insider's Rachel Gillett previously reported,survey commissioned by Genworth Financial.

Many millennials rely on their parents for financial assistance

Country Financial Security Index

Millennials need to save more money for retirement

Thanks to inflation, $1 million is no longer what it used to be. In 40 years (around the time millennials will be retiring or in retirement), $1 million in savings would have the same spending power as $306,000 today, Business Insider previously reported, citing a 2016 Time magazine estimate.

According to one financial planner, for millennials who are currently 32 and plan to retire at age 67, the average annual withdrawal from $1 million in savings will be below the poverty line based on inflation.

This means that millennials need to save even more for retirement. That's not good considering 25 to 34-year-olds are only saving 5.3% of their income, according to Vanguard, which manages 401(k) accounts for 4.4 million Americans.

Many millennials are also investing unwisely, preferring to use cash investments, which don't yield great returns.

"Millennials are going to have the biggest retirement-savings burden in history," Greg McBride, the chief financial analyst for Bankrate.com, previously told Business Insider. "The nest egg that they're going to have to accumulate on their own is going to be bigger than any other generation."