The Checkmate Generation
The Effects of the Economy on Millennials
Sep 6, 2018 · 1 min read
- Millennials live longer with their parents.
- Millennials are delaying marriage.
- Millennials are delaying home ownership and postponing having kids longer than any previous generations.
- Millennials have more student debt than their parents.
- Millennials have the lowest credit scores vs. previous generations.
- Millennials are less likely to move than previous generations.
- Two-Thirds of working millennials have nothing ($0) saved for retirement.
- More households led by a Millennial are in poverty vs. other generations.
- Demographics: As 76 million baby boomers retire in the United States, they will need money to cover their living expenses.
Advances in medicine are helping people live longer, and rising medical expenses are making it more difficult for boomers to live on their retirement savings. Millennials are going to be the ones who will pay for the additional expenses for their aging parents plus carry the cost of the bankrupt social security institutions.
Millennials are victims of the irresponsible behavior that previous generations engaged in, making them the “checkmate generation” having to pay for the abuse of the monetary policies and the corrupt educational system.
Future generations will look back and tremble at the cruelty of it.
Originally published at www.quora.com.
