Millennials Are Screwed. Here Is Why
Many Millennials Are Worse Off Than Their Parents
Do you ever feel like a let down or a failure?
In a way, you are not where you thought you would be at this stage in your life. Despite being more financially educated, and having access to more opportunities and technology, you are progressing at a rate slower than your parents did back in their day.
They have gotten their life together at an earlier age despite not attending university, less technological advancement and global mobility for careers.
Below is a helpful meme:
House Prices
The reality is house prices and student debt are rising at a rate higher than wage growth, causing millennials to lag behind compared to their Boomer parents.
Pews Research shows Millennials have higher wages than the generation before them yet are still more likely to live with their parents despite being 25–37 years old.
The common theme back in the 80s and 90s is that young adults in their 20s (Boomers) are usually married, settled down and living in their own homes.
Millennial 20-something-year-olds are oftentimes nowhere close to being married, or even affording their own homes (often living with their parents) despite being more highly educated (having a Bachelor’s degree) compared to their parents (Boomers).
Wages
According to Pews Research, millennials have slightly less wealth than Boomers did at the same age despite the salaries of Boomers adjusted for inflation.
This is despite the millennial workforce being the most qualified generation having qualifications (eg Bachelor degrees).
The Financial Times shows that many fewer millennials are out-earning their parents at the same age
“A big part of the American dream is that each generation will do better than the one that preceded it,” said David Grusky
The reality
Millennials are worse off than their prior generations.
To really get ahead millennials will need to find ways to build additional sources of income even to come close to the same standard of living their parent had.
This also means leveraging technology, and the internet to build businesses and projects that can hopefully pay them a return to you over the long run.
Summary
Some people may choose to just accept this and be a victim of their circumstances. But the more important question rather is what should I do now to give myself and my future children a better life?
This oftentimes involves thinking outside the box to solve problems and create value for other people.
By doing that and translating that into a marketable skill ,most millennials would then be better equipped to get additional income from their efforts, and potentially increase their income level for themselves over the long term.
