Millennials are starting to enter their 40s without much to show for it, said Olivia Rockeman and Catarina Saraiva at Bloomberg. “In almost every way measurable,” those born between 1981 and 1999 are doing “worse financially than the generations that came before them.” At 40, Millennials’ average net worth is $91,000, compared with $113,000 (in today’s dollars) for Baby Boomers when they hit their fifth decade. Only 61 percent of these older Millennials own a home, versus 68 percent for members of Gen X and 66 percent for Boomers at the same age. The drop-off is no surprise: To buy a home, Millennials need to spend 50 percent more, after inflation, than their peers did three decades ago. Meanwhile, “more Millennials borrow to pay for college than previous generations, and the loans are bigger,” trailing these borrowers for longer. “If predictions of a long, post-COVID economic boom are to be believed,” hope is not lost for a recovery before retirement. But there should be a new sense of urgency.
“In terms of income and, especially, wealth, Millennials as […]
Poor Millenials
I have been telling young people not to. pursue a college degree. Who even knows what kind of skills one might need? Most people end up not using their training afterward. Too expensive doesn’t even start to show what it’s going to do with a borrower’s savings. Get a job that can’t be done outside the country or that will hopefully last as long as their lives. Oh, Stephen, I don’t have to. tell you! Machines will take most jobs very soon. AI. Robots? They’re going to take over soon. I’m so glad I’m old. I don’t want to imagine the future that lies ahead for Millenials etc. Capitalism will end up being the Elites’ best tune to take over. Oh hell…it’s too late already. Why do I even consider the future when there isn’t much of one, for anyone. We’re all slaves so why spend your hard earned treasure to offer up to those who run the show. ARRGGHHHHHHH.
I agree wholeheartedly with you Marsha.
I am sort of glad I won’t be around for the next 50 years. We are going downhill with rapid speed. We must embrace wellbeing as our way of life; including a Social Democracy, instead of Capitalism which moves the money in our world up to a few instead of redistributing it to all as it should be.