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Tweeter Goes Viral With 200K+ Likes For Pointing Out How Millennials Ended Up Being The Poorest Generation
Not too long ago, Bored Panda talked about one of the major difficulties millennials have been going through in recent times—how it’s hard for them to understand their own age.
Sure, it’s still quite a unique generation, but one whose problems don’t end at their confusion with age.
Dan Price, the CEO who slashed his million-dollar paycheck to divide it up among all of his employees so that they could earn a $70,000 annual minimum, has recently tweeted another issue that’s a sad reality when it comes to millennials.
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Millennials are often a point of conversation among many, and this time around, it’s nothing good
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Meet Dan Price, the founder and CEO of Gravity Payments (a credit card processing and financial services company), or better known as the guy who cut his million-dollar annual salary and divided it up among his numerous employees, so that they could make at least $70,000 a year.
He’s in the news again—albeit for much less drastic things, but things that are still quite important. Some days ago, he tweeted about how millennials are, unfortunately, the poorest generation at this moment.
Gravity Payments CEO Dan Price pointed out that Millennials are the poorest generation in the US
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According to Price, millennials, who today can be as old as 41, hold just 4.8% of all wealth. In contrast, Gen X were estimated to control 9% of wealth at that same age, with baby boomers taking the cake at 21% when they were 40.
He concluded that today’s largest and most educated generation in history ended up in a position where it’s one of the poorest in history. Oh, and he cited his his sources.
Price’s tweet sparked a debate among many, with some attempting to explain why and how
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This in turn has sparked a huge discussion on multiple levels among tweeters regarding the issue. So much, in fact, that Price’s tweet alone garnered nearly 44,000 retweets with over 211,000 likes.
A group of people have attempted to explain this. Some said that education, or even hard work, doesn’t necessarily correlate with wealth and success. Others blamed it on the massively inflated assets that the baby boomers have managed to accumulate.
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Which is another issue people were pointing at. They were blaming baby boomers on being the Locust Generation: i.e., like locusts, they consume and destroy all of the resources, leaving nothing for future generations. And Gen X can survive on scraps, but that just means there’s even less for those further down the line.
Image credits: DanPriceSeattle
Image credits: DanPriceSeattle
Image credits: DanPriceSeattle
Others were arguing the other side—millennials want things too fast and aren’t willing to work in the long run, and turned to that classic boomer tactic of saying how they never complained. There were also people saying that this will change in the next few years, or just blatantly saying that millennials are just doing it wrong. Whatever it is.
There was more than one side to this debate, with some supporting, and others arguing against it
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One tweeter even shared some stats regarding education
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According toTruth Or Fiction?, what he says is, sadly, true. This is based on Federal Reserve and other data from 1989 through 2020. It also specified that 2020 Q3 data translated 4.6% to $5.19 trillion, compared to the 4 times greater amounts the boomers had.
The tweet got over 211k likes with over 44k retweets and a bunch of people talking
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You can check out the tweet and the succeeding debates here. But before you go, do you feel like debating this? Let us know your thoughts about all of this in the comment section below!
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What do you think ?
Wilf 4 years ago
The issue isn't wealth, it's the fact that boomers have basically frozen social mobility. Millennials (and some Gen-X) are going to inherit significant property wealth from their boomer parents, which is only going to ENTRENCH existing social classes. In countries with hard regional inequalities its also going to create huge economic disparities. In the UK property prices have increased at wildly different rates. I stand to inherit a house in outer London that will be worth close to £1million. My wife will inherit one in rural Northern England that will be worth £120,000. I will be a millionaire for no other reason than where my boomer parents chose to buy their home 40years ago. Imagine the differing life chances someone born into those different circumstances will have. Social mobility will stop dead.
Leo Domitrix 4 years ago
LOL. my parents are pre-Boomers, and their proeprty is paying for their funerals/old age healthcare b/c we have crap for national health care in the US. What am I inheriting? Photo albums. Welcome to "the land of the free and home of the economic enslaved".... UGH
Load More Replies... Wilf 4 years ago
The great resentment I feel as a millennial is that we played by the rules, but it always feels that the rules change. Get educated, work, save- that was the formula for success. That was your ticket to a house, stability, a family. It worked for the boomers- my father got a degree, trained for a professional qualification, got married, bought his house in outer London aged 25 and started his family at 27. He was never made redundant in 40 years of work. In contrast I also got a degree, also got the (same!) professional qualification, but then spent 12 years renting a flat that at times cost me half my monthly income, had to work 8 jobs in 9 years (being made redundant 3 times), saved £45,000 deposit for a 2-bed house that cost over £500,000 nowhere close to where I wanted to live that I will be paying the mortgage on until I'm 72. I didn't buy until I was 35. I finally felt stable enough to start my family last year... aged 36.
Ozacoter 4 years ago
Same. I spent all my youth worrying about grades and studying. Then university, trying not only to get good grades but also internships to "gain experience". All to go out to the real world and seeing that they didnt hire me even as a cleaning lady. Most of my friends have minimum 2 masters and are minimum biligual and most took years to find the lowest entry jobs. I am 30 and none of us can buy property, barely can buy a cheap car and none of us can afford having kids.
Load More Replies...
Pilot Chick 4 years ago
I always enjoy the argument that millennials just need to hold out long enough to get their inheritance from their grandparents. I’m a millennial and all of my grandparents have passed all I got was $1000 and an heirloom ring worth about $200.
Jo Firth 4 years ago
I'm a boomer and that's more than I got when my parents died.
Load More Replies...
Wilf 4 years ago
The issue isn't wealth, it's the fact that boomers have basically frozen social mobility. Millennials (and some Gen-X) are going to inherit significant property wealth from their boomer parents, which is only going to ENTRENCH existing social classes. In countries with hard regional inequalities its also going to create huge economic disparities. In the UK property prices have increased at wildly different rates. I stand to inherit a house in outer London that will be worth close to £1million. My wife will inherit one in rural Northern England that will be worth £120,000. I will be a millionaire for no other reason than where my boomer parents chose to buy their home 40years ago. Imagine the differing life chances someone born into those different circumstances will have. Social mobility will stop dead.
Leo Domitrix 4 years ago
LOL. my parents are pre-Boomers, and their proeprty is paying for their funerals/old age healthcare b/c we have crap for national health care in the US. What am I inheriting? Photo albums. Welcome to "the land of the free and home of the economic enslaved".... UGH
Load More Replies... Wilf 4 years ago
The great resentment I feel as a millennial is that we played by the rules, but it always feels that the rules change. Get educated, work, save- that was the formula for success. That was your ticket to a house, stability, a family. It worked for the boomers- my father got a degree, trained for a professional qualification, got married, bought his house in outer London aged 25 and started his family at 27. He was never made redundant in 40 years of work. In contrast I also got a degree, also got the (same!) professional qualification, but then spent 12 years renting a flat that at times cost me half my monthly income, had to work 8 jobs in 9 years (being made redundant 3 times), saved £45,000 deposit for a 2-bed house that cost over £500,000 nowhere close to where I wanted to live that I will be paying the mortgage on until I'm 72. I didn't buy until I was 35. I finally felt stable enough to start my family last year... aged 36.
Ozacoter 4 years ago
Same. I spent all my youth worrying about grades and studying. Then university, trying not only to get good grades but also internships to "gain experience". All to go out to the real world and seeing that they didnt hire me even as a cleaning lady. Most of my friends have minimum 2 masters and are minimum biligual and most took years to find the lowest entry jobs. I am 30 and none of us can buy property, barely can buy a cheap car and none of us can afford having kids.
Load More Replies... Pilot Chick 4 years ago
I always enjoy the argument that millennials just need to hold out long enough to get their inheritance from their grandparents. I’m a millennial and all of my grandparents have passed all I got was $1000 and an heirloom ring worth about $200.
Jo Firth 4 years ago
I'm a boomer and that's more than I got when my parents died.
Load More Replies...
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