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.
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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 to Truth 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!
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.
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... 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.
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.
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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.
I'm a boomer and that's more than I got when my parents died.
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The comment above that says it was easier to get those degrees than start working, where has he been? You can't even get an interview for assistant without a degree.
It's quite entertaining how all the generations are bickering amongst themselves while the rich get richer and the poor get poorer. It shouldn't be a battle amongst generations, it should be a battle from generations against an oppressing system without any form of fair play.
Thank you! There are loads of homeless Boomers out there, at no fault of their own. We all need to work together to change this horrible system.
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I’m not gonna lie, I’m grateful to be on the younger side of Gen X. Millenials are the middle child of the generations. In between PCs and smart phones and 9/11 was their defining moment. Mine was the Cold War ending. They’ve been handed a far harder hand than other generations, so they’ve started late on careers and families. They’ll get there but to dismiss them and deny it won’t be harder, as Boomers love to do, is a fallacy. My money is on Gen Z. My 21 yo is more well rounded and socially conscious, all while graduating from a STEM high school. Ask them about social media. Zoomers don’t sit on it and fight like the rest of us, even when they disagree. They’re more mature and already making me and my Boomer husband so proud.
I am very afraid for Zoomers. They are a wonderful generation but they are inheriting all the difficulties that millenials have plus the next crisis that is going to happen due to corona. I dont have a lot of hope for their future :(
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People put way too much emphasis on education, and college degrees in particular. What is going to happen is that we'll end up with a generation unable to change a tire or lay power cables while they are all vying for the same office jobs. Skilled labour is becoming a dirty word. People should be training in the physical jobs - electricians, plumbers, mechanics etc.
Educator here. You are right, there is currently a skilled labor shortage.
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OK, not gonna be popular here, but let's see. First we were divided by religion, then skin color, then sexual orientation, then politics and now age. Who'll be woke enough to focus on the real problem of companies larger than countries having endless influence on politics?
I think the increase in age expectancy is also playing a role here. My grandparents (the silent generation) inherited wealth from thier parents quite young and invested that inheritance in property which they purchased for just a few thousand dollars. They benefited from the property boom and were quite wealthy in their 50s and 60s and decided to retire early to enjoy thier 'twilight years'. Now they have lived significantly longer than they expected and that wealth has slowly whittled away on increased medical care and supported living. There might be a very little bit left in the coffers for my parents (boomer/gen x adjacent) who will also live longer than thier parents. My parents however, without the benefit of an early inheritance and low property prices have not accumulated the same amount of wealth my grandparents did so it is almost guaranteed that my siblings and I will inherit nothing.
I'm gen y/z/millennial... I dont know where I fit in. I'm 38 had my kids at 17 and 20 and during that period was controlled by my mom and sister who are boomers and gen x . I loved working in a factory with a decent wage and paying my Bill's but my sister told me no I had to work in an office to be counted in society! It ruined my life!!! I tried to please her but I couldn't! Fast forward 20 years I'm 38 studying a degree in biology my kids are in college (their own choice) but my family still think I am the weakling even tho I take care of my mum 24/7 too. I wish all the luck to all parents young and old out there who put their family first xxx
17 years from now a baby boom? that'd be heavy and you'd be considered a prophet. Fred for Forecasting has a nice ring. ;~
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Except boomers are NOT the wealthiest generation. The generation born in the 1930s through early 40s are. They were a small cohort, so they got small class sizes, not the 30+ classes that the boomers got. Although they were born during the depression, they didn't have to deal with it directly, their parents did. They were too young to serve in WW2 and came of age in the late 40s through 50s, when the economy exploded with jobs and opportunities. People who don't understand exactly when the boomer generation was born (1946 to 1964) tend to confuse them with the depression era babies.
My quibble was "poorest in history". Really? I think the people of the 14th century in Europe or modern slums of Brazil might have issue with that assessment!
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I would advise reading up on Japan's socioeconomic environment. They're a generation ahead of most of the world on this front, as post-WW2 Japan began to emphasize life-long employment and thus put a stranglehold on their Gen-X. Indeed, Gen-X in Japan is often called "The Lost Generation" (and the stretch they should have been thriving is referred to as the "Lost Decade") due to their lack of work opportunities and so many of them ending up being stuck living with their parents for so long to make ends meet. Many of them never got married or had children, and now Japan has become severely gentrified as a result.
Generally - inability to moderate across the generations and adapting/dealing with the changing environment. Each generation has a particular attitude that they act upon which has far reaching consequences that we, as humans don't tend to think about. The "boomers" insist on buy-not-rent because their circumstances AND attitudes towards work/wealth were geared towards that. Example: "back then" yes, you could get a house for, say $90k... BUT... working yourself to death and never seeing your family ever or having weekends was considered "admirable" (toxic attitudes), also, mortgage rates and how businesses went about their...uh... business was different. Then comes a mismatch - where the attitude is more 'yeah, I gotta work... but I want to be mentally healthy/viable and not work to death'... and the 'workplaces' didn't adapt - or they 'token' adapted which did nothing... same with the housing market. Just generally.
I don't know what millenials, boomers, genx are and I don't want to know
Millennials are hardly the poorest generation “in history”. American millennials may be relatively poorer than a handful of previous American generations. At the same time Chinese millennials, for example, are doing much better than their previous generations. And all of us are generally better off than our counterparts 200, 500, and a 1000 years ago, etc.
As a Boomer, do find some merit in the +/- of either side of the issue. although overall, the post-boomers do have room for grievances. education was supported (in aid and affordability) for post-WWII and boom generations. during the Reagan era, student aid was cut ("college isn't for everyone" was an actual slogan), student loan debt became inescapable (worst policy ever), and the price(s) soared. believe that has to weigh heavily in the discussion. recall talking about this very issue w/a family member, who grew up during the depression, later fought Nazis and benefitted from policies/economy of the 50s, and they observed, "sure, young people have more 'stuff' than we did, but I don't remember having to work so hard for the things we had?!" weigh that.
Millennials DID NOT do what the system told them to do. They, in fact, are infamous for doing the exact opposite, for the good or the bad. Millennials have expected change on their behalf. Companies have to specially train management to deal with Millennials differently than other workers. I am NOT dismissing or degrading Millennials in any way, but do not say "they did what the system told them to do." That is a lie. FOR THE RECORD DAN PRICE CEO IS.....37 YEARS OLD. Guess what generation he belongs to? Take this post with a grain of salt.
Management as early as 2000 was receiving special training on "how to treat this generation b/c they're special/different", and the reaction among even us GenXers was, "Uh... why? If they can't cope with the job, then they shouldn't be in the job, that's how it works, right?" Apparently, we couldn't even say to someone of the "Millennial" generation, "Here's your task-list for the day." Nope, it had to be, IIRC, "We feel you can do these, are you okay with it?" Uh.... What? I never complied, and do you know, it never mattered. The PERCEPTION of difference is probably much greater than any ACTUAL difference, in other words.
Load More Replies... I am getting kind of tired of these posts pitting generations against each other. Boomers are not evil and greedy. They did not take up or squander all the resources. Who do you think invented those Iphones you are using? We have ALL had obstacles to face, and none of us got to choose which generation we belong to. Millennials love technology and convenience. That costs money, and it makes things obsolete more quickly, which also costs money. It is not a sustainable model for any of us.
Educated, but in the wrong things. All these BA degrees, but few plumbers and electricians, which make huge hourly rates and are desperately needed, always in demand. We need more trade school graduates.
to be fair: some of the areas disappear(ed) quickly and others come alive. (who thought librarians would be in demand today, back in the '80s? or COBOL in the 2000s?) yes. would love to see this. have heard this through the decades. army use to be a training ground for tech skills. internships? 'subsidized' education in needed areas? maybe a combo of all/one/or two? there have to be pathways to get to any area. a lot of the conservative belief system said those areas would be filled by folks following their noses. kinda proven not to be true. don't see how this will change w/o social involvement or substantial immigration? just red enough to see reality, but blue enough to entertain ideas.
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The Boomers, being the selfish, entitled people they are, caused this. They are politically active, have no sense of anything other than themselves, and are great at making biased comparisons about what they went through vs everyone that came after. They brought in Reagan and allow his upward distribution of wealth because they benefited. In their 20's, saving for a house was possible, pensions went with jobs, healthcare was affordable, a single earner could support a family. What they, the aptly named "Me" generation did was take everything for themselves. Gen X (my generation) grew up with Reagan's "War on Drugs" and "3 strikes" laws that put people in prison for what the Boomers got a slap on the wrist for. Despite that boot on our necks, we could have fought back, but didn't. Now about half of Gen Xers have grown to love that boot and are passing it down. Millennials the only way you get out of this is to vote in folks that will go to war for you. Otherwise you're done.
I won't start in on how every generation faces multiple challenges. I'll just say this: If it sucks now, ask your Baby Boomer parents/grandparents/aunts/uncles why they were happy to embrace all the fluffy 1960s ideals and then turn around to adore Reagan and Thatcher, and reduce the buying power of a working person's wage. Pfft.
aaah...think you missed a few steps there. overgeneralization too. heard many criticisms about ronnie and iron panties. grew up in 'red' (blue at the time) state, and the republicans of that era believe they could grouse about THEIR party as well as other's. wipe your lip.
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Each generation does have it harder then the last but their definition of success is also higher. My grandparents got married at 20, in the 40’s, my grandmother was no longer allowed to work, their first home was a studio with shared toilet and tap, their last house they bought when it had a dirt floor and only an outdoor toilet. My parents got married in their mid 20’s, and moved into a simple 900 sq ft 3 bed house with one bath and my mom had to give up her job when she got married. I got married in my late 20’s and moved into a 1,000 sq ft 3 bed house 2hrs from my work place because I couldn’t afford nearer and will be paying my mortgage until I’m 70 and we both have to work full time. Is each generation having a harder time reaching milestones? Yes. But, is each generation having a better standard mile stone to reach? Also yes. Complaining is natural but also try to compare like with like, not just milestones but the standards those milestones are too.
very well put, I'm 44 my first house was 650sq feet over an hour from work, no double glazing or central heating (10 years till I could afford it) no carpets and only one open fire for heat, In the winter my bathroom would freeze over. steam from the bath (no shower) would turn the windows and floor to ice.
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The U.S. millennial population is approximately 72 million and they think 200,000 plus thumbs up proves something substantial. For you millennials who are math "insecure" that works out to approximately .3% of you thought that what this guy said was super cool.
If you want to do a proper comparison, compare your life to a boomer the same age. In our twenties we bought a house it took years to pay off, we had second hand furniture, couldn't afford to go out for meals etc. We drove second hand cars and mums didn't go to work because there was no child care available. Interest rates on loans were nearing 20%. As life goes on things improve gradually. Admittedly we didn't think our parents had easy lives, they'd lived through wars and depression and learned to be economical in ways you wouldn't believe these days.
We are. They were able to get a low entry job with half of our titles. They were able to pay rent and buy a home. To have children. To have a car. Millenials cant. But we arent in our 20s. Millenials now range between 40-25yo.
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I'm a proud boomer, born in LA (Lower Appalachia) and raised in the Midwest. The only advantages I inherited were white skin (it's a lottery, sad, but true) and a loving family with a strong work ethic and reasonable Anglo-Saxon-Scots-Irish sensibilities. In my 20's, I worked one full-time and two part-time jobs for 6 years while finishing my undergrad degree, two or three courses per semester...and I had three small children. A wonderful wife and mother got the family through those times. All three offspring are now stable, financially solid citizens with their own families who need nothing from me. Leave it all behind, are you nuts? You bet your ass I'm gonna spend it and enjoy it.
You say that in your early 20s you were working while studying. In my late 20s I had two masters and spoke fluently 3 languagrs and I couldnt even find a job as a cleaning lady. Maybe you did have a privilege...
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As a Gen Xer I do find it entertaining that when I was growing up the Baby Boomers were being blamed for everything by their elders (what is that generation called) who were at the upper end of the working ages and had the most power. They said that the Boomers hadn't buckled down and fitted in but had spent to much time tuning in and dropping out, and put things like individual freedoms and expression as more important than following the rules. Now the generations coming up behind them are blaming them for everything all over again. Were they generally just a terrible group of people? Or is there something deeper that has changed over the years?
What happens when boomer and x die? Hint: their wealth is a: redistributed via taxes and b. Passed on to those younger than them. It really is true, you can't take it with you. So you can quit hating those with more material wealth than you once they die, I promise.
When boomers die? My parents are 60. By the time they die and "redistrjbute their wealth" I am likely to be in my 50s. Thats when you want me to start my life?
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I'm tired of these posts where some millennials are trying to shame a boomer giving examples of how they can't 'flip a PDF' 'unmute a Zoom call' or 'use Excel'. Come on, anyone with a tutorial can do more than that. Now tell me how you can program and the number of languages you speak if you really want to outsmart them.
those who have wealth and success want to keep it. it's simple. it's like that since the beginning of humanity. those who grow up and raise the ladder to be on top don't care of those who are at the bottom. it's easy to put the blame but do you think i would be different if others were at this place? people praise communism... but the communist leader are not different than those in Capitalist place.
The irony inherent in everything above is too much! Millennials are looked down upon because they want it ALL with no investment from themselves. Imagine this, if you've the energy after all your crying, in 20-30 years you will be the same exact person you are currently decrying simply because you will have had time to amass wealth relative to your contemporary "millennial" generation. Will you hold yourselves to the same disdain you hold your current ancestral generations?
The more people achieving degrees the less the degree is worth. Employers can now be choosy and pay less, even if you are well educated. Stop blaming other generations and look at the people who are running the country and the life styles you expect. The boomers mainly started work in their mid teens and worked to hard to earn their money, spent less on general living and did not spend such huge amounts on amusing themselves.
I'm fed up with this woe is me. I am 44 years old, I bought my first house when I was 19, my wage was 11k a year the house 65k, I had worked since I was 16 and saved hard for a deposit. for 10 years I lived in a house there was no central heating, no carpets and sometimes no food. My sofa was out of a skip and my bed came from an ex boyfriend. I didn't ever have new things and I only went out once a month. Everyone always thinks they are the ones who are suffering most. UK minimum wage for 23+ = 8.91ph, thus full time wage per year = 17,374.50 = a mortgage of 78k add a saved deposit, There are houses at this price, it might be a pokey flat or a rundown house but they are there. And yes you might have to relocate for a better job/ house its all doable if you want it.
65k? What a f*****g joke. Here houses are now selling at 500.000 euros minimum. Try buying one with your 11k salary moron
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Its pathetic how disconected from reality you are. I was for 6 months looking for a job in my country (with a master, 2y exp in ny field (mostly unpaid) and triligual. They wouldnt even hire me as kitchen asistant (to peel potatoes) or cleaning lady.
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Just because you don't like the truth, doesn't stop it from being true
Load More Replies... 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.
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... 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.
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... 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.
I'm a boomer and that's more than I got when my parents died.
Load More Replies... The comment above that says it was easier to get those degrees than start working, where has he been? You can't even get an interview for assistant without a degree.
It's quite entertaining how all the generations are bickering amongst themselves while the rich get richer and the poor get poorer. It shouldn't be a battle amongst generations, it should be a battle from generations against an oppressing system without any form of fair play.
Thank you! There are loads of homeless Boomers out there, at no fault of their own. We all need to work together to change this horrible system.
Load More Replies... I’m not gonna lie, I’m grateful to be on the younger side of Gen X. Millenials are the middle child of the generations. In between PCs and smart phones and 9/11 was their defining moment. Mine was the Cold War ending. They’ve been handed a far harder hand than other generations, so they’ve started late on careers and families. They’ll get there but to dismiss them and deny it won’t be harder, as Boomers love to do, is a fallacy. My money is on Gen Z. My 21 yo is more well rounded and socially conscious, all while graduating from a STEM high school. Ask them about social media. Zoomers don’t sit on it and fight like the rest of us, even when they disagree. They’re more mature and already making me and my Boomer husband so proud.
I am very afraid for Zoomers. They are a wonderful generation but they are inheriting all the difficulties that millenials have plus the next crisis that is going to happen due to corona. I dont have a lot of hope for their future :(
Load More Replies... People put way too much emphasis on education, and college degrees in particular. What is going to happen is that we'll end up with a generation unable to change a tire or lay power cables while they are all vying for the same office jobs. Skilled labour is becoming a dirty word. People should be training in the physical jobs - electricians, plumbers, mechanics etc.
Educator here. You are right, there is currently a skilled labor shortage.
Load More Replies... OK, not gonna be popular here, but let's see. First we were divided by religion, then skin color, then sexual orientation, then politics and now age. Who'll be woke enough to focus on the real problem of companies larger than countries having endless influence on politics?
I think the increase in age expectancy is also playing a role here. My grandparents (the silent generation) inherited wealth from thier parents quite young and invested that inheritance in property which they purchased for just a few thousand dollars. They benefited from the property boom and were quite wealthy in their 50s and 60s and decided to retire early to enjoy thier 'twilight years'. Now they have lived significantly longer than they expected and that wealth has slowly whittled away on increased medical care and supported living. There might be a very little bit left in the coffers for my parents (boomer/gen x adjacent) who will also live longer than thier parents. My parents however, without the benefit of an early inheritance and low property prices have not accumulated the same amount of wealth my grandparents did so it is almost guaranteed that my siblings and I will inherit nothing.
I'm gen y/z/millennial... I dont know where I fit in. I'm 38 had my kids at 17 and 20 and during that period was controlled by my mom and sister who are boomers and gen x . I loved working in a factory with a decent wage and paying my Bill's but my sister told me no I had to work in an office to be counted in society! It ruined my life!!! I tried to please her but I couldn't! Fast forward 20 years I'm 38 studying a degree in biology my kids are in college (their own choice) but my family still think I am the weakling even tho I take care of my mum 24/7 too. I wish all the luck to all parents young and old out there who put their family first xxx
17 years from now a baby boom? that'd be heavy and you'd be considered a prophet. Fred for Forecasting has a nice ring. ;~
Load More Replies... Except boomers are NOT the wealthiest generation. The generation born in the 1930s through early 40s are. They were a small cohort, so they got small class sizes, not the 30+ classes that the boomers got. Although they were born during the depression, they didn't have to deal with it directly, their parents did. They were too young to serve in WW2 and came of age in the late 40s through 50s, when the economy exploded with jobs and opportunities. People who don't understand exactly when the boomer generation was born (1946 to 1964) tend to confuse them with the depression era babies.
My quibble was "poorest in history". Really? I think the people of the 14th century in Europe or modern slums of Brazil might have issue with that assessment!
Load More Replies... I would advise reading up on Japan's socioeconomic environment. They're a generation ahead of most of the world on this front, as post-WW2 Japan began to emphasize life-long employment and thus put a stranglehold on their Gen-X. Indeed, Gen-X in Japan is often called "The Lost Generation" (and the stretch they should have been thriving is referred to as the "Lost Decade") due to their lack of work opportunities and so many of them ending up being stuck living with their parents for so long to make ends meet. Many of them never got married or had children, and now Japan has become severely gentrified as a result.
Generally - inability to moderate across the generations and adapting/dealing with the changing environment. Each generation has a particular attitude that they act upon which has far reaching consequences that we, as humans don't tend to think about. The "boomers" insist on buy-not-rent because their circumstances AND attitudes towards work/wealth were geared towards that. Example: "back then" yes, you could get a house for, say $90k... BUT... working yourself to death and never seeing your family ever or having weekends was considered "admirable" (toxic attitudes), also, mortgage rates and how businesses went about their...uh... business was different. Then comes a mismatch - where the attitude is more 'yeah, I gotta work... but I want to be mentally healthy/viable and not work to death'... and the 'workplaces' didn't adapt - or they 'token' adapted which did nothing... same with the housing market. Just generally.
I don't know what millenials, boomers, genx are and I don't want to know
Millennials are hardly the poorest generation “in history”. American millennials may be relatively poorer than a handful of previous American generations. At the same time Chinese millennials, for example, are doing much better than their previous generations. And all of us are generally better off than our counterparts 200, 500, and a 1000 years ago, etc.
As a Boomer, do find some merit in the +/- of either side of the issue. although overall, the post-boomers do have room for grievances. education was supported (in aid and affordability) for post-WWII and boom generations. during the Reagan era, student aid was cut ("college isn't for everyone" was an actual slogan), student loan debt became inescapable (worst policy ever), and the price(s) soared. believe that has to weigh heavily in the discussion. recall talking about this very issue w/a family member, who grew up during the depression, later fought Nazis and benefitted from policies/economy of the 50s, and they observed, "sure, young people have more 'stuff' than we did, but I don't remember having to work so hard for the things we had?!" weigh that.
Millennials DID NOT do what the system told them to do. They, in fact, are infamous for doing the exact opposite, for the good or the bad. Millennials have expected change on their behalf. Companies have to specially train management to deal with Millennials differently than other workers. I am NOT dismissing or degrading Millennials in any way, but do not say "they did what the system told them to do." That is a lie. FOR THE RECORD DAN PRICE CEO IS.....37 YEARS OLD. Guess what generation he belongs to? Take this post with a grain of salt.
Management as early as 2000 was receiving special training on "how to treat this generation b/c they're special/different", and the reaction among even us GenXers was, "Uh... why? If they can't cope with the job, then they shouldn't be in the job, that's how it works, right?" Apparently, we couldn't even say to someone of the "Millennial" generation, "Here's your task-list for the day." Nope, it had to be, IIRC, "We feel you can do these, are you okay with it?" Uh.... What? I never complied, and do you know, it never mattered. The PERCEPTION of difference is probably much greater than any ACTUAL difference, in other words.
Load More Replies... I am getting kind of tired of these posts pitting generations against each other. Boomers are not evil and greedy. They did not take up or squander all the resources. Who do you think invented those Iphones you are using? We have ALL had obstacles to face, and none of us got to choose which generation we belong to. Millennials love technology and convenience. That costs money, and it makes things obsolete more quickly, which also costs money. It is not a sustainable model for any of us.
Educated, but in the wrong things. All these BA degrees, but few plumbers and electricians, which make huge hourly rates and are desperately needed, always in demand. We need more trade school graduates.
to be fair: some of the areas disappear(ed) quickly and others come alive. (who thought librarians would be in demand today, back in the '80s? or COBOL in the 2000s?) yes. would love to see this. have heard this through the decades. army use to be a training ground for tech skills. internships? 'subsidized' education in needed areas? maybe a combo of all/one/or two? there have to be pathways to get to any area. a lot of the conservative belief system said those areas would be filled by folks following their noses. kinda proven not to be true. don't see how this will change w/o social involvement or substantial immigration? just red enough to see reality, but blue enough to entertain ideas.
Load More Replies... The Boomers, being the selfish, entitled people they are, caused this. They are politically active, have no sense of anything other than themselves, and are great at making biased comparisons about what they went through vs everyone that came after. They brought in Reagan and allow his upward distribution of wealth because they benefited. In their 20's, saving for a house was possible, pensions went with jobs, healthcare was affordable, a single earner could support a family. What they, the aptly named "Me" generation did was take everything for themselves. Gen X (my generation) grew up with Reagan's "War on Drugs" and "3 strikes" laws that put people in prison for what the Boomers got a slap on the wrist for. Despite that boot on our necks, we could have fought back, but didn't. Now about half of Gen Xers have grown to love that boot and are passing it down. Millennials the only way you get out of this is to vote in folks that will go to war for you. Otherwise you're done.
I won't start in on how every generation faces multiple challenges. I'll just say this: If it sucks now, ask your Baby Boomer parents/grandparents/aunts/uncles why they were happy to embrace all the fluffy 1960s ideals and then turn around to adore Reagan and Thatcher, and reduce the buying power of a working person's wage. Pfft.
aaah...think you missed a few steps there. overgeneralization too. heard many criticisms about ronnie and iron panties. grew up in 'red' (blue at the time) state, and the republicans of that era believe they could grouse about THEIR party as well as other's. wipe your lip.
Load More Replies... Each generation does have it harder then the last but their definition of success is also higher. My grandparents got married at 20, in the 40’s, my grandmother was no longer allowed to work, their first home was a studio with shared toilet and tap, their last house they bought when it had a dirt floor and only an outdoor toilet. My parents got married in their mid 20’s, and moved into a simple 900 sq ft 3 bed house with one bath and my mom had to give up her job when she got married. I got married in my late 20’s and moved into a 1,000 sq ft 3 bed house 2hrs from my work place because I couldn’t afford nearer and will be paying my mortgage until I’m 70 and we both have to work full time. Is each generation having a harder time reaching milestones? Yes. But, is each generation having a better standard mile stone to reach? Also yes. Complaining is natural but also try to compare like with like, not just milestones but the standards those milestones are too.
very well put, I'm 44 my first house was 650sq feet over an hour from work, no double glazing or central heating (10 years till I could afford it) no carpets and only one open fire for heat, In the winter my bathroom would freeze over. steam from the bath (no shower) would turn the windows and floor to ice.
Load More Replies... The U.S. millennial population is approximately 72 million and they think 200,000 plus thumbs up proves something substantial. For you millennials who are math "insecure" that works out to approximately .3% of you thought that what this guy said was super cool.
If you want to do a proper comparison, compare your life to a boomer the same age. In our twenties we bought a house it took years to pay off, we had second hand furniture, couldn't afford to go out for meals etc. We drove second hand cars and mums didn't go to work because there was no child care available. Interest rates on loans were nearing 20%. As life goes on things improve gradually. Admittedly we didn't think our parents had easy lives, they'd lived through wars and depression and learned to be economical in ways you wouldn't believe these days.
We are. They were able to get a low entry job with half of our titles. They were able to pay rent and buy a home. To have children. To have a car. Millenials cant. But we arent in our 20s. Millenials now range between 40-25yo.
Load More Replies... I'm a proud boomer, born in LA (Lower Appalachia) and raised in the Midwest. The only advantages I inherited were white skin (it's a lottery, sad, but true) and a loving family with a strong work ethic and reasonable Anglo-Saxon-Scots-Irish sensibilities. In my 20's, I worked one full-time and two part-time jobs for 6 years while finishing my undergrad degree, two or three courses per semester...and I had three small children. A wonderful wife and mother got the family through those times. All three offspring are now stable, financially solid citizens with their own families who need nothing from me. Leave it all behind, are you nuts? You bet your ass I'm gonna spend it and enjoy it.
You say that in your early 20s you were working while studying. In my late 20s I had two masters and spoke fluently 3 languagrs and I couldnt even find a job as a cleaning lady. Maybe you did have a privilege...
Load More Replies... As a Gen Xer I do find it entertaining that when I was growing up the Baby Boomers were being blamed for everything by their elders (what is that generation called) who were at the upper end of the working ages and had the most power. They said that the Boomers hadn't buckled down and fitted in but had spent to much time tuning in and dropping out, and put things like individual freedoms and expression as more important than following the rules. Now the generations coming up behind them are blaming them for everything all over again. Were they generally just a terrible group of people? Or is there something deeper that has changed over the years?
What happens when boomer and x die? Hint: their wealth is a: redistributed via taxes and b. Passed on to those younger than them. It really is true, you can't take it with you. So you can quit hating those with more material wealth than you once they die, I promise.
When boomers die? My parents are 60. By the time they die and "redistrjbute their wealth" I am likely to be in my 50s. Thats when you want me to start my life?
Load More Replies... I'm tired of these posts where some millennials are trying to shame a boomer giving examples of how they can't 'flip a PDF' 'unmute a Zoom call' or 'use Excel'. Come on, anyone with a tutorial can do more than that. Now tell me how you can program and the number of languages you speak if you really want to outsmart them.
those who have wealth and success want to keep it. it's simple. it's like that since the beginning of humanity. those who grow up and raise the ladder to be on top don't care of those who are at the bottom. it's easy to put the blame but do you think i would be different if others were at this place? people praise communism... but the communist leader are not different than those in Capitalist place.
The irony inherent in everything above is too much! Millennials are looked down upon because they want it ALL with no investment from themselves. Imagine this, if you've the energy after all your crying, in 20-30 years you will be the same exact person you are currently decrying simply because you will have had time to amass wealth relative to your contemporary "millennial" generation. Will you hold yourselves to the same disdain you hold your current ancestral generations?
The more people achieving degrees the less the degree is worth. Employers can now be choosy and pay less, even if you are well educated. Stop blaming other generations and look at the people who are running the country and the life styles you expect. The boomers mainly started work in their mid teens and worked to hard to earn their money, spent less on general living and did not spend such huge amounts on amusing themselves.
I'm fed up with this woe is me. I am 44 years old, I bought my first house when I was 19, my wage was 11k a year the house 65k, I had worked since I was 16 and saved hard for a deposit. for 10 years I lived in a house there was no central heating, no carpets and sometimes no food. My sofa was out of a skip and my bed came from an ex boyfriend. I didn't ever have new things and I only went out once a month. Everyone always thinks they are the ones who are suffering most. UK minimum wage for 23+ = 8.91ph, thus full time wage per year = 17,374.50 = a mortgage of 78k add a saved deposit, There are houses at this price, it might be a pokey flat or a rundown house but they are there. And yes you might have to relocate for a better job/ house its all doable if you want it.
65k? What a f*****g joke. Here houses are now selling at 500.000 euros minimum. Try buying one with your 11k salary moron
Load More Replies... Its pathetic how disconected from reality you are. I was for 6 months looking for a job in my country (with a master, 2y exp in ny field (mostly unpaid) and triligual. They wouldnt even hire me as kitchen asistant (to peel potatoes) or cleaning lady.
Load More Replies... Just because you don't like the truth, doesn't stop it from being true
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