While some may dismiss millennials as entitled for their love of avocado toast (sarcasm intended), the reality is that they’re facing significant financial hardships. Often blamed for a myriad of societal issues by older generations, millennials are actually in a much tougher spot financially compared to their parents at the same age. A revealing chart underscores this unfortunate truth.
Research from Axios highlights a concerning trend: from 1977 to 2016, median income remained stagnant while the costs of essentials have skyrocketed. Even after adjusting for inflation, the data paints a grim picture. As median incomes stayed flat, the expenses associated with higher education and housing have surged. This means millennials are burdened with substantial debt, as they pay more for education, all while their salaries remain unchanged.
Census data from 2016 indicates that around 31 percent of individuals aged 18-34 are residing with their parents, marking this as the most prevalent living situation for young adults. It’s evident that student debt, skyrocketing housing prices, and stagnant wages are hindering young adults from achieving independence. What a surprise.
Like many of my peers, I didn’t need a study to confirm how much more challenging life is for me compared to my parents at the same stage. The figures clearly illustrate that while costs have risen, wages have not budged. Just recently, my friends sent me a photo of the beautiful land where they plan to build their “dream” home, which will undoubtedly surpass anything I could ever afford. I’m currently typing from my modest starter home that I’ve occupied for over a decade, despite being steadily employed throughout those years.
But hey, I’m not resentful! I’m keeping it breezy.
Fellow millennials have taken to Twitter to express their sentiments about these recent findings, with many noting a decline in marriage rates among their generation.
The bottom line? As Axios points out, millennials now constitute a quarter of the country’s population—meaning we hold a quarter of the voting power. While we grapple with student debt and struggle to buy homes, let’s keep these sobering facts in mind and make our voices heard at the polls this fall.
This article was originally published on July 25, 2018.
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Summary
Millennials are facing significant financial challenges compared to previous generations, with stagnant wages and rising costs for education and housing. Many are living with their parents due to these economic pressures. As a generation making up a quarter of the population, it’s crucial for millennials to leverage their voting power to address these issues.
Keyphrase: Millennials financial struggles
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