The child care industry has undergone significant changes due to new regulations and licensing requirements, leading to increased quality of care, a focus on cognitive development, and more parent connectivity. However, these improvements have also brought on more challenges. A survey by Next100 and GenForward revealed that 81% of young people identify access to affordable, high-quality child care. This is particularly important for millennial parents, who are used to being on their phones, checking social media, and expanding their families.
The COVID-19 pandemic has impacted the child care industry, with 82% of babies born in 2016 being the children of millennial parents. To address this issue, brands must leverage digital channels and target young consumers most affected by the pandemic and its aftermath. Millennial parents want their childcare providers to be digital, transparent, and flexible. The industry revenue has grown from $19 billion in 1997 to $58 billion in 2020, and is expected to continue growing.
Generation Z is now engaging in building their careers, and the pandemic has pushed millions of parents into remote work and unemployment. Child care centers closed, and schools moved to virtual settings. The child care market constantly evolves, driven by factors like changes in parental employment patterns, societal shifts, policy amendments, and technological advances.
📹 Millennials & Gen-Z are Poorer Than Ever (Here’s Why)
This is why Millennials and Gen-Z are broke and poorer than ever. There are many reasons to blame, but housing, tuition, credit …
Why are millenials having less children?
The rise in fertility rates is a significant trend, with many families avoiding having children due to financial constraints and the caregiving burden of aging parents, work, and children. This trend is often referred to as the “sandwich generation”, but the reality is far more complex. The drop in fertility rates is a sign of a demographic winter, likely due to the cost of raising children and the evolving global context. This decline in fertility rates will have profound implications for individual retirement planning and society.
Demographic winter refers to a significant population decline, with falling fertility rates being a key characteristic of this cold, dark demographic season. Historically, fertility rates have rebounded after the Great Depression and World War II.
What is the biggest issue in ECE?
Early childhood education, a crucial stage of development for children aged birth to eight, faces numerous challenges that hinder its effectiveness and accessibility. These include inadequate funding, teacher shortages, high turnover rates, insufficient training and professional development, and effects on cognitive development. The social and emotional consequences of early childhood education are also significant.
Research has consistently shown that children who receive quality early childhood education demonstrate enhanced cognitive, social, and emotional skills throughout their lives, better prepared for formal schooling, and higher academic achievement rates.
Additionally, early childhood education fosters essential skills such as problem-solving, creativity, and critical thinking, which are vital in the modern world. Research plays a critical role in continually enhancing these educational strategies to ensure all children have access to quality early childhood education.
What are two ways that Millennials are changing the working world?
Millennials and Gen Z are transforming the workplace by adopting a different approach to work. They use technology to control their time, avoid distractions, block apps, and limit their time off. They also have a different set of expectations, attitudes towards time off, and job loyalty. This differs from Boomers and Gen X, who prioritize job security and career advancement. Millennials and Gen Z believe in putting their free time and work hard to complete their tasks during normal work hours.
This shift in work-life balance is a departure from the “work to live” philosophy that prioritizes work and career advancement. This shift in work-life balance is a significant shift in the workplace for Millennials and Gen Z.
How are Millennials raising their kids?
A survey from Lurie Children’s Hospital in Chicago reveals that Millennials, born between 1981 and 1996, believe their parenting style is better than previous generations. Out of 1, 000 Millennial parents, 88 felt they parented differently than their parents. The biggest difference is that Millennials place a greater focus on open communication, particularly around mental health. They aim to set their children up with the healthiest views of mental health, as there is more awareness about mental health and people are doing things to enhance or support their mental health. This shift in parenting style is expected to continue in the future.
What do you feel is the biggest issue as an early childhood educator?
Early childhood teachers face significant challenges in managing their students, particularly those with behavioral issues or young learners. To keep students engaged, teachers should be patient with their learning pace and needs, and be firm but flexible when enforcing rules. Consistent discipline sets boundaries for acceptable behavior and establishes trust between teachers and students. However, compassion is also crucial.
The start of each school year can be a time of stress, as students face increased pressure to succeed academically and socially. To manage students effectively, teachers must be patient, firm, and flexible while ensuring compassion and understanding.
Do millennials and Gen Z want to have children?
Australian research company Red Bridge has revealed that over half of 18- to 34-year-olds are choosing not to have children due to financial challenges. The research, which was released, found that 35% of the young people choosing not to have children are university-educated and 33% are earning more than $2, 000 a week. This indicates that young people are financially strapped to the point where they cannot even consider bringing children into the equation.
Which generation is the most stressed in Millennials?
Young adults in America are experiencing higher stress levels than older generations, with 18- to 34-year-olds reporting an average stress level of 6 out of 10, compared to 3. 4 among people aged 65 and older, according to the American Psychological Association’s 2023 Stress in America survey. This is due to factors such as inflation, limited healthcare access, and the aftermath of Covid, which compound the stressors faced by these young adults.
However, older adults tend to handle stress better than younger individuals, especially if they can give back in some way. This highlights the need for improved stress management strategies for young adults.
How millennials are different from Gen Z in the workplace?
The Millennial generation desires a strong connection between their professional and personal lives, integrating their work into their lifestyle. In contrast, the Generation Z cohort is competitive, individualistic, and prefers control over the end product.
What are the challenges of parenting millennials?
The cohort of parents born between 1981 and 1996 confront a multitude of challenges, including stress, financial concerns, navigating the digital landscape of childhood, feelings of parental guilt, and the challenge of balancing work and family life. Despite these challenges, 77% of this cohort believes that they are more present with their children than their own parents were with them.
Why are Millennials using gentle parenting?
The “gentle parenting” model, centered on boundaries, empathy, and understanding, has gained popularity on social media, particularly among millennial parents. This parenting approach aims to help children navigate overwhelming emotions. The benefits of gentle parenting have been highlighted in an article from BetterHelp, an online therapy service. As a nanny, I have worked with families who adhered to these principles, using gentle parenting methods for conflicts rather than discipline.
What is the biggest challenge for childcare staff?
Balancing the needs of individual children is a significant challenge for childcare educators. Each child is unique, with varying personalities, interests, and learning styles. Balancing fairness with discipline, professionalism with familiarity, and sensibilities with fun is a challenging task. Managing children and handling parental expectations presents unique challenges in day-to-day work. By understanding and addressing these challenges, educators can enhance their skills, create a positive environment, and make a lasting impact on the children they care for.
To create a supportive and inclusive environment, educators should get to know all children and discover which areas they may need support with. They should be responsive to children who show signs of becoming isolated or withdrawn, and monitor independent children who don’t seek adult help. It is essential to be emotionally available throughout the day and engage with children by providing support where they may need it. Trusting one’s empathy and instincts as an educator is crucial for ensuring a positive and supportive environment for children.
📹 The Full Time Child Trend: A New Career Path for Millennials & Gen Z
The job market, like so many things nowadays, is total chaos. But some young people have found a surprising solution: getting …
As someone living with his parents in London, it’s nice to know that the data shows I’m officially screwed and it’s not just me being lazy Edit: I’ve noticed some people getting very triggered by this and going off on some Rocky Balboa speech about working hard and ‘taking what’s yours’ – you all need to calm tf down and look at the data. I should mention, I have a good amount of money saved. I have a high paying salary in comparison to most people in my field in London. But there is no denial that inflation has absolutely decimated the middle class. What someone in my position would have been able to afford 30 years ago isn’t possible today. I don’t drink, smoke or go out so I’m not wasting money on crap. I’m not saying that it isn’t impossible to break out – I’m working my arse off everyday to get ahead I have every faith I will someday – but I am saying it’s much harder than it was before and the data proves that. So calm down Rocky Balboa’s of YouTube and save your rants for the mirror.
As an old boomer I feel for todays kids. I grew in NYC during the 50s and went everywhere via public transport. Movies museums and concerts were always affordable. The crowds were civil and the only security to be aware of was not losing your ticket to the show. Now to go to any public event you have to be wary of everybody and everything. We boomers screwed up Please forgive us and do better Love and blessings to all
I’m 30. I’m single. I don’t drink, I don’t smoke, I don’t party. I work a regular job in Italy. I can save a little bit of money each month but not much at all. It is beyond my comprehension how someone like me could ever afford a house or even just a car (I don’t have a car) . We basically work out asses off just to cover food and rent It is a rotten world we live in. I can’t even imagine how people my age are doing in poorer countries. And I can’t even imagine how people who must provide for their family can get by these days. I hate all this, that’s no life man. Time to go off grid and say goodbye to this rotten system.
As an early millennial, the one trend I’ve noticed in my lifetime is a dramatic shift toward ordinary people no longer owning ANYTHING. We don’t own our music media, our film media, our devices. The housing market is the same phenomenon. A Renter economy only benefits the ruling corporate class. They have all the power, they can perpetually raise prices on what you already “have” because you’ve never actually had anything! Marx talked about the “means of production” but we’re transcending that into an almost feudal system. Sad thing is, it can only get worse because we’ve handed over all the economic power to a consolidated group of billionaires. Our governments are owned by the them with no easy way to claw that back.
Im 23, graduated college last year with my B.A. and the amount of jobs I’ve seen that actually want you to have a degree and experience do not pay anywhere near the work they ask of you. I’ve seen postings of jobs paying less than $18 an hour wanting 10 years of experience and positions that even want you to work voluntarily(aka free) for a period of time before actually paying you an hourly wage, it’s sad and crazy how jobs just don’t pay enough to afford for people to live.
I hopped jobs with that exact strategy and I can say that it works for a while but you hit a brick wall. Companies see exactly what you’re doing and they might decide they don’t want to be used as another rung on your ladder. You also might get stuck working at a place you don’t particularly like. Proceed with caution if you decide to do this and good luck.
Dad was a welder. Mom was an engineer. Neither had degrees. They were learned on the job. They were able to raise a family and build 2 homes and have a second home for vacation. They always bought new cars every 7-8 years and we’re able to save for my college and their own sizable retirement. They never had money issues. My mother was a great money manager. Here I am today. 2 degrees making a very good salary with my wife having no degree making a mediocre salary. We can barely afford one child a home and paltry retirement savings. My parents are always asking me when I’m going to fix my fence or build a nice detached garage or go travel with them. The money isn’t there. Households need to make 200k to live what was once the attainable middle class lifestyle. I’m in the Midwest.
As a married gen z who got married at 22 my husband and I have no children we both work full time, earn just as much as my father did and yet we still can’t afford even half of what he has. I’m still wearing clothes from 7th grade and I was able to buy socks for myself last month had to dip into the savings a bit to do it but I needed them. We earn 80k a year and with all the costs of our area having the down payment for a home the size of what I grew up in would take us about 10 years. We just don’t earn enough to keep up with anything and frankly I don’t care anymore. Just gonna wait for my father to die of old age and take what he leaves behind. Boomers had it way easier and the gas lighting they constantly Do with the work harder BS just makes me angry.
To ask if we have it harder than boomers is overwhelmingly understated… I think I speak for a lot, and I mean A LOT, of people in my generation, but we’re tired, broke, overworked, underpaid, under appreciated, depression, hopeless and all we do is get blamed for everything. So yeah, I would say we have it much worse — and it’ll continue until later generations starting retiring or passing away. Greed, money for that matter, really is the root of all evil. You sabotage a whole generation of people and emancipate yourself, then blame an already broken generation for your woes.
I remember my sociology professor said 1950’s being the most financially advantageous time period for opportunities and financial growth and the worst was between 2008 and now, and it’s only getting worse. My grandparents bought three houses in Santa Barbara, CA in the 1950’s, he was a barber who retired at 30 due to muscular dystrophy and she was a part time teacher’s aide. The American dream is dead for average family.
I’m going on 33 this year, live with my mom all my life and I know financially I couldn’t ever do it without her. When I graduated high school so many were happy to live on their own yet a year or two later they are back living with their parents or other family members because they can’t financially do it. So glad there are facts to back all this madness up.
It’s worth remembering that quite a few in the Boomer generation (and older) were running on single incomes and STILL doing well. Single income families with stay-at-home moms was quite common. Since the 90s, multi-income families has become far more common, practically necessary in most cases. It’s reflected in home and rent costs: working minimum wage, you’d need 2, maybe even 3 incomes for rent in most cities.
I believe the cost of living crisis partially explains the generational gap of job hopping vs staying at the dame company. Previous generations could stay at a company for 20+ years because it was actually affordable. Younger career professionals who are saving for a house/being financially comfortable job hop out of necessity.
I think one of the biggest issues in our early educational system is the push for college and not trade schools. I live in oregon and was always told to go to college, trade schools weren’t even brought into the equation. There are many trade jobs that make very good money and are in constant demand. Take a look at becoming a hygienist. The make at least 50 an hour and its a 2 year program. We got to start offering trade schools as an option. College isn’t for everyone.
I’m a millenial. No student debt. I worked ~30 hours per week all through college. I also didn’t start at college until I was 22, I spent 4 years working and saving everything I could before I started. Since I was poor, I qualified for pell grants and I had a small scholarship of $500 per semester from the state since I started a 2 year Community College and transferred to the closest 4 year school in the area. Closest so I didn’t have to move to a city with higher prices. I commuted to campus for class and worked nights and weekends the entire time. No college, I did it. But at what cost? Between the early years spent working and the the years in the degree working and studying it took me 9 years to do what other people do in 4 years. Still, I’m better off than most people my age, I guess. I have no college debt, no auto loan, and bought a house. All my needs are comfortable met and I can save a little bit. I made it, so what? It is doable, but the reduction in standards of living is insane. I work as engineer. I do decently. However, if I had simply been born 30-40 years earlier and lived the same frugal and disciplined lifestyle, my job and income would have purchased a home twice the size. I have a modest 1100 square foot home that is 60 years old in a rural community. My income is just enoughto pay my mortgage and utilities and give me cushion for emergencies. I don’t travel or take trips. I’ve never been on a plane in my life. I “eat out” just 2 or 3 times per month. My father and grandfather worked similar engineering jobs (my own father with only a 2 year degree).
Everything feels so hopeless. I fucked up as a child and chose to chase my dream rather than business and politics. Besides my dream job..all I’ve ever wanted was a home and family. I work minimum wage, I can’t even pay for health check ups. I’m scared by the time I have enough to buy a house it’ll be too late. I’m scared as I’m getting closer to my 30s that I may hit that infertile point. I don’t even have a car, my boyfriend is in the same boat with his dream job. I have to rely on him for a ride and everything outside of work. It hurts that two people can’t even pay for a single room apartment without the sacrifice of all their money and their beloved pets.
Growing up my mother never helped me with money or taught me how to use money because shes a boomer and selfish when it came to money. I am a millennial and worked harder than my mother to try and put a roof over my children heads. Mind you my mother had the money to help us but rather took her money and gave it to the people she taught needed her help other than helping her children or grandchildren children. My mother was never part of my life growing up and its 5yrs no contact. I still made it in life without her help or her. She has no relationship with me nor her grandchildren and she has lost everything and its her fault because baby boomers are the most selfish generation youll ever come across. Its their way or no way.
As an older millennial 1985, my dad always warned against job hopping. He had two pensions and stayed at one of those positions until the company went bankrupt. The other lasted until retirement. I made several moves for money and am currently at my longest employer 3+ years. If you leave for > 9% increases in wages, you completely beat the system of 2% increases or less each year, and like the article said, can garner new/better skills and reach management faster. Just be prepared to explain why you left in an interview. The life we are living is not that of our parents. Man do I miss the 90’s.
So the advice basically boils down to: Don’t live in a city because then you won’t be able to find somewhere to live that fits within your 30% budget. Don’t live in a rural area because you need to have job options so you can hop jobs for better pay. Don’t have outrageous debt so don’t buy a car unless you can afford it, even though you’ll need it to commute to work. Did I miss anything?
Born in 1961 the world has changed alot for the large majority of the lower class and never for the better, but that’s the plan, keep the poor, poor. Someone needs to do the low wage jobs, there is lots of those out there. The problem is no entry level homes, and I’m sure that was planned as we see the shortage of affordable housing. All things are going according to plan! This will never change.
My husband is 26 and I’m 24 living in a small house with his 64y mom that helps with the house bills. It’s really frustrating living with a parent in law as a married couple(for the obvious reasons) but we have no money to afford renting a place or buying a house. His mom had to co-sign for him to be able to get a car and he makes 40k an year, it’s just not being enough to have anything in savings at all. We live in the woods and I stay home all day because I don’t have a car and for not having any experience or worked before it puts me all the way at the bottom, I’ve been applying for jobs online and in town like crazy and I don’t even get called for interviews. It’s making me suicidal being in this situation and what is going to save me is someone giving me a change to work somewhere so I can start saving money and buy a cheap car for myself and then go from there but I can’t even get a job.
I’m British and I feel this hard because when I was born my mother owned a 10 bedroom property which at the time was worth £112,000 in 1992. She sold it in 2000 and bought a smaller 4 bedroom house. The 10 bedroom house just sold this year for £2.4 million 😅 the house I grew up in would’ve set me and my siblings for life lol
I just spoke to a 23 year old insurance agent and she said she’s moving back in with her mom because rent is too high to function. Paying monthly for something she’ll never own and can get kicked out of for any reason. Plus most of us are just waiting for some kind of inheritance. That’s the only way you’ll get a house now and that’s moving in after the grandparents die. This is a major problem.
Im a nurse, ive been working full time since i graduated for, lets say 4.5 years. I am still nowhere near being able to afford a small home. And renting would take about half my income. I save about 95 percent of my income. The residents i work for have no clue of how hard it is for people, they are all out of touch and do think its our problem
I graduated with my bachelor’s degree and I can barely get a job making 40k. All the entry level jobs you apply for will say “requires 2 years experience.” I apply anyway and then never hear back from them even after doing the personality tests, applications, and multiple aptitude steps. So I’m spending all of this time in front of a computer and never hearing back from the hiring managers. It’s very frustrating.
I was 30 when I bought my first house in 2018 at $210k. I used a VA home loan that saved me around $30k from fees and other costs while buying a home. In 2018, I was maxed at $250k for the home loan. Now my house is valued at $309k. I would not be able to afford my house if I bought it today. I did refinance in late 2020 or early 2021 when the loan % went low. I refinanced my home at 2.25% today my mortgage is $1001 a month.
I believe some of these issues are a carryover from the recession. The banks got bailed out, but many people suffered greatly, which was shameful. I am a millennial who struggled to land full-time work for several years after the 2008 recession started, and it didn’t help that I had just graduated from undergrad at the time. Eventually, I landed a position, but then I saw that it was just a glorified dead-end job, so I went back to school and paid for it out of my own pockets. As I was completing my degree, the pandemic struck. I finished my degree, and then I tried to find something in my field and was rejected left and right. Now I am trying to figure out how to work for myself because working for others is just not it.
I was born in 1997 and things have been tough. The pandemic hit only a few months after I finished college. That pretty much derailed everything I was working for and it was like starting over when jobs started back up. It took over 2 years to find work with decent wages that could keep me ahead of rapidly rising costs. Doing okay now, but dealing with some of debt from that time so realistically have no disposable income. Many of my friends from high school and college who are around the same age are in very similar situations
This is definitely true, but its hard to keep everything under 30% when it feels like all these companies (Car, Insurance, Credit Cards, Tax, Mortgage/Rent, etc) just want the money out of your pocket. Then when you move jobs every 2 years or so companies don’t wanna hire you cause “You won’t be in it for the long haul” an issue I have ran into unless its retail. The older generation used the system to their advantage and now our generations are facing the outcome of higher debt and higher affordability for basic needs.
I’m 23, married young, no student debt no credit cards no car loans. My husband and kid and I had to move in with my father because my grandfather in law died and his medical bills were so high we had to sell the house to cover the costs. It’s so infuriating having made a home for myself only to fall back to square one living with my parent. We don’t have a good relationship and it’s certainly not rent free but it was that or homelessness so I’m grateful for a roof over my head
Few things to consider. Owning a home (even if you can qualify for a mortgage) is incredibly costly when you factor in property taxes, all utilities, balance protection insurance as well as the never ending costs of property and house maintenance on top of the mortgage payment. It easily ends up being over 50 to 60% of a lot of people’s income. On top of that you run the risk of interest rate hikes (not like this is unheard of….) meaning you can end up renewing your mortgage and finding out the payment you we’re comfortable with is no more, which puts a huge financial strain and setback on the incomes paying it. Factor in any time you’re buying or selling there’s going to be thousands of dollars in legal fees, real estate commission and discharge fees from lenders. Not even considering the amount of time it takes to save up just a substantial enough down payment for a house these days is going to be 5 years or more for the average person….and that money likely is sitting liquid not keeping up with inflation as home prices out pace it.
Yes, it’s a fact that the cost of housing, food, education, and transportation (car ownership) have gotten exponentially more expensive in the past 25 years. And very few people can afford these prices (like a $700 per month car payment), no matter what age. But I rarely see anyone exploring the root causes of “why,” and what’s behind this aggressive skyrocketing of basic living costs. Without knowing the cause, it seems like it will just continue to get worse.
As a millennial and engineer for a major US tech firm making a 6 figures in London for the last couple years I can say the cost of housing squeeze has gotten so bad where the most logical course of action is to go back to sharing a flat with at least one more person. At 37yo, that is not an option I’m considering and would, frankly, rather GTFO and try my luck with remote jobs from a country where I have a hope of one day living without paying for someone else’s wealth.
Something else to note about home is this… new homes are almost double the size of new homes in the 50s and 60s. The typical home was around 1200-1600 sqft. Part of the problem is that new home construction does not produce homes that our generation could afford, favoring larger plots with larger homes resulting in a higher profit/sqft and larger margins.
As a geriatric millennial (being amongst the oldest of this particular generation 😂), I’ve come to accept the real possibility that I may never be able to afford a home of my own unless I leave the US. By the time I’m at retirement age which will be in the 2040’s I imagine things will be a lot worse and nearly impossible to live comfortably in the US on a fixed income no matter how much I’ve managed to contribute to a 401K.
As a gen z with a decent paying job, it is about imposible for me to live on my own, in a town of 12k. You would think housing would be cheaper here, but you’re wrong. Middle of Wisconsin, and apartments are 1k per month. Then I have 350 per month in health insurance, I have food and gas and other expenses. At that point I’m close to spending all my money each month
The real problem is the United States and Canada for that matter have run out of desirable places to build affordable or entry level housing. Zoning and planning laws have locked in legacy housing in many areas. There are no places left now with a reasonable commute to a major employment center to build single family housing. Remote work put pricing pressure on places that were previously relatively cheap because they were located far from major employment centers. In addition, years of near zero interest rates allowed people to borrow more money for the same monthly paying creating ‘asset inflation’. Older folks with fat 401Ks started buying 2nd and 3rd rental homes for cash.
Gen Z here, I just got into university a year ago that my family pushed me to go to and was promised help which I received none of and already in debt and continue to be so. I’ve lost complete hope to afford anything, from a car to a simple apartment. Seeing food prices spike stressed me out even more. Every time I take a look at home prices out of curiosity only to leave with dissapointment by the cost of it. I’m not sure how I or others will survive, it looks impossible.
lives portrayed on social media gaslit GenZ into believing they’re not worthy if they can’t afford rent alone or own a home & drive a new car 😢 In the 90’s 20-30 year olds had 3+ roommates, often shared a car, ate top ramen daily, worked a ton & played hard…it was the best! but we weren’t judged on how we were finding our way. Don’t give up GenZ.. you’re funny, creative & smart. I’m 53 and all that matters now is family & friends… you WILL find your way 💕
Being a millennial or Gen-Z is like starting playing monopoly where the other players already bought all the land and houses and wherever you land on you have to give them money. And when you try to work for money you get exponentially less pay (adjusted for purchasing power), as well as needing more time/money in training because you’re expected to do 5 job roles in one, and at the first recession you’re fired so the continuity of employment is also a challenge. The solution here is to not play. Like the Chinese say “Let it Rot”, and move to a country where these events haven’t unfolded yet.
I am a college grad recently laid off in a company cutback. So many jobs I’m seeing are calling for engineering degrees, and it seems almost everybody I run into these days have engineering degrees. But almost none of these jobs that require engineering degrees do anything involving actual engineering. The job I just left had so many engineering required positions that had nothing to do with engineering at all and took no engineering to do the job. It feels as if engineering degrees are a dime a dozen so companies want those people for roles that literally have nothing to do with engineering. It makes it harder to find a job near the level I was because I don’t have the right thing printed on a piece of paper, but have the necessary knowledge base and experience to be more successful than someone that just has engineering printed on their diploma.
Younger generation are DEFINITELY more screwed. I had it though did shitty jobs from 16yo onwards, managed to get in IT thanks to college degree and a connexion that was already in, but lost my job 5 years later thanks tho the IT bubble crash of Y2K. And like that “Snakes and Ladders” board game, you have to climb your way back up again… So I did, and in 2005 my firm decided we earned too much wages and kicked all of us out of a job to go hire cheap labor… and back down the bottom I go again. It took me until 33years old (still earning 13-15$/hour because of getting kicked in the curb all the time mind you) until I got what would become my “real job”… Still at it 17 years later. So I now have LOTS of extra cash… Yet I still can’t purchase a house… It would cost me 120k in down payment AND 4k/month in repaying the load to purchase a low-end house in my town, and it’s far from the worse in the country. Renting is getting ridiculous as well, seeing regular renting price of a 5½ at about 1500$ now, and you don’t save much by downsizing as well (a 3½ is like 900-1000$). If you take the house out of the equation, I am as rich as my boomer father was at my age – minus the house… Yeah, not a good deal. Now even with the above, the newer generations (Mill and Z’s) have it far worse. Cost of living has exploded in the last 10 years, I had solid enough income to overcome that (even tho I must be mindful of where I spend), but for the new guy/girl starting out? like right now fresh new?
I do think the younger generations have it worse than the boomers. There was a trend that started around the 1970s (in the US) where executive compensation started to drastically increase while worker’s compensation functionally stagnated. Since the cost of living has also been going up faster than worker’s wages, overall purchasing power for the working class has been going down. It also feels like as the gap between the haves and the have nots grows, capitalism has become more predatory. Housing is a prime example. People buying up homes with profit motive can easily outbid the families who just want a place to live. Then those profit driven buyers act as unwanted middlemen who drive up the prices to rent or purchase without adding any real value. There are also the lower cost housing traps. Consider manufactured homes. You buy the home, but don’t own the land that its on. The home is technically mobile, but expensive to move. So, you’re in a hostage situation; you have to pay whatever the land owner decides to charge for rent unless you have several thousand dollars on hand and can find a land owner with the proper utility hookups willing to offer a better deal. If you don’t pay up, they’ll demolish your home and rent the lot to someone else.
I got to ride my bike with my friends. We could go wherever we wanted. A scope of ice cream was a nickel. We played outside without fear until moms called dinner. Paper routes and mowing lawns. Friday night dances at the community center and no shots fired. Summers at the beach holding up score cards with 9 and no arrest. Cruising and necking until our 20s called us away. I don’t think I had it worse. I thought it was magic. I am so sorry for what young people are going through. They have been robbed of their futures. Sold out for votes.
Older generations need to recognize their hardships do not need to be repeated. You can do better. We don’t need to spread hate just because it’s how we were raised. How older generations raised us was disgusting for some of us. They need for authority and superiority. The teaching of selfishness above helping others. Teaching complacency rather than problem solving and rejection of critical thinking. Idk how people got so entitled they looked at history and thought they could be the ones to control human behavior. With out a doubt boomers/gen x in charge have been the biggest failure in US history. I do have to credit the minority who wanted to improve things bc without them we wouldn’t have this momentum to change things.
I live in a medium to large city that a lot of CA boomers are moving to. I’m in my mid 30s. I can’t relate to any of these people who are moving here. They are coming in paying 500k in cash. I’m in my mid 30s and make above the median salary for someone in my city and in the country and there are not many affordable houses. I’ve gotten in a few conversations with these boomers and they are just like work harder or get your parents to help you. They honestly have no idea how good they had/have it. They are very selfish. They always have luxury SUVs. They did not work any harder than anyone else.
While home prices were a lot lower compared to income in the 80s, interest rates were quite a bit higher, making the cost of homeownership higher than you think. Groceries, clothing and electronics/ appliances were also substantially higher. I’m genX and my husband and I didn’t buy a home until I was 40 and he was 46. It’s easy to point your finger and blame others for all your problems. Being young and just starting out is hard. I lived paycheck to paycheck for a long time. That’s how long life works.
Giving the “advice” to keep certain expenses below a percentage of your income is USELESS for someone with an income that cannot achieve those ratios. I live in Montana. Rent $1500-$1800/mo if you go above a studio (a reasonable ask for a grown adult with a career)… average income is $56k So the average person is fkd from the start. “Just move” isn’t an acceptable answer for the entire average population… that would be 50% of all working montanan’s. Cool stats/guidelines, but about as helpful as our parents saying “I’d never pay that much, and this place is a dump anyway” before driving home to their $400 mortgage
Not always talked about, but the workload HAS to be higher these days. Restaurants’ orders are through the roof with mobile orders, doordash, grubhub. With warehouses like Target, Amazon etc increasing online sales, we’re processing more orders than ever before. Maybe inventory and communication were harder back then without computers, but we’re definitely working harder for these corporations and I don’t hear enough about the increased workload for no proportionate increase in pay. Covid forced some of their hands due to short staffing, but I see wages lowering sneakily again. The employee is seldom a top priority because the money is the motive, and there’s always someone willing to do what you won’t, right?
It’s almost disturbing how accurate that sponser skit is to my situation. On top of the now inflated price of living, my mother is entirely dependent on me for too many things for me to feel comfortable leaving her alone now. I practically manage her passwords, I have to be the one to notify her to alerts from our business, I’m doing all the yardwork that doesn’t concern tending to flowers, I’m the only one who can drive, and even I’m doing the majority of the cooking now. Outside of the family business, my career prospects are at an all time low because of everything I’ve had to give up in order to support my parents, and because my mother can and will on a whim demand that I drop every single thing I’ve had planned so that I can drive her to the grocery store or something.
I’m just never going to get a car and will use public transportation as much as possible that way I save so much more for everything else. Thank you for your article! As a millennial, we have it much harder than past generations because cost of living is rising and we’re suffering from overwork, debt, and disconnection, loneliness, and are surrounded by narcissistic and emotionally unavailable people who only care about money. We have been given nothing to work with, not even the basics.
Millennial here. Literally just got a job with a livable income at the start of November. Took 6 years to find a full-time job though. That’s the biggest problem I had. Lots of places hiring, but only tiny positions that was hardly able to keep me fed. Still working two jobs, but I’m hoping that experience will let me quit the part-time one soon. There’s hope for us yet.
What the dream used to be: “I’m gonna get a house, get married, have a few kids, land my dream job, and even get a dog or two!” The dream now: “I’m gonna try to get an apartment, hopefully be in a stable relationship, land a job that makes it possible to pay my bills, and I might get a pet if my money allows it.”
My mom was passed down a house my grandmother gave her before she died…. 20 years ago my homie who was 17 telling my mom this advice rent it out… Instead she got two different mortgages in early 2000s th3n wen back in 2008 get that stupid Ballon adjustable Rate…. Ended owing more money then it worth…..from 100,000 to 200,000 mortgage payments went past what she was making a month we lost that house…it was in family since 1933… If your parents did that for us generation x we are paying for there debts… We don’t have the purchase power now……. Our parents fucked us outta of Inheritance houses…. Because of there greed What parents did back then affects are whole life now… Baby boomers never thought about us in future….
My husband and I bought a home in April 2020, when the market/interest rates were extremely low. We weren’t married at the time (married later that year) and we were both really bad at managing money (expensive trips, meals, going out drinking socially to expensive bars EVERY weekend, etc). The only reason we were able to close is that we had barely enough combined savings and I was able to dip into my 401k (which was a 6 year accumulation) to put towards the earnest and down payment, and yet still didn’t get 20% down. Since then we’ve fortunately both doubled our income and have managed to save quite a bit with improved spending habits (we’re sober and cook at home more), but even then had 2020 never happened we’d never be able to afford a home today. Plus HOAs are ruining home-buying with arbitrary, sometimes not fixed monthly fees on top of all other home expenses.
One of the most telling things about Boomerism was a friend’s father going on about how lazy we are today, and how entitled we were – people didn’t want to work weekends, they expected to have housing and nice food while they built their lives up, expected college to be free etc. This coming from a man who lived in a car /BY CHOICE/ after being offered free living spaces with communal food, who also VOTED AGAINST PEOPLE BEING ABLE TO SLEEP IN THEIR CARS IN MULTIPLE CITIES INCLUDING RV’S. This is the guy who went to a community college for free, UCLA for almost free because of college subsidies for his job, who also refused to send his kids, despite great wealth, to UC’s because the cost was too high. This was also the man who refused to have food at restaurants that’s under $50/person, and who threw more food away going bad at his house than anyone I have ever met. The greed and delusional brain damage of their generation is literal insanity levels at this point and there’s a reason Psychologists and Researchers have noticed they’re the most deranged, narcicisstic PD by volume, brain rotted from lead poisoning in fuel, etc generations since people started tracking any data.
My Gen Z son went into a trade and is doing fine. After his apprenticeship I’d over, he will be earning a living wage so he can move out. My Gen Z daughter, on the other hand, who has a college degree, works at a gym selling memberships. We have to help her financially at times. If you are in college, get a professional degree. If college isn’t your thing, go into a trade.
I think it also has to do with companies trying to squeeze us out of money too. Go to a restaurant (Fast food restaurants) you’ll get guilt into giving more money for an organization or tips. Highway fees, event fees, Camera Red light violation fees, etc. I think back then you had a more simple and basic way of going through the day without having all these companies trying to grab your money.
2002 Gen Z, and just looking at the monthly price of the cheapest rent in my area compared to the salary of an entry level position, I’d still have to spend 40+ hours a week w/ overtime to spend nearly 45% of my gross income to afford the place. I haven’t even gotten to look at the price of my school loans, utilities, insurances, any wants, health care, car maintenance/ repair, etc. At this point, if I can’t make enough to comfortably afford a 1 room apartment and shower at the school gym, ima live in my broken lil car in a parking lot somewhere, quit all schooling till prices get realistic, and stick to doing trade jobs and odd jobs and hopefully build enough savings to put a down payment on a house so I can feel like I can at least own something that will increase in value over time. Maybe then I would finally feel like I can relax. And it’s so confusing, cuz I can look at the data, and job growth and pay are booming? According to generations before me and the media, I’m just not doing enough? My personal and friends’ mental health aren’t real? I’m just a young, dumb, college kid, but I feel like I’m questioning the very fabric of reality everyday just to make sense of my surroundings. What is happening in our society right now? Seriously, what is going on? How come I was told to follow this path and live out the American dream that very much feels like just a dream? Why don’t people talk to each other, or even look at each other or just say “Hi” anymore? Why do most of my friends have to deal with missing a parent or both from their lives?
My father was too dumb to finish high school and dropped out to work in a factory. I completed an MBA have multiple certifications in analytics and years of experience yet make less adjusted for inflation than my father did at the same age before even taking into account the higher prices. I’m so tired of being called “lazy” and “entitled” by older people who can’t seem to comprehend how much their generation screwed us over and continue to do so. I can’t afford a new car to replace my old junker, medical care, or a house let alone rent where a small poorly maintained 800sqft apartment is more than a mortgage for the house I also can’t afford.
Several of the commenters here have left good points about the detailed comparisons of things from 30 or 40 years ago versus now. Technology has changed drastically with automobiles. I think the two biggest factors of many that contribute to this problem are 1)college tuition costs (due to further government involvement) and 2) the laws of purchasing power of the US dollar. In fact, I would say that loss of purchasing power combined with stagnant wages since the early 1980s is the principal factor.
It is more than home prices. As a boomer I remember the 70’s and what we had to pay for. We had housing, power, water, phone, and food. No school debt, cable, yearly new phones, mandatory medical, required insurances (auto and home), and higher taxes. The younger generations have had big brothers hand in their pocket for two generations. That and failing to plan for the future and living for the moment. Also back then you got your parents stuff when they passed and that is now either taxed or drained by the homes taking care of them, nothing is left to pass to the next generation.
Here I am at 29 now. I have a degree and currently studying again because the 1st one supplied no jobs (sports degree)…here I am making a low pay check to get by. Luckily my dad got me an apartment and a car knowing as well that we would struggle more than he did. He made an empire selling cars and he’s super successful from it. I’m so happy to have a father who helped…times are so hard man..even with a degree. The jobs don’t pay
Something not mentioned is there are increased utility costs (Internet, Cellphones), higher taxes, and increased regulations. Plus there are fewer opportunities for younger people to work, the cost of things people need the most outpaced inflation, globalization, increased national security costs, and a border crisis that has been going on for decades causing all sorts of mayhem.
After our groceries went up it was hard. I went from a size 4 jeans down to a 00. My husband dropped almost 50 pounds. Because we could only afford so much. We earned to much for food stamps but all our money we earned went to our bills and children. We left America. No shit we left and our money goes so far. We have a comfortable safe life now…sadly not in USA. (Millennial)
Born in ’88 (same age as Rihanna) my little sister is Gen z. Honestly it’s been hard. Have been homeless 2 times already. Have not been able to afford decent stable housing even though I have a college degree. I’m sure I’m not the only millennial along with other Gen z’s struggling with homelessness. Paid off student loans. And still can’t afford housing due to “not having enough credit history” like bruh.
Here in Mexico it’s about 10 years, that said owning property is dirt cheap, property taxes for an average home are 70 dollars a year, and monthly: water 15, electricity, 20. So having several properties is affordable. Plus houses are made of brick and mortar, they are low maintenance and will last for generations.
I got married at 21, my wife was 18. We both have good paying jobs 55-65k a year. We cannot buy a house where we live in Ontario Canada. In the past 3 years house prices in our area have gone up almost 300%. Now with cost of rent and groceries and everything going up, the future of owning a house is grim. Also with the Canadian government bringing in so many immigrants the housing crisis is just getting worse. We are still saving for the day we can buy a house and hoping for a change in the market.
I don’t know why but I am feeling motivated by perusal your article. It really helps analysing finances and scenarios of all the generations and how current generations are toughest from them all 😅and as a Gen Z’er myself gives insights and hints of what we are doing wrong and what to do next. Thanks Humphrey 😃
I’m 25 and I feel very fortunate to be in the position I’m currently in. When I was younger I felt bummed about not being able to afford college (thank goodness no one convinced me to get a loan) but now I feel like immediately going for career was a better move for me. I also have a very strongly connected immediate family, we help each other a lot and I know not everyone has that.
To me the biggest problem is the expertise required to generate a liveable income. In order to get a six figure salary you need a lot of training and competence, or you need parents who can short cut that for you, preferably both. You cannot expect to get by doing a job where your work can easily be taken by someone else. This is only going to get worse as time goes on.
I tried explaining this to my mother and she just convinces herself that I’m lazy. She kicked me out about 5 months ago when I started showing depression symptoms because the goal post kept getting moved. Some days its really hard to keep going, knowing none of us will ever have anything. I wish I had worked harder so I had a home to go to. I miss my parents, I had no idea how impossible it was out here. They dont know either and I’m kind of glad they dont. They wouldnt – but I dont want them to worry so I do get a small sense of peace knowing they think I’m choosing to struggle or just being irresponsible. I dont want them to feel bad or feel guilty about me being in a bad position, but this is the end of the line for me and the first time I havent had them, just in case. If you live with your parents, enjoy it. They might get sick of you one day and throw you away and its worse out here. Dating sucks living with your mom but a social life is impossible in an awkward living situation. And we all wanna go home. Just stay home.
Gen x here. I lived in the uk till I was 27 then moved to the US YEAH, younger folks are way more screwed. I had a house in the uk and it cost about 5x my salary (not including my partner at the time). I move to the US and a few years later bought a place and it was 4x my salary, got divorced and in 2018 bought a place that was only 2x my salary. Now I do earn above the average (I work in IT) but I’m not earning an extravagant salary by any means and my house is a 1700sqft farm house on about 0.5acres in rural Vermont. The same house is now upto 3.5-4x my salary. It’s insane
Im an older millennial 39, i wasnt able to get my finances together until i was about 33 when i finally paid my students loams off. I am now making a very good wage at work, married, have a 4 bedroom house, and have 1 son with another one on the way. So, basically at almost 40 i finally have everything i need. But i should have had this a decade ago.
I’ve been in production and packaging after graduating from high school in 2016 and switching jobs to get higher pay is not something that can be done in the only industry i have experience in. My first lead role ended when the company hit us with mass layoffs. I couldn’t move that lead experience into another position and ended up having to take a lower paying position somewhere else. Lead position 22.50 (then) account manager 13.50 (then) packaging associate 19.00. I also always take night shift for the extra dollar and production these days are all 12 hours, so ive been missing a lot of time with my kid, all around shitty situation
One thing that I don’t hear mentioned a whole lot when we have discussion of income to housing cost ratios is the fact that houses have significantly increased in size. In the mid-80s new homes were arount 1,725 sq.ft. while today that has grown to 2,700+ sq.ft…no doubt that has an impact on cost as well.
I’m a Gen-X, and you younger people, i absolutely feel for you. Its been going on for a long, long time. Im in my 40s and this stuff has been happening since i was a kid. Its not you. Its the cronyism and perpetual greed of the generation that came before mine, still to this day. Im in the same boat as many of you, maybe slightly better off– but only because more time has passed for me to scrape enough together. I help young people out when i can, but its hard even to do that for me anymore. Just dont have the money.
Its a fight. Dense populated areas offer the jobs to be able to buy property at least 2 hours afar. There is no point on spending 12 hours, 5/7 to sit in a house in the middle of nothing, on the weekend beside just showing up to sleep. I rather keep renting on spot. Which is crazy as well but instead ive a lot more time beeing alive.
6:50 one more reason. Back then in the “golden times” you didn’t have as many landlords buying off flats and houses for rent. Now investing in properties (especially in cities) is better than keeping your money in bank. So every flat that could have been bought by young people is instead bought by group of multi-home owning businessmen.
Guys I also was in this situation and tried to get out. My solution could not work for everyone but with my partner we bought a small house in a village in the mountains. The house for this reason was cheap. We both work as full remoters and we just need a good connection. No way we could have done this in the close city.
You obviously have studied Graham’s website, I recognized the thumbnail and editing style, but then you even copied his movements and watch! It’s smart to copy him, but I’d like to see more of you in your website! He adds his own personality in which makes it more real/sincere and I think adding that in to your website would make this even better. Great job though, I enjoyed this 😊 I realize this is an old article though
I graduated Uni in 2009 with an engineering degree only to work as a article game tester out the gate. After 15 years of struggling, I finally am at a position that’s makes 5x more than article game testing. There was a number of hardships along the way but I’m finally making it work on my own. As much as I wanted to blame the external factors mentioned in this vid for my shortcomings, I know I shouldn’t for I’d go back to my old resentful ways.
If you’re a millennial or Gen Z person, and you don’t have a family yet…. Find a 2nd part time job. I know times are tough and everything is expensive, but I’ve been able to put money away because I have a 2009 Honda Civic (no car payment) and I try to live below my means. It’s hard to NOT spend money if you have kids and a lot of debt, but getting a 2nd job and putting that extra money away will help immensely. I know it’s a lot easier said than done, but try to focus on NOT blowing money on things u don’t absolutely need and try your best to live below your means. It helps if you don’t live in a SUPER expensive area (like the city). I’m not saying it’s easy, but you have to make sacrifices to get ahead these days!
I was born in 2001. I work in construction and warehousing and just got my own apt. about 3 weeks ago. It’s tuff working 7 days a week but I literally looked at everything I could budget when I turned 18 and made notes daily on what I could do. (Did this for 3-4 years). Still moved out with no savings and I gotta make an 1 drive to boston for 5 days. However, I still have time to play article games, meal prep, train, watch articles whenever, binge anime. I don’t have a girlfriend, I barely talk to my own family, I don’t drink, smoke, or party. But I’m happy, incredibly happy, and if doesn’t look like it IRL, it is because I am calm almost 24/7 because It always me to see the world for what it is and where I can improve in areas of my own life physically, mentally, spiritually, and financially. I am happy, but I Will never be content, and that is very big problem with the folks of today, they become comfortable with their lives even tho they’re dying on the inside. Hard work is necessary to build the life you want in this day and age, but you have to be smart as well. Do you honestly think im going to work I construction and warehousing for the next 30 years of my life. Fuck no! Im very aware that the online world can offer me shit loads of money and I’ve already found the skill I want to improve upon to earn said amounts of wealth. But it’ll take time and that’s another problem with todays youth. They’re incredibly impatient. Where do I see myself at the age of 30? Retired and wealthy enough to make sure my mother never has to work another day in her life.
I personally blame inflation and the fact that it is expensive to live nowadays. Prices of necessities such as gas, utilities, housing and food has SKYROCKETED. Don’t even get me STARTED on the prices of health insurance and medical bills. Nowadays, you need a bachelor’s degree in some rigorous STEM career just to live a comfortable life
I’m a boomer and have worked hard to get to where i am today. First purchasing a townhome in 1990 with my brother and another friend. Had to live with room mates to cover the mortgage. Sold that, then seven years later rolled that money into buying a house with a co-worker(tenancy-in-common). I lived with that slob for 10 years before he bought me out. 2010 purchased my first house with solely my name on title. I still owe on the mortgage but have built up some equity. Point being……you need to start small and work your way up. All about sacrifices and compromise. Kids these days want to move out of their parents house into a 3 bedroom house of their own. Not going to happen. Either start small or move to a location where house prices are cheaper.
In some areas, you get people will have a MUCH better chance just inheriting their parents properties that they bought 30 years ago for $300k and the comps are now easily $3mil+ basically just for the land, new construction $5.5mil+ it’s just a simple fact they won’t have that kind of earnings power to absorb ANY of those current prices
I’m a millennial living with my parents, and yeah things are ridiculous. I don’t have a rent or car payment but I’m pulling in ~$32K yearly at a $15/hr job at the grocery store I’ve been working at for 12 years, working full time for most of said 12 years. Food prices have skyrocketed over the last few years and people are buying less than they typically do. (For context, we sold a gallon of milk for ~$3.49 five years ago, and now it’s up to $5.99.)