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The majority of 18- to 29-year-olds in the US are now living with their parents

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Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#201

Post by _qulr »

gedy wrote: post #190
_qulr wrote: post #158

Earlier quoted context omitted.

Can we please stop with the term "Millennials"? The article talks about 18-29 year olds. The most widely accepted definition of Millennials is people born 1981 to 1996, which would be 24-39 year olds. Not the same. Regardless, the financial differences between people the exact same age are always vastly larger than the financial difference between so-called "generations".

Yeah "millennials" and "boomers" are turning into loose terms for "young" & "old". I'm Gen X and did not see many of these "boomer" benefits..

It's funny, when we talk abstractly, we can look at the statistics and see that wealth in concentrated in the hands of a small % of people.

But then when we break it down by age, or by gender, then suddenly, magically, this wealth becomes distributed to the entire age group, or the entire gender, so that "Boomers" are all well-off, or men are all well-off, when the reality is that it's not even remotely true, and a lot of people of all different groups are struggling.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#202

Post by mcv »

Philip-J-Fry wrote: post #94

I'm my early 20s and in the UK. I earn more than my Dad who is in his 50s. He managed to get a house, have money left over for an expensive hobby, decent car, the odd holiday etc. I'm a 90th percentile earner. Will 95+ percentile earner in a few years time. Yet it feels like I am not as well off as I should be. I don't live in an expensive area either. Yet I need to save so much money to even have the opportunity to…

I'm no millennial, but gen-X. My brick box is okay. Not as big as the one my parents had, but it's in a bigger city, which really adds to the cost.

But my wife and I are double earners, unlike my parents. And we both have really good jobs. We don't have it hard, but we don't drive new cars either; we've got a second hand Prius. The only sign that we've got it good is that our house in Amsterdam is not as tiny as most.

But I also wonder if maybe our expectations may be too high due to the constant stream of luxury lifestyles that we're being fed on TV, in movies and on other media.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#203

Post by throwawaygh »

Philip-J-Fry wrote: post #94

I'm my early 20s and in the UK. I earn more than my Dad who is in his 50s. He managed to get a house, have money left over for an expensive hobby, decent car, the odd holiday etc. I'm a 90th percentile earner. Will 95+ percentile earner in a few years time. Yet it feels like I am not as well off as I should be. I don't live in an expensive area either. Yet I need to save so much money to even have the opportunity to…

Comparing a salary with a pension to a salary without a pension is insanity. Wages are not stagnant. They've declined precipitously. take-home pay is stagnant and pensions are dead.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#204

Post by NegativeLatency »

markus92 wrote: post #174
qwerty1234599 wrote: post #116

Earlier quoted context omitted.

High tax rates are what causes this. You are effectively giving away half your wage to sustain a completely unknown person leeching off the government.

You mean healthcare, roads, education and social security for when I lose my job due to COVID? Taxes are nothing new and have always been like that.

Don’t forget military spending

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#205

Post by prionassembly »

wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

My grandfathers were an accountant and an engineer. The latter was really sought after too, he oversaw the construction of roads and spent months away and refused jobs to spend time home too.

My parents were both musicians/painters/other artistic stuff on the side. We were always tight money-wise but somehow had a two kids middle class upbringing on the absolute best part of town. Every time I think of this my admiration for my father grows.

Me and my sister became STEMpunks. My sister dropped it to be a full-time mom after a year of not liking the idea of daycare; but by then she had married well.

Once every other day I wish I had become a musician like my dad. But I don't think I could pull it off. Besides, they didn't save much so I (very gladly) chip in with about half of what they need to survive -- it's not as easy anymore.

(None of this is in America.)

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#206

Post by lm28469 »

halfmatthalfcat wrote: post #6
swyx wrote: post #2

I am one of those people, though in my case it was not so much for cost saving reasons as it was the easiest means of leaving a coastal city that would clearly be hard hit by Coronavirus. oddly enough I'm morbidly curious about the decline in birth and marriage rates due to this whole episode. hard to hook up in your parent's home.

I'm curious as well but in the opposite. People are spending more time at home together, could there be a birth boom in Q1/Q2 of next year?

> People are spending more time at home together, could there be a birth boom in Q1/Q2 of next year?

Birth control is cheap and well understood these days, I doubt many people are actively trying to have kids during a pandemic (financial + health risks). If anything I'd expect more breakups than births

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#207

Post by saagarjha »

halfmatthalfcat wrote: post #6
swyx wrote: post #2

I am one of those people, though in my case it was not so much for cost saving reasons as it was the easiest means of leaving a coastal city that would clearly be hard hit by Coronavirus. oddly enough I'm morbidly curious about the decline in birth and marriage rates due to this whole episode. hard to hook up in your parent's home.

I'm curious as well but in the opposite. People are spending more time at home together, could there be a birth boom in Q1/Q2 of next year?

Birth rates generally decline in times of uncertainty; most people are aware of and practice family planning. For many, having a child right now would be fiscally irresponsible.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#208

Post by cpursley »

FridgeSeal wrote: post #73
zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

Capitalism did this, governments intervened when it became necessary to prevent things from effectively burning to the ground because the market can’t/won’t fix it. Letting banks burn down in 2008 would no doubt have been a cathartic moment, but it would be pragmatically a poor decision. Immediately post-crisis those responsible should be held responsible and actual action should be taken, but we don’t elect governme…

> Capitalism did this

Source?

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#209

Post by rvn1045 »

wonderwonder wrote: post #11

Millennials face a very real risk of being a lost generation financially. They have endured 2 major, years long recessions, and now the Covid pandemic coupled with social isolation and massive unemployment that does not appear to have an end date in sight. Housing is more expensive for them than prior generations, wages are stagnant, school is expensive and social conflict is also currently on deck. WW2 was of course…

There's always this kind of narrative floating around that's simply not true. Sure things are getting bad right now but times have been good for a decade. Also people always say this kind of thing and extrapolate current trends into the future. After the 2008 crisis which many thought would take a long time to recover from we've had unbelievable growth for a decade.

Re: The majority of 18- to 29-year-olds in the US are now living with their parents

#210

Post by vsareto »

zpeti wrote: post #37

I think people need to start realising just how incredibly much the government is now stepping in at each of these crises to make them as smooth as possible. But there is a downside to this. You are not allowing the normal economic effects to happen because you are wanting to keep everything as it is, but then guess what, the status quo stays, and anyone joining the ladder is finding it increasingly difficult. What's…

This might be unpopular, but they're not going to let major things fail because of political reasons. Popular opinion thinks the US is declining, and failures only add to that perceived momentum. That's why there's endless stimulus.

For letting major businesses fail, we really do have the resources to let those former employees do nothing but sit at home and use the internet all day and have no bills. But the US can't handle someone not working and still being able to pay their bills.

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