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Fed Says Millennials Are Just Like Their Parents, Only Poorer

bloomberg.com

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Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#61

Post by tssva »

burlesona wrote: post #2

From the article: “What’s old is new again. The paper observes that some of the millennials’ parents were subject to similar baseless grumbles of "kids these days" from their elders.” I don’t know though. Seems like part of the nastiness of the times is the baby boomers constantly taking jabs at millennials. Perhaps the silent generation complained the boomers weren’t “frugal enough” but I have a hard time believing…

Baby boomers were teenagers and young adults from the late 50s through the 80s. So the birth of rock-n-roll, the protest movements of the 60s and 70s, emergence of drug culture, the sexual revolution, disco, the crack epidemic, and the birth of rap.

As a Gen X'er I can personally remember the mid-70s to the late 80s and the hate spewed out at baby boomers by previous generations. I don't think the Millennials have it any worse or better. Those who are currently going through it always see it as the worse.

I think out of everyone my generation had it the easiest. We were teenagers and young adults during a time of general peace and prosperity.

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#62

Post by smnscu »

klodolph wrote: post #53
lucisferre wrote: post #37

Earlier quoted context omitted.

> > Who draws a line between generations and why? > Same people that draw a line between lemons and limes I mean, I doubt it is really the exact same people who do this. At the very least it is a separate department that does the lemon-lime distincting.

You might be surprised. Ernest Hemingway, an avid drinker, coined the term "lime" so he could distinguish it from other types of citrus in the Daiquiri, one of his favorite drinks. He also popularized the term Lost Generation, generally regarded as the first generational cohort with a name, although the term was originally coined by Gertrude Stein. (Ohyyfuvg.)

Comment of the month

edit: never mind, it's not actually true - gullible me https://en.wikipedia.org/wiki/Lime_(fruit)

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#63

Post by lotsofpulp »

madeuptempacct wrote: post #12

Average expenditure at 30: $45,000 That's strange to me - is everyone living on debt? Factor in median household income for a fam with Bachelors degrees: $68,728 , which is $52,000ish net of tax. How are people spending that much? https://en.wikipedia.org/wiki/Household_income_in_the_United...

I'm guessing it's mean average, so probably being skewed by higher spenders. It's also household numbers, so even more skewed if you have two high income people living together vs two low income living together.

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#64

Post by elocinstr8t »

Sorry but I kinda disagree. I'm a Millennial with Baby Boomer parents and I'm definitely not poorer than them. No, I wasn't born rich, but I'm definitely earning more than my parents. Okay, maybe not as much as my Mom but this article is such BS. It all just depends from person to person you know. I hate it when generations always crap on millennials like we're the worse thing that's happened in the world. Have you met the teenagers? The young millennials? No? Well there you have it.

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#65

Post by Cthulhu_ »

madeuptempacct wrote: post #12

Average expenditure at 30: $45,000 That's strange to me - is everyone living on debt? Factor in median household income for a fam with Bachelors degrees: $68,728 , which is $52,000ish net of tax. How are people spending that much? https://en.wikipedia.org/wiki/Household_income_in_the_United...

You're comparing average expenditure with people with a bachelor's degree - https://en.wikipedia.org/wiki/Educational_attainment_in_the_... indicates only about a quarter of people have that (it's a bit hard to read).

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#66

Post by ev0lhanson »

sdegutis wrote: post #11
burlesona wrote: post #2

From the article: “What’s old is new again. The paper observes that some of the millennials’ parents were subject to similar baseless grumbles of "kids these days" from their elders.” I don’t know though. Seems like part of the nastiness of the times is the baby boomers constantly taking jabs at millennials. Perhaps the silent generation complained the boomers weren’t “frugal enough” but I have a hard time believing…

There was an article the other day that said divorce rates for millennials is down a notable amount from baby boomers, but without the marriage rate lowering. One way of interpreting this is that baby boomers have more selfish tendencies than other generations, and millennials are realizing that their parents' ways (including divorce) are selfish, and learning from their parents mistakes. If this is true, then it's p…

Or it says that people can't afford to get divorced. In dense urban areas the cost of housing/rent has gone way up and the incomes for younger people have not kept up.

I don't think "millennials" are really all that different from the previous generation. However they do have very different forces pushing them in different directions.

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#67

Post by antcas »

klodolph wrote: post #53
lucisferre wrote: post #37

Earlier quoted context omitted.

> > Who draws a line between generations and why? > Same people that draw a line between lemons and limes I mean, I doubt it is really the exact same people who do this. At the very least it is a separate department that does the lemon-lime distincting.

You might be surprised. Ernest Hemingway, an avid drinker, coined the term "lime" so he could distinguish it from other types of citrus in the Daiquiri, one of his favorite drinks. He also popularized the term Lost Generation, generally regarded as the first generational cohort with a name, although the term was originally coined by Gertrude Stein. (Ohyyfuvg.)

I hope this tidbit is true.

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#68

Post by nyghtly »

madeuptempacct wrote: post #12

Average expenditure at 30: $45,000 That's strange to me - is everyone living on debt? Factor in median household income for a fam with Bachelors degrees: $68,728 , which is $52,000ish net of tax. How are people spending that much? https://en.wikipedia.org/wiki/Household_income_in_the_United...

"Millennials spend huge amounts on rent, using up 45% of income made by age 30"

https://www.usatoday.com/story/money/personalfinance/real-es...

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#69

Post by stevewodil »

acconrad wrote: post #18

It's painful to see that younger people are worse off - poorer and life expectancy I see is down again. I thought we were trying to give our children a better life? How did we become so narcissistic that we don't even want to make future generations better off?

Current life expectancy data is plagued by the recent increase in drug overdoses and suicides. Not saying that there isn't a problem or that we don't need to fix those issues, but aside from those life expectancy is doing fine

Re: Fed Says Millennials Are Just Like Their Parents, Only Poorer

#70

Post by aglavine »

esotericn wrote: post #16

I think the term "poorer", and the monetary analysis done here, is too high level to extract real meaning. The average young person/couple that I know are able to do and buy far more than their parents (e.g. eat out, order takeaway, take holidays, go to bars, buy things for hobbies, buy clothes, ...). They just don't own property and have no path that leads there. In some sense you could say that they have higher inc…

I think that they eat out and order takeaway because they perceive that they never going to save enough money to afford a house.
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