I just read an article that Newsweek put out called, “Are Millenials the Screwed Generation?” Â Interesting read. Â The tag line reads,Â ‘Boomer America’ never had it so good. Â As a result, todays young American’s never had it so bad.Â
There are some interesting stats that compare generations that may be worth your time. Â Here are a few that stood out to me:
1. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center
2. Since 2008 the percentage of the workforce under 25 has dropped 13.2 percent, according to the Bureau of Labor Statistics, while that of people over 55 has risen by 7.6 percent. Â The unemployment rate for people between 18 and 29 is 12 percent in the U.S., nearly 50 percent above the national average. Â [Note: I think the pursuit of more education, as I write about in Worlds Apart, has a massive influence in this.]
3. The average student, according to Forbes, already carries $12,700 in credit-card and other kinds of debt. Student loans have grown consistently over the last few decades to an average of $27,000 each. Nationwide in the U.S., tuition debt is close to $1 trillion. Â The articles states this: “This debt often results from the advice of teachers, largely boomers, that only more educationâ€”for which costs have risen at twice the rate of inflation since 2000â€”could solve the long-term issues of the young.”Â [Note: I alsoÂ I write about inÂ Worlds Apart]
They also put together this little video where they compiled some interviews with Millenials. Â This isn’t exhaustive, of course, but I think the insights offered by those interviewed are normal…and perhaps more normal than many still recognize as we approach relationships with younger generations. Go here to watch that and see the article.