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Why millennials are facing the scariest financial future of any generation since the Great Depression (1 Viewer)

mcintyre1

mcintyre1

Footballguy
Pretty long read, but probably the best "manifesto" of the Millennial plight I've ever read. Goes in depth on the wide variety of economic issues that are affecting all but the richest in America, but have hit Millennials the hardest and placed them on the front lines. I'm lucky to be the exception to the rule for my generation. I graduated college at about the worst possible time (2009), but I've managed to secure a well paying tech job for myself. Millions and millions of others haven't been anywhere near as lucky. I hope political leaders can listen to stories like this and work toward fixing what's wrong with our country.

 
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Scoresman said:
Christ, you can definitely tell that was written by a millennial.  I just want to read a ####### article, not have it be some flashy powerpoint animated thing.  If millennials actually had real jobs, they'd realize that this was way to flashy to have on your screen at work.  
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The design is intended to prevent Boomers from discovering our strategy for the future.

But seriously though, great job of exemplifying the exact mentality that the article lampoons.

 
JFC that is impossible to read...and i'm a designer. 

If you want any shred credibility, you don't need make it all cutesy. 

 
https://www.wsj.com/articles/nearly-5-million-americans-in-default-on-student-loans-1513192375

More than 1% of Americans are currently defaulted on student loans. This is one of the biggest issues Millennials face and I don't know what the solution is.

The number of Americans severely behind on payments on federal student loans reached roughly 4.6 million in the third quarter, a doubling from four years ago, despite a historically long stretch of U.S. job creation and steady economic growth.
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WTF?  That guy is only a year older than me and comes off as some young kid struggling to make it in the real world.  By 35 you should have your crap together for the most part.

I really think they should spend more time focusing on personal finance in high school before these kids head off to college and rack up debt.  It's really not that hard, just takes some knowledge and effort.

 
Henry Ford said:
Average home price has gone from $75,000 to $400,000 in that time, though.  While wages have gone from $15,000 to $48,000.  Whole thing is just crazy.
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I still think they complain too much.  I feel like too many people coming out of college just expect to get some high end job because they went to school.  They need to work their way up in the world first.  I see more and more people out of college demanding high wages right away with little experience.

 
Hawkeye21 said:
I still think they complain too much.  I feel like too many people coming out of college just expect to get some high end job because they went to school.  They need to work their way up in the world first.  I see more and more people out of college demanding high wages right away with little experience.
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Yeah, I know.  But still - in 1981, having a bachelor's degree was about a 25-30% pay bump from average salary in this country.  Now, it's about 5%.

 
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Hawkeye21 said:
I still think they complain too much.  I feel like too many people coming out of college just expect to get some high end job because they went to school.  They need to work their way up in the world first.  I see more and more people out of college demanding high wages right away with little experience.
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But costs have skyrocketed. Hell, in 2001 I made 30K and was paying 550 a month in rent for a single. My entry level positions now are 40K and guys are paying 1200 a month with a roommate.

 
Henry Ford said:
Yeah, I know.  But still - in 1981, having a bachelor's degree was about a 25-30% pay bump from average salary in this country.  Now, it's about 5%.
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Very true.  I think it's gotten to the point where almost every high school student feels they have to go to a university.  There are plenty of jobs that do not require a college education and if they do then there's a very good chance you can get that education at a community college.  Saves a lot of money.

I've always found that knowing the right people is better than what you know and personal, hands on experience is more important than classroom experience.

 
Gawain said:
But costs have skyrocketed. Hell, in 2001 I made 30K and was paying 550 a month in rent for a single. My entry level positions now are 40K and guys are paying 1200 a month with a roommate.
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If one wants to live in a certain area then I suppose they have to be willing to pay those high prices.  There are jobs in other cities and towns with much more affordable living, just have to be willing to move.  Easier said than done, I know, but those options are there.

 
Hawkeye21 said:
If one wants to live in a certain area then I suppose they have to be willing to pay those high prices.  There are jobs in other cities and towns with much more affordable living, just have to be willing to move.  Easier said than done, I know, but those options are there.
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Yes, one wants to live where there are jobs open. That graphic vomit of an article pointed out that all the job growth since 1980 (or something) has been in the 100 largest cities. The number of rural jobs has gone down. So, people have to move to urban areas to find any employment, thereby opening themselves up to the housing prices that have far outpaced inflation and wage growth.

 
Gawain said:
Yes, one wants to live where there are jobs open. That graphic vomit of an article pointed out that all the job growth since 1980 (or something) has been in the 100 largest cities. The number of rural jobs has gone down. So, people have to move to urban areas to find any employment, thereby opening themselves up to the housing prices that have far outpaced inflation and wage growth.
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There are jobs everywhere.  The problem is people seem to be much more particular in which jobs they want to work.  Gone are the days when people were just happy to get any job that would hire them.  I feel like people are expecting to get high end careers right out of college.  In my business we are constantly trying to find good technicians but it's so hard to find them.  Not many kids want to wrench on tractors and skid loaders anymore but it's a solid job that pays well and has good benefits.

 
Hawkeye21 said:
There are jobs everywhere.  The problem is people seem to be much more particular in which jobs they want to work.  Gone are the days when people were just happy to get any job that would hire them.  I feel like people are expecting to get high end careers right out of college.  In my business we are constantly trying to find good technicians but it's so hard to find them.  Not many kids want to wrench on tractors and skid loaders anymore but it's a solid job that pays well and has good benefits.
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https://www.ers.usda.gov/topics/rural-economy-population/employment-education/rural-employment-and-unemployment/

The number of employed nonmetro residents (people employed in full- and part-time wage and salary jobs, as well as the self-employed) peaked in the first quarter of 2007 and had begun to fall prior to the official onset of the recession in December 2007. By the end of 2009, nonmetro employment had fallen by more than 6 percent relative to its peak. Metro employment, by contrast, grew during 2007 and peaked in the first quarter of 2008. Metro employment then fell for the next 2 years, and by the end of 2009 was 5 percent below its peak. Estimated employment losses as a proportion of their peak values were thus somewhat larger in nonmetro than metro areas, and began a year earlier.
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Nonmetro employment isn't yet back to 2008 levels. For ten years, the only solutions were to take a job that already existed or to move somewhere else for nonmetro employment.

 
If Millenials really wanted to get #### right they'd spit themselves out of the system.  They can't....so they'll continue to struggle. 

 
Henry Ford said:
Average home price has gone from $75,000 to $400,000 in that time, though.  While wages have gone from $15,000 to $48,000.  Whole thing is just crazy.
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It is crazy every generation. Who is buying all the starter homes so those owners can move up to the average home? If millenials can't/don't buy homes, eventually the prices will come down, they don't buy furnishings,  the economy goes into a recession, which we are due for anyway. Jobless rate goes up and they are still screwed.

 
Hawkeye21 said:
I still think they complain too much.  I feel like too many people coming out of college just expect to get some high end job because they went to school.  They need to work their way up in the world first.  I see more and more people out of college demanding high wages right away with little experience.
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Maybe it's a stereotype, but they also see no value in doing something they don't really want to do.

Or maybe saying "gee, this job isn't what i want, but I'm going to rock it and be the best person here, and hopefully move up in a year or two" My millennial niece is like that - she does the bare minimum, and thinks it's a big deal that she wasn't late FOR A WHOLE MONTH. It's so different from my mentality when I was her age

 
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Hawkeye21 said:
I'm in Iowa and according to the one graph it shows the majority of Iowa is in Nonmetro growth which I think is pretty accurate.
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You're pointing at a chart that comps 2015 to 2016. The overall picture from 2008 to today, or from 1980 to today tells a different story.

 
Hawkeye21 said:
There are jobs everywhere.  The problem is people seem to be much more particular in which jobs they want to work.  Gone are the days when people were just happy to get any job that would hire them.  I feel like people are expecting to get high end careers right out of college.  In my business we are constantly trying to find good technicians but it's so hard to find them.  Not many kids want to wrench on tractors and skid loaders anymore but it's a solid job that pays well and has good benefits.
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You'd make a great 60 year old.

 
jwb said:
Maybe it's a stereotype, but they also see no value in doing something they don't really want to do.

Or maybe saying "gee, this job isn't what i want, but I'm going to rock it and be the best person here, and hopefully move up in a year or two" My millennial niece is like that - she does the bare minimum. It's so different from my mentality when I was her age
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I agree.  We have a technician that constantly is asking us what's in it for him.  He doesn't get that if he does good work then our business does better and in return he can make more money or get a better bonus.  Instead he only sees it as him working for the man while he just does the minimum to get his paycheck.

 
  • Smile
Reactions: jwb
Josie Maran said:
You'd make a great 60 year old.
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I know.  I've changed a lot in the last 10 years but getting married, having kids, paying for school and becoming part owner of a business can do that to a person.  I worked in sales for a long time as well and heard constant complaining so it can take a toll on you.

 
Henry Ford said:
Yeah, I know.  But still - in 1981, having a bachelor's degree was about a 25-30% pay bump from average salary in this country.  Now, it's about 5%.
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Can you cite your source on this?
https://www.bls.gov/opub/ted/2015/median-weekly-earnings-by-education-gender-race-and-ethnicity-in-2014.htm

Above shows an average weekly wage of all levels as $839 and a Bachelor only weekly wage as $1101, which is almost a 33% increase.

Bachelor to HS only is 1101 to 668, roughly a 65% increase.

 
Gawain said:
Can you cite your source on this?
https://www.bls.gov/opub/ted/2015/median-weekly-earnings-by-education-gender-race-and-ethnicity-in-2014.htm

Above shows an average weekly wage of all levels as $839 and a Bachelor only weekly wage as $1101, which is almost a 33% increase.

Bachelor to HS only is 1101 to 668, roughly a 65% increase.
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There's a category between those two, and I'm going "Bachelor's versus average" not "Bachelor's versus another category."

I'm using data from the National Association of Colleges and Employers.

http://www.naceweb.org/job-market/compensation/salary-trends-through-salary-survey-a-historical-perspective-on-starting-salaries-for-new-college-graduates/

Versus the National Average Wage Index

https://www.ssa.gov/oact/COLA/AWI.html

 
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Hawkeye21 said:
I agree.  We have a technician that constantly is asking us what's in it for him.  He doesn't get that if he does good work then our business does better and in return he can make more money or get a better bonus.  Instead he only sees it as him working for the man while he just does the minimum to get his paycheck.
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I don't know your workplace at all, but: is the bolded part realistic at your place of business? Would he have to kick butt at work and then also advocate hard for himself to get considered for a raise? Or do high performers get noticed and summarily raised without having to ask management?

 
Henry Ford said:
There's a category between those two.

I'm using data from the National Association of Colleges and Employers.

http://www.naceweb.org/job-market/compensation/salary-trends-through-salary-survey-a-historical-perspective-on-starting-salaries-for-new-college-graduates/

Versus the National Average Wage Index

https://www.ssa.gov/oact/COLA/AWI.html
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I looked at the SSA # too, but the 48,098 number isn't the SSA average wage calculation. The average wage is:
 

The average amounts of wages calculated directly from our data were $46,119.78 and $46,640.94 for 2015 and 2016, respectively. To determine the national average wage index for 2016 at a level that is consistent with the national average wage indexing series for prior years, we multiply the 2015 national average wage index of 48,098.63 by the percentage change in average wages from 2015 to 2016 (based on our tabulated wage data). In other words, the national average wage index for 2016 is 48,098.63 times 46,640.94 divided by 46,119.78, which equals 48,642.15.
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Your first link gives a new grad salary of $51,022, so we're already at a little more than a 9% bump. But you are also comparing a new grad salary with an average of all salaries. Comping a new grad salary to all new salaries would likely result in more than 9% increase, as almost everyone, from non-HS grads to PHDs makes less their first wage-earning year than their career average.

I think the 5% figure is too low.

 
Gawain said:
I looked at the SSA # too, but the 48,098 number isn't the SSA average wage calculation. The average wage is:
 

Your first link gives a new grad salary of $51,022, so we're already at a little more than a 9% bump. But you are also comparing a new grad salary with an average of all salaries. Comping a new grad salary to all new salaries would likely result in more than 9% increase, as almost everyone, from non-HS grads to PHDs makes less their first wage-earning year than their career average.

I think the 5% figure is too low.
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Yeah, I figured you'd miss my edit on that.  It's what I did in 1981, too.  The actual bump in 1981 from HS to Bachelor's would be way more than 30%.  But I certainly see your point, and did quick back of the envelope on this.  I hope you can see that even 9% is substantially lower than the 1981 bump.

Edit: my math was way off on the 1981, too.  $13,773 vs. $20,906.  It was a 51% bump.

 
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I don't have a problem with the article style. It's how things are going - nobody wants to read a wall of text and this is how you keep interest. 

 
Hilts said:
I don't have a problem with the article style. It's how things are going - nobody wants to read a wall of text and this is how you keep interest. 
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Interesting article.  I found it kind of funny that someone who is possibly a freelance writer is complaining that his father who was a full professor had more purchasing power than he does.  Graphics didn't bother me they also didn't add anything.  But I am around the same age as the author. 

Do we really have people in their mid 30s who consider themselves part of the younger generation?  Most people I know around my age are married, have kids and a home.  Maybe I'm mostly around wealthy people since I live in a city and that could skew my view.  But people I went to High School with seem about the same and that's in the rural south.

 
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