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Perfect storm of financial factors besetting millennials

BobStackFan4Life

BobStackFan4Life

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A combination of debt, joblessness, globalisation, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.

A Guardian investigation into the prospects of millennials – those born between 1980 and the mid-90s, and often otherwise known as Generation Y – has found they are increasingly being cut out of the wealth generated in western societies.

Where 30 years ago young adults used to earn more than national averages, now in many countries they have slumped to earning as much as 20% below their average compatriot. Pensioners by comparison have seen income soar.

In seven major economies in North America and Europe, the growth in income of the average young couple and families in their 20s has lagged dramatically behind national averages over the past 30 years.

In two of these countries – the US and Italy – disposable incomes for millennials are scarcely higher in real terms than they were 30 years ago, while the rest of the population has experienced handsome gains.

It is likely to be the first time in industrialised history, save for periods of war or natural disaster, that the incomes of young adults have fallen so far when compared with the rest of society.
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http://www.theguardian.com/world/2016/mar/07/revealed-30-year-economic-betrayal-dragging-down-generation-y-income
 
Millennials are picking up the tab for the western world’s most stunning accounting disaster to date. No one expected people to live as long as they are, and in such great numbers. Pensions that were promised in the past, and seemed ordinary at the time, are now onerously over-generous, and that is hurting young adults today.
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Pensioner demands are not just beating down the financial prospects of new employees. Retirees are also winning more from governments than they did a generation ago. Our figures show double-digit, real-terms growth in social transfers – what governments give out – over 30 years to pensioners aged 65-79, ranging from as low as 26% in Germany to 146% in the UK.

And once again, young people are the ones paying the price. Laurence Kotlikoff (baby boomer), a professor of economics at Boston University, is astounded at what has happened, especially in America. “The US is out to bankrupt its children.”
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Fewer workers means more bargaining power with employers, he said.

However, this has all been turned on its head by globalisation. In the past 30 years, liberalisation has allowed companies to outsource aggressively. Everything from telephone helplines to legal services to computer programmers are now being provided by outsourcing companies in countries such as India or China.

“That global workforce is easier to tap than ever,” said Pomeroy. “That means it’s not so good for your ‘in-demand’ 25-year-old.” The result: a slump in real wages over the past three decades for 25 to 29 year olds in several countries.

Once again it is only Generation Y suffering this fate. Using figures from 2010, most five-year cohorts from 40 to 65 posted positive pay growth compared with people of the same age 30 years earlier. In the US, Spain and Italy, the older you are in the workplace, the higher those wage increases have been.
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http://www.theguardian.com/world/2016/mar/07/generation-y-pay-price-baby-boomer-pensions
 
Meh. In true millennial fashion they will inherit it all for doing nothing when their parents die, so stop bitching about it. Your participation trophy is coming soon enough.
 
It is likely to be the first time in industrialised history, save for periods of war or natural disaster, that the incomes of young adults have fallen so far when compared with the rest of society.
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aren't we in a period of war?
 
2&2 Slider To Leyritz said:
Meh. In true millennial fashion they will inherit it all for doing nothing when their parents die, so stop bitching about it. Your participation trophy is coming soon enough.
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Makes inheritance tax a tough issue for you I'm sure then: probably against it but without the inheritance tax the segment of society you loathe the most gets more $$$$$
 
It really just boils down that millennials are on average giant pussies who don't know what they want to do. Plus they make horrible investments by going to private colleges and run up large amounts of debt with no plan to pay it off.

I spent 50K on four years of education, graduated without debt, got a decent paying job out of school, and purchased a home before turning 25. It's not a problem with the system the problem is the overly entitled, and coddled generation. I know i am a millennial myself.
 
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WFcatamount22 said:
It really just boils down that millennials are on average giant pussies who don't know what they want to do. Plus they make horrible investments by going to private colleges and run up large amounts of debt with plan to pay it off.

I spent 50K on four years of education, graduated without debt, got a decent paying job out of school, and purchased a home before turning 25. It's not a problem with the system the problem is the overly entitled, and coddled generation. I know i am a millennial myself.
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WOW! A millennial putting his generation on blast!
 
WFcatamount22 said:
It really just boils down that millennials are on average giant pussies who don't know what they want to do. Plus they make horrible investments by going to private colleges and run up large amounts of debt with no plan to pay it off.

I spent 50K on four years of education, graduated without debt, got a decent paying job out of school, and purchased a home before turning 25. It's not a problem with the system the problem is the overly entitled, and coddled generation. I know i am a millennial myself.
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is this serious?
 
WFcatamount22 said:
It really just boils down that millennials are on average giant pussies who don't know what they want to do. Plus they make horrible investments by going to private colleges and run up large amounts of debt with no plan to pay it off.

I spent 50K on four years of education, graduated without debt, got a decent paying job out of school, and purchased a home before turning 25. It's not a problem with the system the problem is the overly entitled, and coddled generation. I know i am a millennial myself.
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Well said. Anyone going to WF today should never complain about financial problems. Going to WF at these prices is now just a big ego trip.
 
Its interesting that the bootstraps crowd has no comment on this thread, but when it is poor uneducated low-skill workers struggling to make ends meet and getting food stamps because their mommies and daddies don't have the cash to kick down its because they aren't trying hard enough and are enticed by liberal handouts into not working.
 
WFcatamount22 said:
It really just boils down that millennials are on average giant pussies who don't know what they want to do. Plus they make horrible investments by going to private colleges and run up large amounts of debt with no plan to pay it off.

I spent 50K on four years of education, graduated without debt, got a decent paying job out of school, and purchased a home before turning 25. It's not a problem with the system the problem is the overly entitled, and coddled generation. I know i am a millennial myself.
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Well said. #publicschoolfilthteam
 
WakeandBake said:
Its interesting that the bootstraps crowd has no comment on this thread, but when it is poor uneducated low-skill workers struggling to make ends meet and getting food stamps because their mommies and daddies don't have the cash to kick down its because they aren't trying hard enough and are enticed by liberal handouts into not working.
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Or maybe their parents finally told them to fuck off.
 
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