Why is the Millennial Generation so Poor?

Is it the millennial generation or the baby boomer generation that is to blame for why the young twenty and thirty somethings of today are so poor? S. E Smith recently posted an intriguing article at The Daily Dot pinpointing the blame of today’s current economic distopia on the baby boomer generation. While baby boomers want to point the finger at current millennial attitudes towards work, technology, and socialization Smith’s article points towards the tech bubble of the 1990s, the recession of the millennium, as well as the push for the millennial generation to go to college at a time when tuition cost is at its peak in terms of expense.

To see The Daily Dot Article please click here.

The argument is that the millennial generation is too lazy to work, that what we as a generation really want is to have fun, socialize, take selfies, and play games on the internet. Though we are a highly entertainment loving crowed I wouldn’t say we are as a whole lazy. There are many in my generation who are more hard working than any adult I knew growing up was. Yet, I also can’t help, but see the side that makes the baby boomer generation feel the way that they do. I know many millennials who simply want to go through life having fun without having too worry too much about finances and living expenses. I don’t see there being a problem with this sort of mindset accept in that I believe we all have certain responsibilities we need to uphold and take care of. I believe it is important to do what you love, regardless if the pay is worth it.

The baby boomer generation was all about free love, working hard, and following your dreams. The millennial generation as I see it is about following your dreams and having fun while you do it. Free love has been replaced with connecting with as many people as you can through the internet as a means of creating social connections for play, or work. Without blaming the baby boomer generation it is my opinion that the reason for the millennial generations poor status is a result of poor money management skills and living above our means. The generation before us were gifted with parents who taught them how to save money after all living through the great depression was par the course of the parents of the baby boomers. Though we may have learned basic money saving skills from our parents we didn’t learn  how to skimp on necessities, and cram together the most usages out of every little item. This is not necessarily the fault of our parents after all they had no reason to teach us these things. We live in an age where yes smart phones, computers, and flat screen televisions are just par the course of the modern home and life. It isn’t necessary for us to get rid of these things in order to pay off the masses of debt we have somehow found ourselves accumulating there are a thousand plus ways for us as individuals to pay down our debts its just a matter of learning to budget, and figuring out what we can truly live without.

Why do you feel the millennial generation finds itself to be in such a high state of debt? What do you think we as a generation should do to fix it?


3 thoughts on “Why is the Millennial Generation so Poor?

  1. Great Read!
    For me, it was living above my own means. This put me in the hole. Our education system should require it’s students to take finance classes, this definitely would have helped prevent me from getting to where I am today. I also wish they taught me about compound interest and the importance of investing/saving money early in life.

  2. Very true! Many millennials do live above their means! They need to teach more about personal finance in schools. Great post!

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