Wealth Gap Increasing Among Millenials, Possibly Most Unequal Generation in History

[Lights Out 101]

It's their own fault for blowing their money on hip belts and fancy record players

 

[JonesBones]

Financial illiteracy is a disease. Maybe best time to invest for the little guy now. Free trades on Robinhood. No fees. Just buy index funds and let them ride. People lose a fortune through management/401k fees. Index funds have much better expense ratio.

 

[Philo-Publius]

Two trends are emerging in recent years. In short, 1 in 6 millennial actually have more than $100k in savings and investments, which is quite impressive. On the opposite end, number of millennial without any savings are increasing. Even in older millennial group (25 to 34), about 4/5 has less than $10k in savings.

https://www.cnbc.com/2018/02/09/a-g...illennials-have-absolutely-nothing-saved.html

There is growing evidence that millennial will be the most unequal generation than all previous ones.

https://qz.com/1130126/millennials-...vious-generations-according-to-credit-suisse/

What do you think the implication of this has on society in a decade?

It probably boils down to a mismanagement of their money. They are spending more instead of saving.

 

[IloveTHIS]

4/5 25-34 year olds have less than 10k in savings?

Wow, here I was thinking I was an absolute failure that was going to be broke forever. Turns out I'm rich for my age range.

 

[IloveTHIS]

I’ve done well for the decade after high school with a good job until I got laid off. Now I feel as if I’m back to square one.

Money goes fucking fast bro. I experienced that myself recently.


Last year, my checking account had the most amount of money in it I had ever experienced. I felt like a king. Then I suddenly lost my job, and had massive medical bills and car repair bills hit a the same time.

That account shrank so fast it made my head spin. Made me a better person because of it though. Made me completely rethink my income and spending habits.

 

[Jack Reacheround]

Well you are putting people straight out of college making absolutely nothing and people well into their thirties hopefully settled into their career both in the same category.

Not saying there isn’t a massive wealth gap in America or anything, but this info seems misleading

Yeah, this is kind of a weird and incorrect way to measure wealth distribution. It would help if we had some basis for comparison between millenials now, and previous generations when they were the same age. But it just makes more sense to measure overall wealth and income distribution which is of course becoming more inequitable as time goes on.

This is an issue. A really bad one. There is a reason why all third world countries have horrible wealth inequality. What happens is that the few people with money own the government. So they write legislation that insures only the wealthy can be wealthy, stifling social and economic mobility. We are already seeing that here.

 

[xcvbn]

A welfare state creates a lower genetic quality of humanity and then pays them even more to pop out even more kids.

Moreover, the kids they pump out are barely even smart enough to do jobs now, in 20 years those people and their offspring won't be able to do ANY of the jobs.

Lmao you can't be this stupid

 

[mooseman17]

People need to be taught how to save money and not spend frivolously on pointless items. The majority of my friends are flat broke and these are all college grads with $60k+ paying jobs and dual incomes. It’s unbelievable. But they go out to eat and drink almost daily and think their credit cards are free money. Those IG posts of your meals do NOT come cheap.

 

[Kaybee]

People need to be taught how to save money and not spend frivolously on pointless items. The majority of my friends are flat broke and these are all college grads with $60k+ paying jobs and dual incomes. It’s unbelievable. But they go out to eat and drink almost daily and think their credit cards are free money. Those IG posts of your meals do NOT come cheap.

True, millennials are much more likely than other generations to go out to eat regularly than other generations - even taking into account the eating habits of baby boomers, gen xers when they were younger. There are other factors that play into this of course - millennials are more inclined to prefer urban living to suburbs and countryside - so it isn't happening in a vaccum. Still, those $25+ meals add up when it's an almost everyday occurrence.

 

[therealdope]

True, millennials are much more likely than other generations to go out to eat regularly than other generations - even taking into account the eating habits of baby boomers, gen xers when they were younger.

Ummmm --- I'm Gen-X and I can tell you there are an astounding number of GEn-X turds who have no idea how to cook. Probably the first generation of women who have no cooking skills.

High school lunch consisted of a schmeer of purple gel between two pieces of bread for many GEn-Xers. No snacks, no drink just two pieces of the most nutrion-less bread with purple dye in the middle.

 

[therealdope]

4/5 25-34 year olds have less than 10k in savings?

I think that's the same for Americans 60-70.

 

[Aegon Spengler]

We need to organize. Labour movement is our only hope at this point.

 

[Deleted member 220895]

We need more fisherman. That'll even things out.

 

[Hollywood Jack]

Maybe but as a 38 year old whonhas a well established career, savings and dual incomes (married, wife is on the medical field), own a few properties free and clear, zero debt, I’m not too worried.

If you're 38, that's actually around when the Millennial generation started. It refers to people who graduated high school around the time of the Millennium (late 90s-early 2000s). I'm 37, graduated high school in 1999. I'm one of the original Millennials.

 

[Kaybee]

Ummmm --- I'm Gen-X and I can tell you there are an astounding number of GEn-X turds who have no idea how to cook. Probably the first generation of women who have no cooking skills.

High school lunch consisted of a schmeer of purple gel between two pieces of bread for many GEn-Xers. No snacks, no drink just two pieces of the most nutrion-less bread with purple dye in the middle.

I can see that - trends like that don't just appear out of nowhere. I'm 24 and my family usually only ate out once every month or two (not including take home stuff like pizza, but even that was one every two weeks or so), so the idea of blowing money to eat food that isn't difficult to make yourself in the internet age seems really alien and wasteful to me. Granted, my mom isn't American so maybe I just missed the trend

 

[Organic Damage]

It's not surprising in this technocrat society. Those that are graduating from elite universities, especially in STEM fields, are benefiting. The rest are falling behind.

I wonder if all these broke millennials had studied IT instead of basket weaving or feminist studies, whether they'd really all be solvent.

Or would there just be a glut of IT pros panhandling on the medians with cardboard signs saying "Will code for food?"

Somehow it seems like it's more complicated than people studying subjects that there's no market for...

 

[Hollywood Jack]

This isn't really all that concerning.

The big issue is that robots and Algorithms are going to replace most jobs in the next 30 years or so. There will be new jobs created, but these jobs will require substantially higher levels of intelligence than most of the current jobs. Which isn't good for most of the people who aren't me considering that it's arguable that most average joes are actually getting dumber thanks to the welfare state.

It's not just intelligence, but a particular kind of intelligence, specifically visual-spatial, i.e. the type that is useful in STEM fields. It requires not only a high level of intelligence, but a very specific kind that is even less common. It leaves the vast majority of the population out in the cold. Universal basic income may become a necessity when the average job becomes automated.

 

[Hollywood Jack]

Does it matter? I keep hearing the gap between Rich and poor is growing... but a poor person in 2018 is far better off then someone in say 2000 imo..

I grew up in a middle class family but back 15-20 years or so ago.. the internet was garbage and dial up.. you had no amazon at the touch of your fingers to order anything.. Now you have far more options.

When you count income relative to inflation, they're worse off. And even the early 2000s weren't ideal in that regard. We peaked in the 50s and 60s. The day when a high-school educated man could support a wife and kids with an average manufacturing job and go on vacations and pay his kids' college tuition are over.

 

[Clippys Mom]

Yeah but these stats don't really factor in likes and retweets, now do they?

The real currency of our time. Don't forget followers and likes.

 

[IloveTHIS]

I think that's the same for Americans 60-70.

if I couldnt retire by 60 years old I'll just an hero