With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.
The analysis being released Friday gives concrete details about a troubling generational divide that helps to explain much of the anxiety that defined the 2016 election. Millennials have half the net worth of boomers. Their home ownership rate is lower, while their student debt is drastically higher.
For one in-explainable reason or another, I have become incredibly infatuated with these types of stories since graduating from college, probably because I fit directly into the demographic that is constantly portrayed. I’ve lived both at home and on my own since graduating in 2011, but have since been interested in hearing the reasons as to why others have done the same. What drives them to move out? What comforts them in living at home? Is it by choice or is it forced (either living at home or on their own)? These questions have become very common over the past few years.
Cheryl Romanowski mentions in the article that opportunities have “just been fading away” for her millennial-aged daughter, which I would say isn’t necessarily true. Instead of saying opportunities have been fading, I would simply say that opportunities are merely different than previous generations. Take myself for example (deep breath). Since 2011, I’ve held six different jobs ranging from three months to 18 months in duration and have had my fair share of issues trying to explain that during a job interview to recruiters both my age and my parents age. All I can say to that, and trust me on this, if you can lucky enough to tolerate your current job, just stay there.
Perhaps I should take my own advice, but personally I find more value in finding a job I enjoy rather than a job which pays highest. That being said, in concurrence with this article, if the boomer generation and millennial generation were road maps, I would compare boomers to a map of New York (straight and narrow) and millennials to, say, Boston (yikes).
My generation is more interested in freelance jobs and projects that are of interest to them both professionally and personally, as opposed to the monotonous 9-5 gig, hence playing a part in the decline of financial well-being. However, if you’re like me, money isn’t a main factor for happiness and this can be a potential reason for the difference in generational stability.
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