In an era where many people mock millennials for their supposed indulgences—yes, we know about the avocado toast—it’s time to recognize that this generation is not living the high life. Millennials are often blamed by older generations for societal issues, but the truth is, they are financially worse off compared to their parents at the same age. A revealing chart lays bare these harsh realities.
According to a study from Axios, the median income from 1977 to 2016 has barely budged, while the costs of essential services and goods have skyrocketed. Although the figures are adjusted for inflation, the stark contrast is evident. As millennials grapple with soaring education expenses and housing prices, they find themselves burdened with significant debt, all while their wages remain stagnant.
As of 2016, census data indicates that approximately 31 percent of young adults aged 18-34 are living with their parents, marking it as the most prevalent living situation for this demographic. This trend underscores how burdensome college debt and prohibitive housing costs are hindering the independence of young adults. Shocking, right?
Like many in my generation, I didn’t need a study to tell me that I’m not as financially secure as my parents were at my age. The data reflects a reality I live daily—while costs have increased, earnings have not kept pace. Just today, my friends sent me a picture of the land they’re buying to build their dream home, which will likely be far more impressive than my own “starter” home, where I’ve resided for over a decade despite being gainfully employed throughout that time.
But hey, I’m not bitter or anything. Just breezy.
Many in my age group took to social media to express their thoughts on these findings, with a notable trend: millennials are increasingly opting out of marriage.
The key takeaway? Millennials now account for a quarter of the population, as Axios highlights—meaning we also hold a quarter of the voting power. As we navigate overwhelming student debt and struggle to afford homes, let’s keep these facts in mind and mobilize our avocado-toast-fueled selves to the polls this fall.
This article was originally published on July 25, 2018.
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Summary:
Millennials are facing significant financial challenges compared to previous generations, as evidenced by stagnant incomes against rising costs of living. Many young adults are living with their parents due to overwhelming debt and the high costs of education and housing. This trend highlights the need for millennials to engage politically to address these issues.