Generations Change
Photo by Tejas Kotha
“Financial success to me would be making enough money to survive in my hometown”
Aurelia 30 years old New York City
“I think for a lot of people, your parents have to be living that American Dream to achieve the American Dream, which isn’t the way it should be.”
Eli Jolly 24 years old Virginia
The world has been changing since its inception with the Big Bang. Entropy tells us that we are sliding into an ever-increasing state of expansion and chaos. But is life supposed to be becoming ever more chaotic as well? The quotes and statements in this article are from an article I read in USA Today by Bailey Schulz and Kathleen Wong that I found both interesting and sad. Young adults who make up Millennials and Generation Z have a gloomy outlook on their futures and rightly so.
As a representative of Generation X, I used to think that these generations were just whining. That they were coddled since birth and were just not properly prepared to take on life as they grew older. They were raised as part of the “everyone gets a trophy “years and were never taught the tools that they needed to in make it in my world. But I now see them differently. I realize the rules have changed for them and many have not been able to figure out what it takes to succeed in today’s world. Actually, none of us have.
The rules changed for my generation as well. We were not just able to get any job and live a comfortable life. Blue collar jobs paid well and your life could be a very manageable solid middle class. Yet many of these jobs started to go away. Attending college was slowly but surely becoming the pathway to a better life. But as I sit here today, I see the very foundation of our country and our way of life deteriorating.
Everyone agrees that the core strength of capitalism is a strong middle class. As a middle class member myself I can tell you that we are the people who buy the products that drive the markets that support our economy. What happens when there is no middle class? Well, I guess we will find out as the wealthy and powerful gain more and the middle class shrinks into oblivion. Who will buy the products then?
As we move forward what will it take to bring all people up to a similar level economically? The chances of this happening are slim to none at this point. We continually chase the almighty dollar. Stocks have more say in the equation of life than human experiences. This is our problem. We all wish we had more money and this seems to cost us our humanity. For a few, they are able to gain so much wealth but at the cost of what? Could you make a few less billion and still find happiness? Of course, you can. And no matter how much money they make, these millionaires have to ask themselves, why is it not enough? Is the power that people crave so significant that it is worth losing all of ourselves?
Young people feel it is impossible to achieve the financial security of their parent’s generation. Everything simply costs more these days. Starter homes, college fees, food and cars have soared above what they used to cost, what they should cost. Unfortunately, incomes have not grown at the same rates. And to compound matters, older generations are living and working longer so younger people are finding it harder to advance. Older people need to make up for lost retirement funds from pensions that have too many people drawing from them, bear financial markets, social security not going far enough and rising costs for health insurance that prematurely suck retirement funds dry.
A high percentage of Generation Z and Millennials believe that younger people face more hardships today than earlier generations. On top of that young people also have to deal with issues such climate change, political divisiveness and gun control. Just take a look at the Republicans trying to nominate a speaker pf the House right now and tell them they are wrong. They feel the American dream is not attainable. And in many ways, I agree.
Harris Poll CEO John Gerzema believes there is “an entire generation that feels like they’re coming of age in sort of this fractured divisive world.”
74% of Americans say the economy is getting worse. We are adding more jobs but prices continue to rise and interest rates climb. So younger people are redefining what it means to be financially successful. They have chosen different financial goals. Listen to the younger generations and hear their frustration at things that we were able to achieve in our lifetimes but that many have given up hope for.
Matt Age 27 Teacher in New York City
He feels young people want a job that they enjoy more so than one that pays the bills. He feels home ownership is impossible so settle for a job that pays the bills and have some left over for recreation and fun.
Brandon 26 from Texas
Feels older people had it easier. He went to college during the pandemic and rent in his area has spiked 21%. He has heard stories of how baby Boomers worked at simple jobs for the summer and were able to save enough for college that year or to get their lives started like starting a family or buying a house.
Audrey 31 Hawaii
She describes the predicament that her generation is in. “…the only home I could afford would be a small condo…And it does just make more sense to rent at this point. I’m a realtor and I’m pushing home ownership, but I can’t do it…People who have a better outlook on the economy do better in the economy. I feel bad about dumbing it down to a mindset thing but I see it often…If you give up then you’re going to be one step behind.”
Ashley 23 North Carolina
She does not consider herself financially successful because she does not earn enough to do what many other people her age do, live on their own. Of this situation she says, “I don’t think it’s going to get any better. I just think that a lot of things are going on in this country, especially the economy. It just feels in the garbage. There is so much unknown.”
Alexandra
“I don’t think it’s good for anyone to have a society where a few people are doing really well, the winners, and then you have a lot of people who are really struggling. It’s not sustainable to keep having these things out of reach for so many people.”
And there it is again, in a nutshell. We have two generations feeling their way through life. They have no road map to generally point the way. Have we taken initiative and opportunity away from them? It is definitely something that we need to consider if we are going to somehow fix this thing. And looking ahead, what is in store for the following generations?
