Why are millennials poor
Millennials: A well-educated but poor generation
Millennials are often ridiculed: "You can't go for a second without a cell phone!" They say. Or: "I didn't have it as good as you back then. I couldn't just study forever and then travel around, at your age I had to go to work right away!" Those in their mid-twenties usually hear such sentences from their own parents or acquaintances at that age.
They are the network generation, also called Generation Y. Born between 1980 and 1994, Millennials are between 38 and 24 years old. That means that they should actually be in the middle of their working life, ideally with a condominium, car and child. It was the same with Generation X and the Baby Boomers, the predecessors of the Millennials.
A house, money and children? Millennials take their time.
In fact, Gen-Y is really the most educated generation. Sure, a university degree and a degree do not necessarily have to say something about a person's intelligence. But every year more and more people register for the universities and that shows a desire for education!
Even so, it's not like millennials just have a free pass to life. Yes, they sometimes study for a long time or even more often. Yes, they also show their lifestyle in the social median. And yes, they sometimes seem like they've eaten wisdom with a spoon. But that doesn't mean that it is that easy for them in their work life!
Gen-Y has its weaknesses, but it's not always easy either.
A large American study takes a closer look at the misunderstood Gen-Y. And the results speak for themselves! Because the Baby Boomers are absolutely wrong about one point: Millennials' wealth is not even half of what the Baby Boomers already owned at the same age! And on the subject of studying: academic further education is still the best way to a financially secure life.
Of course, this study mainly examined the lives of American millennials, but the two points mentioned above can certainly also be applied to (West) Europe's Gen-Y. These young people grew up at the time when the economic crisis shook the world. You experienced 9/11 and heard of terrorist attacks and rampages almost every week. And yet they strive for more and are motivated to become a full part of society!
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