Prompted by redditor u/Asmothrowaway6969, the members of the r/Millennial online community shared their thoughts about not being as well off as their parents, and revealed the differences between their financial situations. Scroll down for their opinions and experiences, and let us know whether or not you’re in a similar boat. We wanted to learn more about these financial worries, so we reached out to the author of the thread, u/Asmothrowaway6969. Meanwhile, Bored Panda was also interested in what Millennials can do to create more financial security for themselves, so we got in touch with personal finance expert Sam Dogen, the founder of ‘Financial Samurai’ and the author of the bestseller ‘How To Engineer Your Layoff.’
worktillyouburk , Fatma Gül Report
So, even though many Millennials are still relatively young, many of them are hoping to settle down, own a home, and get promoted to higher positions. But similar to members of Gen Z, some Millennials find that they’re stretched thin financially.
The World Economic Forum found that a whopping 42% of Millennials and 35% of Gen Z rank the cost of living as their top concern. In the meantime, 23% of Millennial respondents see climate change as the second biggest concern, followed by unemployment (20%), healthcare (19%), and personal safety (18%).
For Gen Z, the second biggest concern, according to the WEF, is unemployment (22%). Climate change ranks third (21%), followed by mental health (19%) and personal safety (17%).
HellyOHaint , Curtis Adams Report
MPD1987 , Pixabay Report
Statista points out that based on the data from the third quarter of 2023, 51.3% of the total wealth in the US was owned by the Baby Boomer Generation. Millennials owned just 9.3%. While this might sound unfair to many young people, things might not be as financially grim as they might first appear.
CNN recently reported on the findings in The Wealth Report about how American Millennials are getting ready to inherit a whopping $90 trillion in assets by 2044. In short, in a relatively short span of time, they’re going to become the most wealthy generation. However, this doesn’t mean that every Millennial is going to pop the champagne in celebration: whether or not you stand to inherit anything is all down to luck.
ProsePilgrim , Mathias Reding Report
sts816 , todd kent Report
NeoGeo2015 , Charles DeLoye Report
“It’s proof that loyalty doesn’t mean what it used to, but we all grew up with the same advice: that loyalty is key and would be rewarded. I know people who started working somewhere at 18 and got raises and promotions and never even considered leaving. They took care of the company and the company took care of them. That doesn’t happen anymore," u/Asmothrowaway6969 said.
eddielee394 , Ruthson Zimmerman Report
Ok-Abbreviations9936 , Breno Assis Report
Fart1992 , Dennis Schrader Report
The redditor finds the entire situation very disheartening. “We followed the advice we were given, but we’re not getting the same rewards. Corporations have taken all that they gave to those before us because they were allowed to. When will we demand better? From them, from our government, from everything? Millennials are often accused of thinking they are owed certain things. I think we are just demanding what everyone before us got.”
Gazealotry , Karolina Grabowska Report
gunnapackofsammiches , ThisIsEngineering Report
WHITE KIDS WILL EVENTUALLY INHERIT THEIR PARENTS´ WEALTH WHILE BLACK KIDS WHOSE ANCESTORS WERE REDLINED WILL NOT HAVE THIS INTERGENERATIONAL WEALTH TRANSFER.
little_runner_boy , TattooTito Report
Dogen urged Millennials to cultivate a stronger relationship with their parents. “They are the ones who have likely accumulated wealth during a prolonged bull market and purchased homes at lower prices than today. Naturally, parents desire to assist their children in owning homes and achieving financial independence. However, they may also fear spoiling their children and fostering a sense of entitlement,” the founder of ‘Financial Samurai’ told Bored Panda in an email.
“For mature adult children who approach the situation thoughtfully, they can effectively rely on support from ‘The Bank of Mom & Dad’ to help with significant expenses like buying a home, purchasing a car, or starting a family. It’s essential for adult children to develop emotional intelligence and navigate this dynamic with sensitivity. It’s worth noting that parents are often wealthier than their children realize, and their primary goal is to provide the best opportunities for their children."
Fr4nzJosef , Allef Vinicius Report
cronicillnezz , Nicola Barts Report
White families will have more inherited wealth than black families due to racist financial practices like red-lining. Robert Reich on the racial wealth gap: https://www.youtube.com/watch?v=OD-_apYzFMQ
ballmermurland , Annie Spratt Report
“Beyond legal preparations, adult children should foster stronger relationships with their parents while they are still alive. Moreover, they should educate themselves about various financial matters, including investing in stocks, managing real estate, and taxes of all types.”
Dogen warned that “it’s crucial not to let decades of sacrifice and asset accumulation go to waste after inheritance.” He added: “Luckily, most Millennials inheriting significant assets will be in their 40s and older, meaning they should have the maturity to make better decisions.”
TheDukeofArgyll , Karolina Grabowska Report
drinkingtea1723 , Katerina Holmes Report
White families have about 95 percent more inherited wealth than black families due to housing discrimination due to red lining. https://www.youtube.com/watch?v=OD-_apYzFMQ
bgaesop , Alexander Mils Report
I hope everyone reading this post thinks about the racial wealth gap - it is shocking. https://www.youtube.com/watch?v=OD-_apYzFMQ
Follow Bored Panda on Google News!
Follow us on Flipboard.com/@boredpanda!
