What are the best things that millennials can do to put their financial futures in order? josephsternberg tells us OpenFuture
A NEW intergenerational skirmish broke out in 2017 when an Australian businessman bemoaned millennials who, instead of prudently saving to buy a home, splurged on smashed-avocado breakfasts and lattes. The complaint seemed unjust. The younger generation countered that they were imprisoned in gig-economy jobs, burdened by student loans and condemned to tenement life because of overheated housing markets.
Although many Americans were negatively affected, they weren’t equally negatively affected and often the dividing line was generational. Anything that disproportionately hurt small firms was bad for the younger workers who traditionally find their first jobs at that kind of company. Anything that inflated housing or other asset prices helped older owners and hurt younger people trying to buy into those markets.
More broadly, the reality is that some of millennials’ biggest financial problems only become fixable if we also get a handle on the tax bills we’ll have to pay for old-age entitlements. If millennials want to experiment with student-loan forgiveness, for example, a millennial-run government could only afford to do that if we’ve found some way to ease the fiscal strains imposed by Social Security and Medicare.
As tempting as it is for Boomers to do so, don’t go lecturing Millennials about how we could avoid [financial] anguish if only we cut back on our consumption of avocado toast—because there isn’t much evidence that Millennial overconsumption is what leaves us without any money to spare at the end of the month. On the contrary, Millennials are inducing a growing panic among a lot of retailers precisely because, while we do our fair share of spending, we’re price-sensitive and value-conscious.
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