Generation Y is Unlikely to Outdo Parents Financially
As if us Gen Y-ers need another reason to be depressed about our economic futures.
According to The Chicago Sun-Times, our generation is the first generation in 100 years that is “unlikely” to do better than our parents financially.
As the article explains, the recession, a poor job market and low wages have added to our burden of student loans and credit card debt—not to mention the siren song of ever-improving hi-tech gadgets. All of these things have caused us as a whole to sink deeper in debt.
As The Sun-Times details, Generation Y-ers have “high, unrealistic goals” and “many don’t manage money very well.”
Graduating with an average of $23,300 worth of student loan debt and little job security, though, has apparently given us a much needed dose of reality.
Well, thanks for that helpful advice, Sun-Times.As a Gen Y-er, I have to say that, unlike the individuals The Sun-Times seems to be talking about, neither I or nor my friends have any illusions about our financial state.
We’re more than aware of our debts and many of them, like student loans, are beyond our control. Tuition and housing costs have been raised in response to raises in the cost of living, the addition of new technology and the addition of new buildings on campus.
We also know our bills and our living expenses, and, as a result, have made sacrifices in other areas of our lives to make sure that our debt doesn’t get any more out of hand. And most of us have been working since we were 16-years-old, if not before.
We have a work ethic and an awareness of the financial woes at hand, even if our counterparts on shows like “Jersey Shore” suggest otherwise. I’m pretty sure that there are very few Gen Y-ers who don’t make more than Snooki.
In short, yes, we know the mess we’re in, and yes, we’re working to rectify it—even if you’re only just covering it now, Sun-Times.
We are not, however, going to cry about it.