Why Millennials Are The Most Screwed Generation

With the national student loan debt, the millennial generation carries the heaviest burden in U.S. history, totaling $1.4 trillion.The national student loan debt is staggering.Millennials carry the heaviest student loan debt in U.S. history, totaling $1.4 trillion. The link between student loan debt and education level is not direct; it connects to other factors.Education is expensive.College education is expensive.

Since 1988, college tuition has climbed 213%.College tuition rose 213% since 1988.If college tuition stayed the same as in 2001, 360,000 more young people would have owned homes in 2015. Tell Aunt Linda this next time she pressures you about buying a home.

Teachers, parents, and counselors told high schoolers college was the path to success. They failed to show the cost of that path, which was 213% less expensive for them.

During and after the Great Recession, a college degree did not guarantee a good job. Employers picked the most qualified, often overqualified, candidates because demand was high.

Millennials' parents filled those entry-level jobs. The recession caused older generations to stay in work longer.The recession kept older generations in the workforce longer.Since 2008, the workforce saw a 13.2% drop in people under 25 and a 7.6% rise in people over 55.

Millennials who bought into the college idea but ended up with $30,000 in debt and bartending face hardship. Without a degree, the situation is worse: qualified candidates take entry jobs, degree holders take non-degree jobs, leaving little for those without degrees.

How hard is it for a high school graduate to find work in the workforce?Forty-three percent of college graduates report working.Over 16% of bartenders hold a bachelor's degree or higher. The millennial generation has more college-educated people than any other.Forty percent hold a bachelor's degree or higher.This means high school graduates face higher unemployment rates.High school graduates are twice as likely to be unemployed.This is compared to someone with a bachelor's degree.

College education costs much, but today's economy makes it necessary.

Millennials who graduated between 2008 and 2012 face the biggest workforce disadvantage.Graduates between 2008-2012 face the biggest workforce disadvantage.They are victims of timing. They graduated during the Great Recession, a time when overqualified candidates took all the entry-level jobs.

In 2007, 50% of college graduates had a job. By 2009, less than 20% had a job. This left graduates years without degree jobs, forcing them into blue-collar work. Recent graduates found jobs easier than those who graduated eight years earlier without experience.

A long-term income gap forms. A 2009 graduate earns $58,600 less than a 2007 graduate over ten years.

Graduating between 2008-2012 showed timing affects economic standing. The younger generation suffered during the Great Recession; the older generation did not suffer the same way. Between 2005-2010, the median net worth of people under 35 fell 37%, while the median net worth of people over 65 only dropped 13%.People under 35 saw a 37% drop in median net worth.People over 65 saw only a 13% drop in median net worth.

This created the largest wealth gap in recorded history between younger and older generations.The older generation is now 47 times richer than the younger generation.The older generation is 47 times richer than the younger generation.

The wealth gap and student loans suggest downward mobility. Since 1989, the median wealth of families headed by someone over 62 has increased 40%, while families headed by someone under 40 decreased 28%. Millennials will be poorer than their parents.Median wealth for families headed by someone over 62 increased 40%.Median wealth for families headed by someone under 40 decreased 28%. Millennials will be poorer than their parents.

Millennials face issues from student debt, job hunting, and inability to buy property. This prevents them from facing common stereotypes of laziness or entitlement.

Millennials will see the first era of downward mobility since WWII.Millennials will see the first era of downward mobility since WWII.

Student loan debt greatly affects life. Fifty-six percent of millennials with loans delay major life events.Fifty-six percent of millennials with student loans decided to delay a major life event.This delay includes getting married or having children because of debt. Nearly a quarter of millennials with student loans moved back in with their parents.

These choices seem responsible but can cause long-term economic ruin. Estimates suggest millennial women are reproducing at the slowest rate in US history.Millennial women reproduce at the slowest rate in US history.This means there may not be enough people in the workforce to pay for retirement programs.There may not be enough people in the workforce to pay for retirement programs.Older generations resent millennial financial instability. Millennials delaying babies impacts baby boomers' golden years.

Corporate greed causes the workforce change. Yes, mostly.

After the 1970s, pressure for quick stock returns grew. Stocks used to be long-term investments where shareholders supported long-term employees and benefits. These factors helped company health and gave high returns.Companies now choose part-time workers or contractors.Companies offer no benefits or raises to these workers over the years.

Previous generations worked for one company their whole lives, earning enough for a house, family, and retirement. Millennials enter freelancing, part-time, and gig jobs because investors want quick stock returns. Companies only pay workers for generating wealth, meaning no sick days, no vacation, and no retirement fund.

This shift to freelance or gig work makes millennials more vulnerable. Millennials must save for retirement themselves without company contributions. This is happening more often.

Freelancers or part-time staff often lack sick or vacation days. Employees must take pay cuts if they get sick. Illness is worse because more employees lack employer-provided health insurance. In 1980, four out of five employees had health insurance.Four out of five employees had health insurance.Now, only half of all employees get health insurance from their employer.

These small benefit cuts seem minor, but they reduce lifetime earnings.

The idea that millennials are spoiled, entitled, and lazy is false. Estimates show different numbers.One in five millennials live in poverty.Reasons include student loan debt, difficulty finding qualified jobs, and low homeownership hope. Millennials without health insurance face financial ruin with one emergency.

This system leaves millennials vulnerable to poverty. In the 1970s, baby boomers hadA 24% chance of falling below the poverty line.By 1990, that chance for America’s youth rose to 37%. No safety nets and rising student loan debt keep that poverty risk climbing.

Student loan debt stunts the millennial generation, but that is not the only struggle. Past high school grads could find union jobs with fair pay, benefits, and secure retirement. That path is gone. Fewer secure jobs mean unions make jobs harder to get. Over the last 30 years, more jobs suddenly required employees to have occupational licenses.This means a high school graduate can skip college but not higher education. Nearly one-third of US employees now need a state license for their jobs. These licenses come only through occupational training or school, costing up to $20,000.High school grads can skip college but not higher education. Nearly one third of US workers need a state license for their jobs. Getting these licenses requires occupational training or school, costing up to $20,000.

Ah, and maybe older generations complain most: millennials aren't buying homes. It seems outrageous to think millennials can afford a home while working minimum wage and paying student debt. More factors keep millennials from homeownership than just the tough job market, student loans, and workforce climate.The median house value increased faster than inflation or minimum wage. In 1940, the median home value was $2,938. By 2000, it rose $119,600. Even with inflation, that 1940 home costs $30,600.Owning a home is now a dream out of reach for the average person because it outpaces inflation and wages.

Since the 1960s, rent increased twice as fast as income. Many renters now feel severely burdened, spending over half their salary on rent. Millennials want homes, though. Eighty-four percent of 18-34-year-olds say they want to buy a home, but they cannot.Another complaint about millennials is they don't plan for their futures, but that feels pointless.It has been reported that

Median home value rose faster than inflation or minimum wage. In 1940, the median home value was $2,938. By 2000, it rose $119,600.A 1940 home would cost $30,600.Owning a home is now out of reach for the average person. Inflation and wages have outpaced home prices.

Rent increased twice as fast as income since the 1960s. Many renters spend over half their salary on rent. Eighty-four percent of 18-to-34-year-olds want to buy a home, but they cannot.

Millennials complain they aren't planning for their futures. This seems pointless.It has been reported thatFuture decades project 401(k) returns will halve. This forces millennials to save twice as much for retirement as baby boomers. Millennials face debt, job shortages, lacking benefits, endless renting, not having enough children for social security, and rising poverty risks. Planning for retirement might seem minor for millennials. Estimates predict...Millennials will not retire until age 75.Opening A 401K Will Not Benefit A Millennial The Same Way It Did A Baby Boomer

Millennials work longer for less overall. However, millennials are lazy. Sure, Susan.