Studies show that millenials are having a hard time – Dr Boyce Watkins

Millennials, born between 1981 and 1996, face unique financial struggles compared to the Baby Boomer generation, born between 1946 and 1964. While Boomers benefited from a post-war economic boom, affordable education, and a robust job market, Millennials entered adulthood during the Great Recession, grappling with high unemployment and stagnant wages. The cost of education has skyrocketed, saddling Millennials with unprecedented student loan debt, which hampers their ability to save and invest. Additionally, the shift from pensions to 401(k) plans places the onus of retirement savings on the individual, a challenging feat amidst financial instability.

The housing market presents another stark contrast. Boomers were able to purchase homes at a time when prices were more reasonable and mortgage rates were low. In contrast, Millennials face exorbitant housing prices and rental rates, making homeownership a distant dream for many. This generation is also dubbed the “gig economy” generation, with many relying on precarious, short-term jobs that offer little job security or benefits. These factors collectively contribute to the financial instability and uncertainty that many Millennials face, starkly contrasting the relative economic prosperity of the Baby Boomer generation.

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