Millennials are always worried about money. They worry not knowing they are more likely to face financial difficulties in the 1950s. The average house cost $17,000 and the average car cost $2,500. That means that if you earned the median salary of $50,000, you could save up for a house in just 3.6 years. In 2017, the average house costs $217,000 and the average car costs $35,000. That means that if you earn the median salary of $50,000, it’ll take you over 20 years to save up for a house.
The Financial Reality of Millennials Who Are Worried About Their Money
As an advanced generation, millennials have done a lot better than their parents. They’re more educated, more independent, and more often than not, have jobs that they love. Unfortunately, money is still something that they worry about. More and more people are turning to their parents for financial advice and parental support. Millennials are increasingly turning to their parents and grandparents for financial advice and parents for help with their kids. Some millennials even move back home for financial and emotional support. Not only do Millennials struggle with wealth creation, but their parents are doing worse than them as well. Social security is going to go broke by 2036. Not only are Millennials worse off, but so are their parents.
Why is this important?
Millennials are responsible for setting a new benchmark for living standards, as generations before they did. But as they get older, they’re finding it harder to achieve their economic goals. How will they spend their money even is something they are still worried about. Even if that would benefit them in the future.
“The truth of the matter is that our generation is the first in the history of the world to grow up believing that work is a virtue,” Joshua Becker, the executive vice president of LifeSpending.com, wrote for The Guardian. “In the 20th century, when people work, they expect to enjoy the fruits of their labor. But, work is the curse in our world. Our lives have become little more than empty pursuits”. The Social Security Administration found that nearly 20 percent of millennials are living at home with their parents, and more than 40 percent of them don’t own their own homes.
The Anxiety of the Millennial Generation
It’s no surprise that millennials face this immense debt burden. Indeed, according to Pew Research, millennials are carrying the most student loan debt of any generation, with more than $1.5 trillion in student loan debt held by 55% of millennials. As a result, they are also the most financially insecure generation ever. According to the Wall Street Journal, millennials are spending an average of 30% of their income on rent alone, and they’re struggling to save in many cases. This makes Ariana Grande’s song “Thank U, Next” all the more powerful.
Ariana Grande’s New Song & What it Means to Millennials Who Are Worried About Their Money
Grande’s song, with its lyrics about breaking up and getting back together, might sound similar to her previous songs, but there are a couple of important differences. First, it’s one of the only songs about millennial financial struggles. Secondly, she focuses on how the breakup is only temporary — this breakup won’t last forever. Here’s the chorus: Oh you think I’m fallin’ out, You think I’m lovin’ it, Maybe you think that I’m gone and I’m dyin’ I hope not, but at least I’m on the radio. The lyrics about not wanting to go to sleep because you don’t want to face the breakup tomorrow sound a lot like the sentiments in the hit single by 27-year-old singer Katy Perry called I Kissed a Girl.