Comments on: Gen Y: Young and Poor in America?

By: Millennials: Hip and Poor | Millennial Marketing

Millennials: Hip and Poor | Millennial Marketing — Fri, 02 Apr 2010 16:55:40 +0000

[...] in a long downward trend in young adult wealth. I have reported before on Gen Y being one of the poorest generations of young adults. According to a 2008 report by DEMO’s, “The Economic State of Young America”, [...]

By: Sasha H. Muradali

Sasha H. Muradali — Mon, 29 Mar 2010 05:14:39 +0000

Wow, thanks for writing this Carol. I certainly can relate to your article. It's scary how accurate parts of it really are.Not only because I can relate to it, but because of stories I've heard from friends.

I talk to my cousins who graduated about ten years ago and now have kids, and it was certainly a different an far easier time when they graduated than when I did.

I hope within the next year or two things get better... a lot.

By: Links to Start Your Week « The Everyday Idealist

Links to Start Your Week « The Everyday Idealist — Sun, 28 Mar 2010 15:17:26 +0000

[...] Millennial = poor [...]

By: Don’t worry—we still have the Millennials

Don’t worry—we still have the Millennials — Wed, 12 Aug 2009 14:53:36 +0000

[...] not that the Milennials are rich, though. According to the DEMOS research group, typical earnings for young men with college degrees are down 19% since 1975. When it comes to [...]

By: Stuart Fleming

Stuart Fleming — Tue, 30 Jun 2009 22:14:09 +0000

Thanks for pointing us in the direction of those in-depth studies Carol, and as Martin indicates there are many factors bouncing off each other to create the current situation.
I believe teaching our young people the skills to manage their money (the whole outcry at present for financial literacy in schools) will only go part way to addressing the issue – just as important are the personal beliefs / rules / habits behind our spending.
I'm not convinced our already-enormous expectation of institutionalised education can cope with such a conversation. How can teachers – many of whom struggle with money themselves – hope to guide our youth through the mental minefield of money?
We have plenty of fun and challenges ahead of us in helping Gen Y master their finances… get set… GO!
Smiles,
Stuart
Creator of the Money Mindset Mob
Enthusiastic believer in independent teens

By: Stuart Fleming

Stuart Fleming — Tue, 30 Jun 2009 22:14:00 +0000

Thanks for pointing us in the direction of those in-depth studies Carol, and as Martin indicates there are many factors bouncing off each other to create the current situation.I believe teaching our young people the skills to manage their money (the whole outcry at present for financial literacy in schools) will only go part way to addressing the issue – just as important are the personal beliefs / rules / habits behind our spending.I'm not convinced our already-enormous expectation of institutionalised education can cope with such a conversation. How can teachers – many of whom struggle with money themselves – hope to guide our youth through the mental minefield of money?We have plenty of fun and challenges ahead of us in helping Gen Y master their finances… get set… GO!Smiles,StuartCreator of the Money Mindset MobEnthusiastic believer in independent teens

By: Martin Predd

Martin Predd — Tue, 30 Jun 2009 09:02:55 +0000

Interesting stuff. I also wonder if there's not a more basic difference in values at play here? You've blogged at length about the relatively high sophistication of Millennials when it comes to food, wine, technology and other consumables. Perhaps they have a different notion of what constitutes a 'necessity'. Perhaps they're not only earning less, but also are less willing to forego imported wine, organic food, nicer apartments, etc. than previous generations, thereby exacerbating their feelings of being 'poor'.

I also wonder whether they view the accumulation of wealth differently than their parents and grandparents. If a Millennial has $3,000 in disposable income available at the end of the year, are they more likely to take a trip to Europe, or shove it under the mattress? I suspect the former, at least compared to previous generations. As potentially the most 'worldly' generation to enter the economy as significant spenders, I wonder if a broader sense of wealth also underlies these decisions...one characterized by accumulating more personal and cultural experiences rather than financial wealth in the traditional sense.

By: Martin Predd

Martin Predd — Tue, 30 Jun 2009 09:02:00 +0000

Interesting stuff. I also wonder if there's not a more basic difference in values at play here? You've blogged at length about the relatively high sophistication of Millennials when it comes to food, wine, technology and other consumables. Perhaps they have a different notion of what constitutes a 'necessity'. Perhaps they're not only earning less, but also are less willing to forego imported wine, organic food, nicer apartments, etc. than previous generations, thereby exacerbating their feelings of being 'poor'.I also wonder whether they view the accumulation of wealth differently than their parents and grandparents. If a Millennial has $3,000 in disposable income available at the end of the year, are they more likely to take a trip to Europe, or shove it under the mattress? I suspect the former, at least compared to previous generations. As potentially the most 'worldly' generation to enter the economy as significant spenders, I wonder if a broader sense of wealth also underlies these decisions…one characterized by accumulating more personal and cultural experiences rather than financial wealth in the traditional sense.