FARGO, N.D. (Valley News Live) There’s many things that can set parents and their children a part, but according to a new analysis of Federal Reserve data by Young Invincibles it’s more than just age.
The advocacy group says that millennials are a troubling generation that is worse off than the baby boomers with all the hardships they must overcome.
Many young adults dream of the day they walk across the stage and get that piece of paper saying it’s time to give me the money, but what many millennials are finding is what they’ve been told all along isn’t necessarily reality.
According to an analysis by the Young Invincibles, millennials are worse off than their baby boomer parents.
“Before I was born, I think it was assumed that I was going to make my way out of college. Basically, pay for my own college and there was no question about it,” says Laukii Cheng.
“So a big part of my decision of education for where I wanted to further my education came down to, ‘As a teacher, am I realistically going to be able to pay back my student loans?” says NDSU student Dana Steward.
Landing many millennials, those between the ages of 25 and 34, now enter the real world with student loan debt that will take years or even a lifetime to pay off especially when earnings for this age group has gone down by 20% since 1989.
One baby boomer says there’s factors that negatively impact that as well.
“Everything costs more. If you don’t make more money you can’t afford to buy expensive things,” explains Fred Haecherl.
The general wealth of millennials has decreased by a little over half since 1989 according to the study which can lead the number of those who own a home down as well by 7%.
Cheng says people around her age don’t want to settle in one place right after school because they want to travel instead.
“I think I have a lot to learn about just life in general. Not even just the states but other countries too” adds the Oahu, H.I. native.
For a Lisbon baby boomer, he believes millennials don’t want to work, lack work ethics or simply give up when the going gets tough which he says you can’t do so he is making sure that his 11-year-old daughter grows up with the same determination for life that his parents installed in him with the hope that things are different for her and her generation.