Saving in your younger years -- How are Millennials and Generation Z going to do this?
Earlier Millennials graduated into the Great Recession. They were unemployed and/or underemployed. They were often living in a parent's home for survival. They had expensive student loans to pay because costs of college escalated during the 1990s-early 2010s. Even if they had minimal college debt, they were not getting their money's worth on their degrees.
A lot of those Millennials I describe are around age 40 right now and still feeling the effects of the Great Recession. They've also experienced a rapid economic downturn during a pandemic and a worsening white collar labor market in the 2023-present time.
Where are those Millennials going to find money to save for tomorrow?
Generation Z has had all of the same problems of the Millennials. Generation Z has had more expensive college than Millennials had. Generation Z has been graduating in the 2020s. First, many of them graduated in 2020 with the pandemic. Since 2023, they've gotten a bad white collar labor market too. It's been difficult for Generation Z to get started in adulthood, similar to the Millennials who were coming of age in the 2007-2012 era.
Where are those Generation Z'ers going to find money to save for tomorrow?
At least the Boomer in the original post had plenty of time to work in the late 20th Century and take advantage of better times. The older Boomers were 50-60 when 2008 arrived and had their nest egg saved up. Most Boomers were already retired when the 2020s decade started.