Millennials aren’t broke as long as they can get easy credit. Nosiree, it’s called living beyond your means, and has become an addictive lifestyle that traps many into financial slavery and poverty.
To millennials living a lifestyle like their parents is becoming impossible for many because of today’s declining job opportunities, fewer hours worked, low pay rates, and overall socialist influences upon our economy.
As long as they can get credit they can continue a pretentious lifestyle. But as available credit declines and outstanding debt accrues, they must “economize” by cutting luxuries or replacing them with cheaper or fewer alternatives. This downward spiral continues until they can no longer survive financially at their current lifestyles.
Marketing people should know a lot of the millennials are broke or fixing to go broke in the near future. At the least they should know consumerism is declining. But they are making decisions expecting the economy and employment to improve. In their political correctness and social experimentation they refuse to acknowledge the real factors that must change before our economy starts to improve.
In my opinion, things will get worse before they get better. Most will have nothing left to pass to their children except debt if things continue as they are. Millennials will be the first post-WW2 generation to achieve less than their parents and they will blame it on their parents.
I left the Army at 23 and didn’t get my degree until I was 44. Somehow I was able to support myself and a family, buy a home, purchase cars, pay utilities & taxes and all the other things. There were times where I had to work three jobs so that my spouse could be at home with the children. Life is tough.