This explained a lot...
Posted on 12/04/2022 5:40:52 AM PST by Diana in Wisconsin
Anthony Strain was desperate for another roommate.
The 26-year-old from Pittsburgh is currently unemployed, $50,000 in debt, and falling behind on his gas and electricity payments. To provide "financial breathing room" and help shoulder their $800 monthly rent, Strain said he and his partner found another person to move in with them and help split the bills.
"We wanted this system to minimize the average cost per person of living here," he said, adding that the trio splits the costs of rent, utilities, and subscriptions to streaming platforms.
Strain isn't the only young American experiencing financial challenges right now. Amounts of credit-card debt and delinquency rates are on the rise, especially among 18- to 29-year-olds. It comes as most economists predict a recession in 2023, as inflation is up 7.7% versus this time in 2021, and as rents — while beginning to fall in some cities — remain elevated. It's caused young Americans to take out more debt, bring on more roommates, and pick up more work.
To be sure, not all Gen Zers are struggling. Americans aged 16 to 24 have seen a wage growth of 13% over the last year — well above the 7.7% inflation over the same period — as companies have raised pay to attract workers. But if a recession comes, Gen Zers could be among the hardest hit due to mounting debt, few savings, and vulnerability to layoffs.
The ones Insider spoke with don't have a lot of hope for the near future.
"We try to endure, but I don't know if we will last the winter unscathed," Strain said. 'My generation and I will not have the same opportunities to build our futures as our parents and grandparents did'
(Excerpt) Read more at businessinsider.com ...
They voted for the Dems, it’s their own fault
Though it’s not like Republicans made a good pitch to them.
Dude. The unemployment rate is 3.7%.
You should get a job, not a roommate.
My son is also in the IT sector making crazy amount of money. Sad thing, he and his girlfriend PISS through it as fast as they make it.
Gen-Z is simply squandering all benefits provided by the HARD WORK of parents and grandparents.
Naming them the Zeros Generation was right on the money. Maybe the Cancelled Debt Generation may be more appropriate.
Being a baby boomer recently retired, I am very thankful I grew up in the 50s, 60s and 70s. The space race, man on the moon, education was decent, WWII vets as coaches and principles at school. Folks still went to church wearing dresses and suits. We did have the opportunity to purchase a home and build equity. Was that the tops of the American experience? Also thankful I am not starting out today.
I only read the excerpt, don’t lash me over it ‘cause some only read the title, (if that much).
Have pity on me and tell me how Anthony has $50,000 of debt. Only once in my 77 years I have been in debt $50,000, when I took on a 15 year mortgage in 1973, long since paid. I was Anthony’s age when I did I.
My simple advice to all who voted for Democrats last month is: Embrace the Suck...you voted for it!
O/T, my company had its "internal" Christmas Party last week, employees only. As one of the newer employees, I was invited to say a few words to introduce myself. It was brief and to the point: "to you millenials and other young people out there, it doesn't get any better than this!"
After nearly 5 years in the workforce, I know when a company is well run, and this one is at the top of my experiences. First and foremost, it's run by adults. A great indication occurred during my first week, when I saw the CEO making coffee, a common occurrence with him. Other senior leaders are focused on the mission, and supporting their employees.
The CFO told me the first day, "I know it says office hours are 8:30-5, but we're all adults here. As long as you're giving me 40, I really don't care how you do it."
I’m in the same boat, and I agree with everything you said. :)
IT folks can find jobs where they work from home.
Then they can move to lower cost areas.
But—I know—math is racist.
I bought my first house at age 26. I have no idea how kids are making it these days, though I do know a lot of young people, closing in on their 30’s who are home owners and parents and they seem to be doing OK.
None of my Step-Sons own a home and they’re well into their 30’s. Our Foster Son is 42 - living on a friends couch.
*Rolleyes*
I TRIED to lead by example. Really, I did! And all of them know better than to ask to live with us, because I WILL charge them rent, and I WILL make them a Budget to live by and they WILL stick to it, and they WILL be expected to work more than one job, plus do stuff for me out here on the farm!
Yep. I’m the ‘Mean Mom’ you hear about in tales of old, LOL!
Maybe part of the problem is, is that there aren’t enough ‘Mean Moms’ around, anymore? :(
This explained a lot...
That’s not much over $100 per capita.
But considering the rate of inflation, that’s instead probably an absolute, inflation-adjusted decline in balances.
This is either pure propaganda, an idiot of a reporter—or both:
“a wage growth of 13% over the last year — well above the 7.7% inflation over the same period”
Exactly Shadow Stats has had TRUE Consumer Inflation pegged at 17% since Brandon was installed.
Voting themselves into poverty. Idiot generation.
Yep. Pretty much all worker groups have been steadily falling behind.
This explained a lot...
++++++++++++++
Is that a Schman or a Mansch?
I was just about to say. I hope the little Commie darlings freeze and starve to death.
Wonder how many of them still have a Biden poster on the wall.
First off home economics is not taught in school (and I am not talking about how to cook or sew) I am talking about money. So they don’t know the dangers of credit or signing contracts you don’t understand. By lowering the age of being an “adult” they gave these young people a loaded gun without any training on how to be safe.
Easy credit cards and student loans have put an entire generation into “indentured service” to lending organizations.
For too many years there has been a myth that everybody should go to college. It is a lie. Not everyone is suited for college and not every college degree is worth the cost to get it.
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