Investment banking firm Goldman Sachs has released some new data on the fiscal situation of Millennials, AKA Gen Y, AKA Digital Natives, AKA the hip young people.
It’s pretty clear that Goldman Sachs have compiled the data so they can figure out how to make money off of young people. Well, sucked in Goldman Sachs – we haven’t got any money, apparently. Take tha-oh, wait. Damn.
‘Millennials’ have lower salaries and higher unemployment than previous generations at the same age. Over the last twelve years, 15-24 year olds have it significantly worse.
The stereotype that young people are flaky with money turns out to be a dubious one. Compared to preceding generations, today’s youths are less concerned with buying something that’s ‘quality’, and more concerned with buying something they can actually afford.
Possibly as a result of having no money, a higher percentage are ‘choosing’ to live at home with the folks. Notably, the percentage of young people living at home really spiked during the GFC.
This is not to say that millennials wouldn’t, actually, quite like to buy a house, thank you very much. Statistically, the vast majority of young people want to buy a house, get married and have kids. It isn’t that the bourgeois dream is dead – we just can’t afford it anymore.
Despite buying cheaper stuff, and less of it, and living cheaper lives, millennials are also racking up more and more debt than previous generations:
The report is also full of euphemistic expressions – e.g. Millennials “have shown different attitudes to ownership that have helped spawn what’s being called a ‘sharing economy’”, instead of just writing Millennials “can’t afford anything”. Check out the info-graphic, and your hopeless economic quandary, here.
More You Might Like
Who pulls the cheapest pints in Adelaide’s East End?
7 glorious Adelaide Central Market lunches under $10
We ate at every Adelaide 24 hour bakery in one night
Comments