Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.
For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”
But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.
She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?
Good post, but we really need to get out of the generational thinking.
I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.
It’s a class struggle. Always has been.
Stop making it a generational battle. That only serves to divide the working class.
Yes, there is racism, ageism, sexism. We should debate those things and improve, but we can’t let those things divide us politically.
And since I’m ranting, let me end with a solution. We need to find themes that help all of us.
So perhaps we should say: for example, everyone with less than $1M in wealth gets a $20K tax deduction.
Who could oppose that? It doesn’t benefit home owners vs. renters. It doesn’t benefit students vs. retirees. It doesn’t benefit city dwellers vs. rural. Or white vs. black.
But it does benefit the class who owns nothing and gives them a better chance to own something.
That’s difficult when a lot of the news media is owned by *checks notes… the Capital class… and they have vested interest in keeping the conversation about a generational battle.
But yes, 100% agreed. The problem is we’re all commenting on news articles that will never stop presenting it that way.
Someone else could write news then? People started doing that on YouTube - e.g. CPG Grey, Ian Danskin/Innuendo Studios, Hank & John Green, Jon Stewart, Bill Maher, Kurzgesagt, etc. It did not work out well I think, especially since people seek more immediate gratification i.e. Twitch dances or whatever rather than fully college-level subject matter provided entirely for free, oh except having to watch ads for the corporate overlords.
If we do not value i.e. take care of things, we will lose them. In this case - and here I will use a generational term, b/c it refers to the only people in charge at the time it occurred - the Boomer (+ Great) generations chose this for the legacy of everyone who came after. Which is only the history of how we came to be here, but it is our choice to continue forward this way.
CGP Grey right?
Seriously the best content creator I’ve ever witnessed. His video on First Past the Post voting should be mandatory to watch.
So tired of people thinking inside the world’s smallest box, the two party system.
he doesn’t actually state in that video what should be the biggest takeaway: strategic voting is what leads to consolidation of parties, so your best interest longterm is to vote your values, even if doing so has a likelihood of losing short term.