Essay Draft 1 Finances play a part in everyone’s lives. According to critics, the generation of Millennials have not been the most accomplished in this area. However, new information is on the rise, and it shows that Millennials are becoming more financially stable. The generation of Millennials is a broad group. The group of Millennials associated in this discussion are from the beginning of the Millennial generation, which are those born between the 1980s and 1990s. The Millennials generation itself ranges from the 1980s to 2004. After the Great Recession, the older generation of Millennials had a massive setback with financial security. Since then, Millennials have always been known for having poor finances by critics. Millennials may not …show more content…
They squander their money on luxurious foods instead of taking the next step into adulthood. (NY Times, 2017) However interesting Gurner’s argument may seem, he is incorrect. Avocados may currently be at their peak price, but Millennials buying too much of them is not the cause for Millennials’ financial hardships. According to the source, this isn’t the first time someone has tried to blame buying luxurious foods as an excuse for Millennials’ failing finances. Millennials’ finances have not been under extraneous tension for a while. Since the Great Recession, Millennials have been trying to improve their finances and find their place in …show more content…
Three in five millennials have been saving more than 5% of their income, and have the best budgeting system. Millennials are investing in their futures by saving money for retirement and saving in general. (Chase Bank, 2017) Another survey was done by the Schwab Modern Wealth Index. The survey included 1,000 Americans between the ages of 21-75 and how they managed their money. Schwab was mainly concerned with four areas: goal setting and financial planning, saving and investing, staying on track, confidence in reaching financial goals. On a scale of 0 to 100, the different generations were analyzed. Baby boomers came in with a score of 49, generation X had 45, and millennials scored a
Millennials are often portrayed as spoiled rich people who still rely heavily on their parents for everything. This makes them seem childish, and Matchar’s questionable usage of these terms nonetheless is an obvious jab at the poster minority. Millennials overall are hard working and put under more stress than their predecessors, and the ridicule they endure for their work is uncalled for. Therefore, the thesis’s major flaw almost entirely overshadows its main
As Andres Tapia mentioned, “ To be young is to be experienced”. Millennials have a different perspective about how to success in life. Since millennials are born during this current era, they have an advantage over people that were born before. With the inclusion of technology, it is easier to learn and apply new knowledge than before. A good example is the “Apps”. It is only necessary to create an app that attracts the interest of many consumers to start making money. Finally, Millenials have the ability to adapt and evolve. Millenials are the representation of
Those born between the years of 1982 and 2004, became known as The Millennials, however, this generation has been redefining traditional standards set by previous generations. By this generation's standards, they want to achieve higher education and travel, things that will set them back financially which has been made as a point to their change in the expected time for adulthood. One that is willing the delay the previous generation's’ dream of marriage and family to reach their more modern take on the American Dream. Millennials have many differences from them and previous generations, they were able to look more towards “who they were” than “what needs to get done”.
The myth of the millennial nation is one that describes the vision and perception held by the American people that suggests that the United States is the Nation responsible for heralding in the second coming of Jesus Christ. Hughes ties this vision to the American idea of manifest destiny which held much responsibility for our nation's growth and overpowering force, not merely in our hemisphere but in all of the world.
Millennials are accused of being tough to manage, behaving entitled, unfocused, lazy, narcissistic; however, they seek to have a purpose that they love and make an impact. Yet, the more they receive, they are not happy. Sinek jokingly states that they could be offered “free food and bean bags, because that is what they want, and they will still not be happy.” According to Sinek, there is a missing piece for millennials, furthermore, he goes on to say there are four characteristics that make millennials the way they are, “parenting, technology, impatience, and environment.” (2016).
Girod, Gary. "Are The Millennials The Screwed Generation." Mag.newsweek.com. Joel Kotkin, 16 July 2012. Web. 24 Oct. 2013.
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
Nearly 3.7 million American babies born in 1982 were the first members of the new Generation Y, or more affectionately known as millenials (Thompson, par. 1). Many things play into whether a generation is considered to be faring ‘better’ than another one; job opportunities, the state of the environment, whether the U.S. is at peace or at war, income vs. living expenses, the general happiness of the people, and the list goes on. Millenials are part of a special generation because for decades, “The American Dream” has included the belief that the future generation will fare better than the present one; however, millenials are not projected to fare better than the present generation X for many reasons.
Extensive research has recently been conducted concerning teenager consumer spending. The total number of teenagers in the United States was 25.6 million. In contrast to the population, the total teen spending was approximately $208.7 million annually. Premature affluence has increased dramatically in this generation. Teenagers have been overspending on materialistic products. This was also a cause of the increasing poverty and debt rates.The term “Premature Affluence” is a concept that describes when a group of people, especially teenagers, have more income than one can manage maturely (Piquero & Tibbets, 2002).
Blaising, Craig A., Kenneth L. Gentry, and Robert B. Strimple. Three Views On the Millennial and Beyond. Counterpoints. Grand Rapids, MI: Zondervan, 1999.
We blame the millennials for their behavior and their different characteristics compared to previous generations; however, what if we stop looking at the millennials and start looking at the reasons that they behave sensitively? Each generation contains their differences, including the way they educate the next generation. We continuously judge the millennials behavior, but we rarely judge the people who influenced this behavior. Education has changed throughout the ages, not to mention the parenting skills that vary from generation to generation, which has affected the millennials way of interacting in the world. Millennials grow up believing that they are imperative, that they are secure, that the world will conform to their generation, and that the world is a “nice” place. This teaching, causes millennials to be sensitive babies early on in life. True, millennials have the freedom to act the way they want; nevertheless, like other generations, millennials will act the way that parents and other influences taught them to behave. The millennial generation should not be liable for their
In a journal article entitled "The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns", Roshan Abdoreza states that a questionnaire showed that married people and men are the most financially literate, and higher financial literacy leads to less financial concern. Daniel Ray's statistics from CreditCards.com state that in 2012, Generation X(people born between the early 1960s and the early 1980s) had forty-two percent more debt than other generations. Since most of Generation X is at the age to get married, the number of financially literate married people might soon decrease greatly. These frightening statistics can be fixed as they have been in years past, but if Generation X continues in their current direction, the statistics will not change. In today's society, debt, unwise spending, and impatience are rising. Daniel Ray's statistics show that credit card debt has increased...
...ey buy things using credit without taking into consideration that life is always changing, there are always some unexpected bumps in the road that catch us off guard and can change our money situation, they are too concerned with being young and having fun, getting things the easy way. Some struggle because of the life situations they were thrown into, but most of them are struggling because they put themselves there and are too unwilling to change their lifestyle to get to a better place. Then there are those who do care but pursuing the dream career they want has left them swamped with school loans. Young people lack the knowledge and responsibility to handle credit cards and taking care of their debt, and some are just trying to get the job they dreamed of since they were young, leaving them paying for it later on in life mentally, emotionally, and financially.
The United States is a country full of people from different backgrounds and beliefs with dreams of endless possibilities. Every single person is uniquely different in every way. Millennials are the luckiest people of America. They learn from their parents mistakes and have more opportunities than them. They get to choose their own career, sexual orientation, religion, and basic beliefs. One of those choices is their living arrangement. Many millennials would rather purchase experiences than things. This way of life is called Minimalism. The minimalistic lifestyle ignores the societal pressure to purchase the latest fashion trends. Minimalists focus on their personal goals in life and are not attached to physical belongings. Hoarders,
Parents of the individuals in Generation Y are according to Rosie Evans (n.d.) “subconsciously trying to cover up their guilt over the state of the economy by lifting their children’s financial burdens.” Our social lives in some ways are very positive and many of us can balance a good social life. On the other hand, some of us don’t have a very good balance and our social lives can come between our families, education, and finances. The Millennial generation is very dependent on social media, and what society says is “in,” this is because that’s mostly all we know, growing up in a time where technology is a main part of society. We may be very dependent on our social lives and having that is important as long as it is balanced and positive, learning to balance our lives among family, friends, school, and money is a big part of