The Huffington Post Canada has an article titled “Even Baby Boomers Agree that Millennials have it Tougher”, in this article they state that “A combination of debt, joblessness, globalisation, demographics and rising house prices is depressing the incomes and prospects of millions of young people across the developed world, resulting in unprecedented inequality between generations.”
When the baby boomers were growing up, young adults usually earned more than the national average, compared to now, when in many countries young adults earn as little as 20% below the average person.
Even while making less than the baby boomers, millennials have the added struggle of a higher unemployment rate. Another article by the Huffington Post Canada states …show more content…
Pew Research Centre shared a survey they conducted, that states that 56% of people between the ages of 18-31 were married and had their own household in 1968. That steadily declined over the years and in 2012 there was only 23% of people in that age group married with their own household. So, due to the bleak financial situation for millennials they are also putting off buying properties and marriage, far later than the baby boomers did.
An article from the Washington Post, states that another large problem that millennials are facing is that there is more competition than ever before. Because the average lifespan is getting longer and healthcare has improved the baby boomers that are retiring have turned away from long-term care facilities meaning that they are the millennials competition in the housing market. Both generations are after similar housing options, tending to be condominiums and small homes, meaning that there is much less available for the younger generation, and more competition when buying. This is what is causing millennials to start living with roommates or in group housing. Because the baby boomers have a larger savings they are able to pay the premium costs for condominiums and apartments that suit their needs, whereas the millennials are left to settle with whatever is available, if anything at
When the baby boomers were growing up, young adults usually earned more than the national average, compared to now, when in many countries young adults earn as little as 20% below the average person.
Even while making less than the baby boomers, millennials have the added struggle of a higher unemployment rate. Another article by the Huffington Post Canada states …show more content…
Pew Research Centre shared a survey they conducted, that states that 56% of people between the ages of 18-31 were married and had their own household in 1968. That steadily declined over the years and in 2012 there was only 23% of people in that age group married with their own household. So, due to the bleak financial situation for millennials they are also putting off buying properties and marriage, far later than the baby boomers did.
An article from the Washington Post, states that another large problem that millennials are facing is that there is more competition than ever before. Because the average lifespan is getting longer and healthcare has improved the baby boomers that are retiring have turned away from long-term care facilities meaning that they are the millennials competition in the housing market. Both generations are after similar housing options, tending to be condominiums and small homes, meaning that there is much less available for the younger generation, and more competition when buying. This is what is causing millennials to start living with roommates or in group housing. Because the baby boomers have a larger savings they are able to pay the premium costs for condominiums and apartments that suit their needs, whereas the millennials are left to settle with whatever is available, if anything at