For millennials, financial security feels like a fairytale. What will the next 40 years look like?

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?

  • OpenStars@discuss.onlineEnglish
    81·
    6 months ago

    I have noticed that the titles of many articles, yes even at The Guardian that generally has good content once you get past that, are written to generate maximum clicks.

    You were not ignored by accident. It was a calculated decision to maximize profits, in a manner that controls the conversation and leaves you out in the cold.

    Fuck corporate greed:-(.

    But for you, my fellow human being who isn’t a hollowed-out shell i.e. CEO, I wish the absolute best outcome possible. (And me too.)

    Maybe house prices will go down someday? I really am genuinely surprised at all that Biden('s administration) has managed to accomplish, but it was set back years before it even started by the pandemic, greedflation, and other economic and other forms of unrest. If we can get past this next election without a literal and actual bloody civil war… well then most of us will still die of climate change (gee, I am just full of positivity today aren’t I? sadly, that is the most positive take possible on that one:-|), but we might be able to make some headway? e.g. start incentivizing building houses further away from city centers, which WFH should help make possible - and even if you want to live in a city, the decrease in demand should help lower prices?

    Anyway, all we can do is what we can do (aka not everything is within our control), so don’t stress too awfully much about it. We’ll die - we can’t change that - but hopefully we’ll have some good days between now and then:-).

    • octopus_ink@lemmy.mlEnglish
      2·
      6 months ago

      Thanks!

      I remember your username primarily because you are always so courteous even when we disagree. (not that we do here)