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from the would-you-like-fries-with-that? dept.
More than half of American millennials, the generation of people born between 1981 and 1996, believe that they will one day be millionaires; one in five think they will get there by the age of 40. These are the findings from a survey conducted in 2018 by TD Ameritrade, a financial-services company.
But a working paper by the Brookings Institution, a think-tank, offers a sobering antidote to this youthful optimism. It finds that millennials are less wealthy than people of a similar age were in any year from 1989 to 2007. The economic crisis of 2008-09 hit millennials particularly hard. Median household wealth in 2016 for 20- to 35-year-olds was about 25% lower than it was for the similar-aged cohort in 2007.
[...] But all is not lost. Millennials are living longer and are the best-educated generation in history. Taken together, this could yet mean that the youngest millennials, who have been less scarred by the crisis, could contribute towards their retirement pots for longer. Then there is mum and dad: even if they don’t become millionaires, millennials will one day inherit from their parents, and that may help redress their relative poverty.
(Score: 2) by c0lo on Tuesday April 23 2019, @03:34PM (1 child)
That's not even dreaming, that's painful stupidity.
And not all millennials are stupid; I'd rather wage the majority are not.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by All Your Lawn Are Belong To Us on Wednesday April 24 2019, @08:48PM
No, not all are stupid. Distribution I don't know, as it varies highly on how you qualify "stupid" and how that applies.
But I do think most people accept the world as it is presented to them, and it may well be that a majority is not equipped to understand that one cannot have everybody as "above average". One thing I did miss on, the internalized thought may not be, "we are all going to be better than average and rich!" Rather it is, "I am better than average, and therefore I am going to be rich." The problem occurs when a supermajority starts thinking this way. Unless one has complete equality in such a way that everybody has the same amount... in which case rich and poor loses distinction - but humanity is a long ways from needing to worry about that problem IMNSHO.
It's just Dunning-Kruger writ large. And since I'm susceptible to Dunning-Kruger as well I won't go further with what my opinions are on other generations.
This sig for rent.