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70% of Millennials Are Living Paycheck to Paycheck: Survey:
Millennials' wallets are rather skimpy.
Seventy percent of the generation said they're living paycheck to paycheck, according to a survey by PYMNTS and LendingClub, which analyzed economic data and census-balanced surveys of over 28,000 Americans. It found that about 54% of Americans live paycheck to paycheck, but millennials had the biggest broke energy.
By contrast, 40% of baby boomers and seniors said they live paycheck to paycheck, the least of any generation. Living paycheck to paycheck reflects economic needs and wants just as much, if not more than, incomes or wealth levels, according to the report. Age and family status also factor in greatly. This explains why millennials, who turn ages 25 to 40 this year, are struggling.
[...] It doesn't help that millennials have faced one economic challenge after another since the oldest of them graduated into the dismal job market of the 2008 financial crisis. A dozen years later, many are still grappling with the lingering effects of The Great Recession, struggling to build wealth while trying to afford soaring costs for things like housing and healthcare and shouldering the lion's share of America's student-loan debt.
The pandemic threw yet another wrench into their plans by giving them their second recession and second housing crisis before the age of 40. The report acknowledges that the pandemic played a major role in that stretched thin feeling.
[...] It seems, then, that it's a combination of external economic circumstances, a precarious life stage, and some spending habits that are leaving millennials feeling strapped for cash.
(Score: 0) by Anonymous Coward on Thursday September 30 2021, @02:57AM (2 children)
Another crucial element to the lapse of the working class is the rapud rise in female employment over the years without the proportinal decrease elsewhere. Where all these jobs came from, I do not know, bit it doea occur to me that this was one of the many components of tge decorrelation of productivity and wages, I do also suspect it has quite a bit to do with the impoverishment of blacks, as this occurred nearly simultaneoualy alongside the civil righta movement, meaning that blacks entered into a market where they were already behind, and where the market forced them to stay in place.
(Score: 0) by Anonymous Coward on Thursday September 30 2021, @11:34AM (1 child)
"The market" didn't force black people to stay in place, racism did. They were less often to be hired when non-black people were available and less often promoted when non-black people were available. Since labor supply exceeded demand, the market would never fix racism. The only way the market would fix it is if labor demand greatly exceeded supply. We had women entering the work force and improvements in automation, so that never happened.
There is no capitalism fix for this.
(Score: 0) by Anonymous Coward on Thursday September 30 2021, @03:45PM
Capitalism doesn't see it as a problem. Capitalism doesn't see problems in most things.