Every time a millennial mentions their financial struggles, someone’s uncle is ready to lecture them about avocado toast and Netflix subscriptions. Meanwhile, that same uncle bought his four-bedroom house for the equivalent of three months’ rent in today’s market, and his uni degree cost about as much as a modern textbook collection. Yet he still insists it was 100% hard work that allowed him to develop a suite of commercial real estate rentals, with not even a scrap of luck or good timing involved.
The reality of millennial savings—or lack thereof—goes far deeper than our supposedly frivolous spending habits. Here’s why the generation that grew up being told they could be anything is struggling to be financially stable.
The Salary Mirage
Remember when entry-level jobs required zero experience and paid enough to support a family? Neither do we. Today’s “entry-level” positions demand five years of experience, three software certifications, and a master’s degree—all for a salary that barely covers rent in a city you have to live in if you want access to a job market relevant to your degree at all.
The Education Trap
Our parents could work a summer job to pay for uni. We, on the other hand, accumulated enough student debt to make a mortgage look like pocket change. The worst part? That expensive degree is now as common as a driver’s license, making it simultaneously essential, expensive, and almost worthless.
Housing: The Impossible Dream
The housing market has become a cruel joke. Our parents bought houses at prices that sound like modern-day down payments. Now we’re told to save 20% for a down payment on a house that costs five times the average salary, while paying rent that consumes half our income. It’s like being told to fill a bucket with water while someone drills holes in the bottom.
The Gig Economy Gamble
Remember stable jobs with benefits and pensions? They’ve gone the way of the dinosaurs, replaced by “flexible opportunities” in the gig economy. Now we get to experience the thrill of being our own boss—which mainly means paying both sides of Social Security while trying to figure out if health insurance or food is more important this month.
The Hidden Costs of Modern Life
Sure, we have Netflix. But we also have:
- Mandatory smartphones with data plans (try applying for jobs without one)
- Internet service (essential for most remote work)
- LinkedIn Premium (because regular job applications aren’t desperate enough)
- Software subscriptions (because apparently owning things is so last century)
- Professional development courses (to stay “competitive” in an oversaturated market)
Our parents’ “essentials” list was significantly shorter and cheaper.
The Healthcare Heist
Healthcare costs have skyrocketed faster than an AI startup’s valuation. Our parents worried about paying the doctor. We worry about paying the insurance company, meeting the deductible, staying in-network, and then still paying the doctor anyway.
The Retirement Mirage
Retirement savings? That’s a good one. We’re too busy trying to survive the present to save for a future that feels about as realistic as our childhood dreams of becoming astronauts. Social Security might as well be a fairy tale, given its projected depletion date.
The generational wealth gap isn’t just about different spending habits or work ethics. It’s about fundamental economic changes that have eroded the traditional paths to financial stability. Millennials aren’t failing at saving—we’re playing a game where the rules changed, the odds lengthened, and the rewards shrank.
Next time someone suggests cutting out coffee might solve your financial woes, maybe ask them how much their first house cost. Or better yet, ask them if they’d like to try surviving on an entry-level salary in 2024 while paying modern rent prices. We’d love to see them do the maths.
For now, we’ll keep trying to save what we can, when we can, knowing full well that the financial milestones our parents achieved are about as attainable as a living wage in the gig economy.
