Why Millennials Are Broke

Hint: It's not avocado toast.

Despite a booming job market, most Americans, particularly millennials, are still struggling to make ends meet. Author Alissa Quart explains why.


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Why Millennials Are Broke | CNBC Make It.

[michaell]

20 years ago you can get a job right out of high school that can pay for your rent, car and food. Now you’re lucky if you can find an apartment with roommates to split the rent and barely just able to eat. Gfy

[pandamonio]

Come on baby boomers, the wages went down (adjusted by inflation) and the cost of housing tripled in the last 40 years, if houses still costed 50k we millenials would buy them, but they're 400 k, for God's sake give us a break

[JTDyer]

There is a fair amount of truth to her speech. Costs have gone up faster than wage growth over the past 40 years. That's not opinion, it's fact. So yes it is very difficult to get ahead. That doesn't mean we play the blame game, but it does mean that all people must learn to get on a budget and stay out of debt.

[STubes]

She answered the question perfectly. Blame the system. Do not take personal responsibility. Go into debt for that useless degree. Don't make money. Live in a city you can't afford. Eat that avocado toast.

[torio]

Economic boom? For the banks and billionaires, right?

[XSimonY]

This was simply stating that life is much more expansive than what it used to be. Hampered by educational loans and increased cost. Young people face a much different reality than other generations. Yes, some are irresponsible, but to dismiss an entire generation is ignorant. Not all retirees are wholesome. According to the Atlantic, between 2015-2016, poverty rate increase by 14.5% in those who are 65 years or older. They are counting on the social security put in by people in the work force. We are all in this together. Stop tearing each other apart.

[anonymousanonymous]

I am a millenial. I don't know a single person in my generation that don't have a savings account with actual savings in it (yes we dicuss such things from time to time).

No one has had any job security but we have all learned the hard way that we need savings.

[davidthecardcollector]

Stop buying the newest I-phone Every time one comes out. Stop buying cars you can't afford. Stop wasting your money on worthless degrees. Stop being a crybaby and realize you will have to start on the bottom and work your way up and you will have to get your hands dirty.

[natefigueroa]

The problem is the government keeps printing money. Millennials don't understand about money or inflation which is lied about. Wages have not kept up and capitalism has pushed good jobs overseas permanently.

[austins.]

The best way to keep people enslaved to their destructive habits is by saying "no sweetie, it's not your fault you eat out every day, party on the weekends and buy things off Amazon. It's the SYSTEM holding you back" I'm sorry but this ooga booga evil system nonsense really annoys me. (Milennial btw)

[stardustbilermam]

I'm 24, black From rural South Africa. This life is being reliant on parents is not nice. Then universities are expensive and u end up with a job u could have gotten with matric (high school

[AtharvaGade]

So basically blame all but yourself? Can never be a good mentality . One must learn to adapt

[rolandgavrilescu]

Yeah, blaming others is definitely the way to go

[bileibae]

It’s messed up. Rent in Southern California is out of control, paying for a 1 bedroom in a somewhat decent area runs $1, 500 in San Diego. On a teachers salary, that’s more than 50 percent of the check gone. The new world we live in.

[Whatever-mxbt]

Oh gosh forbid I can buy healthy food with my money, obviously a toast with a few slices of an avocado is breaking my bank... Jfc

[PicklesRTasty]

Please don't tell kids with arts degrees they're not at fault

[ilikelampshades]

Salaries have only doubled when the cost of living has gone up 1000X . Old people would never understand

[lorenaify]

She looks like she's blamed a lot of people for her failures 😂😂😂

[bryanspelhaug]

Their spending too much money on entertainment like Goat Yoga, travel, happy hours and always buying the latest iPhone as soon as it comes out.

[parihav]

From this video and user comments, it seems everyone is taking an overly simplistic view of the situation. Yes millenials are often lazier and have attentional issues due to smart phone addiction, but there is no doubt cost of living has made life harder for someone trying to start a family.

I've seen homes quadruple in price over the past 16 years in Toronto, yet wages have only increased 10-15%. The housing market in Canada never corrected extremely as in Europe or the US, and prices have continued to grow exponentially higher. Had I been a Gen Xer starting out 10-15 years ago, home affordability would not have been an issue. A millenial starting out now has to put the majority of one's earnings into paying a mortgage for a relatively small home, with less disposable income to spend on goods, and savings for retirement.

We can blame whoever for this situation, but the end result it does not bode well for the future economy when you have a generation cash strapped without home equity and savings.