In today’s society the younger generation is finding it harder and harder to juggle everyday expenses. With work wages not keeping up with the trend of rising costs most of them end up staying home longer, working more than one job, moving back in with parents or family, and in some cases, bringing their own families along with them. Some even have 2 to 3 roommates just for them all to able to afford the cost of living.
While this is not necessarily a new concept, some millennials didn’t think that life would be quite so financially taxing. While older generations have had more time to prepare, inflation has taken its toll on older and younger generations alike. I had the opportunity to speak with a few people ages 25-35 to get their personal view on their financial situation and what they think it might look like for them in the next 3-5 years.
I spoke with R. Walker, a single 25yrs. old nursing student; P. Logan, a 31 yrs. old single mother of 2; and L. Perry, 30yrs. old and A. Perry 35 yrs old, a married couple with 2 boys.
When asked about their finances, my first response was from R. Walker; she stated, “I go to school full-time, and I have to put in a lot of study time. That doesn’t leave room for a full-time job for me, so I work part-time, 3-4 days a week. It seemed like that would be enough to get by until I got my nursing job, but it’s not. I can barely afford my car note, insurance and cell phone bill. Thank God that I can still live with my parents. I can’t afford to move out even with a roommate, and I still have to give my parents $200 a month.”
My next response came from A. Perry stating, “We are already tight. Our rent is constantly going up, lights, gas and water going up. I work full-time and she works part-time, and it’s still hard for us to keep up. I mean, I make what I considered to be a decent wage but with the cost of living going up so fast and so much it’s still just not cutting it.”
L. Perry states, “With my youngest son being too young to go to school yet, it’s hard to get extra hours to bring in more money. And we can’t afford daycare; they’re charging ridiculous prices for just one kid. I can’t bring in more money or go to school myself right now.”
My last response came from P. Logan, “I feel where they’re coming from. I’m experiencing a lot of the same struggles like not making enough money to make ends meet sometimes. You gotta rob Peter to pay Paul. But at least it’s 2 of them. It took me a long time to find a job that fit with my kids’ school schedule because I can’t afford before and after school care for my kids either. I had to give up our dog and move me and my kids back in with my parents. If my pay doesn’t increase as fast as prices are increasing, I’m not sure what it’s going to look like financially for me in 3-5 years. Right now, it’s not looking good.”
It seems as though millennials of different age and lifestyle categories are expressing the same consensus on this topic, not enough money to keep up with today’s rapidly rising costs. Many of us are in the same boat.
By the end of my interview, all parties agreed that wages needed to be increased to combat the high costs of living. Prices need to come down, especially housing costs and childcare.
In the article “Boomers vs. millennials vs. Gen X: Who had it worse?” written by Shannon Insler, she wrote, “Millennials and other generations have benefitted from a 67% rise in wages since 1970. However, these gains have not been enough to keep up with ever-inflating living costs. Rent, home prices, and college costs have all increased faster than incomes in the U.S.”
This article was written 6 years ago and still rings true today. If millennials are to have a chance at a promising future some things have to change. Prices have to change, wages have to change, unfair economic laws have to change, we have to change…for the better.
