Our Generation Is Poorer Than Our Parents Were
If you’re not making as much money as your parents expect you to, it might not be your fault!
Our generation is making a lot less money yearly, is less likely to own a house and have a lower net wealth than our parents did. That’s all according to a new study from Young Invincibles (yes, that’s actually the name of the organization).
But here’s the kicker: it’s because of the economy. We’re kind of falling behind our parents when it comes to how much overall $hmoney we’re making, but it’s because of our cultural circumstances and the overall economy.
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But is anyone really shocked? Of course our culture has changed a lot since the Baby Boomers were growing up, and people aren’t settling down as early as they used to because we don’t have to for financial security anymore. Fewer women are staying at home and pursuing their own careers too.
The study also found a huge gap in earnings when it comes to race. The study says young African Americans earn only 57 cents for every dollar that a young white person is earning, and Latinos only earn 64 cents.
This is also because of the way that the economy is. So to the people who say racism is no longer an issue because we don’t have slavery, here’s the proof. People of color are still feeling the economic setbacks of slavery and discrimination.
The economy is screwing everyone.