Net worth of Americans aged 18 to 35 has dropped 34 percent since 1996: study
The net worth of the average 18- to 35-year-old has plummeted 34 percent since 1996, according to new study from accounting group Deloitte.
Despite stereotypes that millennials overspend on entertainment and dining out, the Deloitte study found that the generation is paying more for education, food, transportation and other basic needs, while their incomes have stayed steady.
The group's average net worth is now below $8,000, putting today's millennials in a worse financial position than previous generations.
Deloitte researchers told The Washington Post that the study's findings “debunk many conventional wisdoms about the new-age consumer.”
“The narrative out there is that millennials are ruining everything, from breakfast cereal to weddings, but what matters to consumers today isn’t much different than it was 50 years ago,” chief retail officer Kasey Lobaugh told the Post. “Generally speaking, there have not been dramatic changes in how consumers spend their money.”
According to the Post, education costs have risen 65 percent in the past decade, more than any other category.
But the study found that discretionary spending — like eating out and alcohol — makes up about 11 percent of total income, about the same as a decade ago.
The study also found that “only 20 percent of consumers were meaningfully better off in 2017 than they were in 2007, with precious little income left to spend on discretionary retail,” according to the paper.
The study found that many Americans age 18-35 often put off making larger purchases such as homes or automobiles because of immense financial pressure and a lack of available income. A study in 2017 revealed that about one-third of this age group still lives with their parents, another sign of potential financial woes among younger Americans, and are putting off marriage until they are older.
And though retail spending has grown about 13 percent since the early 2000s, according to the Post, the Deloitte researchers say that figure is largely due to the growing U.S. population, not increased individual spending.
When the economy is reflected in facts like this, it doesn't look like either side has done a damn thing for working class people. Trump's BS about how we are just killing it on the economy is a pipe dream. What seems to be happening on the working/lower end is more work for less pay and a generation of older Americans losing their wealth because their kids can't make enough money to make it on their own.
With Trump in charge and playing games like he knows something about economies, trade, money, law, etc.; it's only going to get worse. Trump is just stacking the deck for the wealthy to not feel the drop off. The rich get richer and the poor get poorer; a 34% drop in this wealth metric is insane. smh
Obama started to look serious as the democratic candidate in that particular upcoming election, and the wheels fell off.
since then it's been mostly Pelosi, Schumer, and Trump, I mean
it's like use gasoline or dried tinder to put the fire out.
Seriously though,
Even at "over 39" I think, if I had been born 10 years earlier college would have been sooo much more affordable.
and often I guess people older than me might not realize that not only the cost of education, but the sheer high percentage of everyone going dramatically changed the effectiveness of the investment.
But never let anyone offer the dissenting opinion that we spend too much on students, it's a cultural no no.
In 1981 when I grajuated kolij and started my first post-kolij job, I had a beater car. less than $100 in the bank. and ~$40,000 in student loan debt.
No house, a couple used pieces of furniture, some clothes.
So my "net worth" was about -$40,000. I never lost a moment of sleep. I never worried about it for a second. I was working for the future not the present.
I shared an apartment, bought an O.K. used car, bought some cheap suits and went to work. I worked hard and played hard, Best years of my life.
I probably didn't hit $8,000 net worth for 4 years after college. (first by paying down those student loans)
My girlfriend (now ex-wife) and I bought and moved into our first house (a condo) about then with $5,000 down payment.
This was a very common story among us middle class kolij ejukated baby boomers.
Education is just sharing information in a way that others can absorb and apply in their lives. NOTHING about education says we have to overspend, that's the greed of capitalism. In this age of broadband internet and beyond, education could easily be a handful of the brightest minds creating the best possible courses for a 24/7, at your own pace education system.
Imagine a world were we all learn from the very best minds in every field. A world where everybody is taught the value of education and continuing to grow intellectually throughout your life. A world were you can follow your passion and become the best version of productive adult you can be regardless of where you start out in life.
That could all be accomplished for a fraction of a percent of what we spend today, yet nobody talks about it because of capitalism and greed. We can't change the way formal education is achieved.
The same goes for many other things like medical appointments, healthcare costs, voting, taxation, childcare, dealing with disabilities, eldercare, etc. etc. etc. ... If you simply apply the best available technologies and remove the greed motives, these could all be revolutionized and made to cost a fraction of their current costs.
This is not a call for socialism in these areas, but a call for common sense solutions. For instance, a remote doctor working in tandem with local nurses or nurse practitioners could easily reduce the burden on rural doctors for everyday minor occurrences and reduce costs and time delays while increasing productivity and positive outcomes by a very large percentage. Many hospitals use a version of this for consulting now. Some hospitals are even doing surgeries via remote doctor and high end robotics. With today's technology, the best of the best physicians could literally oversee the care of patients in their specialties on a worldwide scale from their home office.
Online voting could easily be as secure as your bank accounts and accessible by all. Voting convenience would go off the charts and more people would participate.
IMHO money is a manmade concept that is used to keep those in power, in power and nothing more. I don't think we should or could do away with all money exchanges or capitalism, but we can curb the greed and make our lives much more rich by demanding the use of our technology and common sense to solve some of our biggest problems today.
no wonder you're a conservative. cant make smart decisions
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
no wonder you're a conservative. cant make smart decisions
Not as stupid as millenials are. Your net worth has gone down because you are entitled spendaholics. You need everything your heart desires and you need it now. NOW!
Despite the fact you can't afford it. Run up that debt!
Suck it up cream puffs and learn some money management skills. And learn how to save money and stop complaining that its other peoples fault that money runs out of your wallet like a seive because you NEED stuff you can't afford.
no wonder you're a conservative. cant make smart decisions
Not as stupid as millenials are. Your net worth has gone down because you are entitled spendaholics. You need everything your heart desires and you need it now. NOW!
Despite the fact you can't afford it. Run up that debt!
Suck it up cream puffs and learn some money management skills. And learn how to save money and stop complaining that its other people fault that money runs out of your wallet like a seive because you NEED stuff you can't afford.
Actually that’s a lecture that can be applied to every generation. Targeting and labeling millennials is just another typical generation gap type reaction.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
no wonder you're a conservative. cant make smart decisions
Not as stupid as millenials are. Your net worth has gone down because you are entitled spendaholics. You need everything your heart desires and you need it now. NOW!
Despite the fact you can't afford it. Run up that debt!
Suck it up cream puffs and learn some money management skills. And learn how to save money and stop complaining that its other people fault that money runs out of your wallet like a seive because you NEED stuff you can't afford.
Actually that’s a lecture that can be applied to every generation. Targeting and labeling millennials is just another typical generation gap type reaction.
I agree. But its the topic of this thread. I didnt start it, I had to just bring some reality to it.
My son and daughter in law live in SF. They make well into six figures and can’t afford the rent. They’re moving to Oakland and it isn’t that much cheaper. My other son lives in Brooklyn making good money and shares an apartment with 3 others.
I remember making just $2.10 a hour and having my own apartment with no financial issues in the 70’s
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
Well, they are trying to start a life in the most expensive areas of the country. Common sense says you should go to a lower cost of living state for a higher quality of life. But if you have to stay there, then accept the consequences.
Every thing has a tradeoff. I'm not trying to be rude, its just how it is.
says the woman from the generation who ruined the economy.
when i hear older people whine about debt and money management, i laugh.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
says the woman from the generation who ruined the economy.
when i hear older people whine about debt and money management, i laugh.
The one whining is OCD and his crybaby article.
The people who know better are the older people.
Enjoy your debt.
I get banned all the time for much less than this personal attack.
I'm not whining about anything. Apparently you are though.
The article is not 'crybaby', it's pointing out that the way you think of millennials is wrong and explains what they are facing compared to what we faced. 34% less to work with!
If you must be old to be wise, which is only partially true, then you are obviously young.
"Enjoy your debt" she snarks as she looks down her nose from high on her perch as Game Master of some internet game. She has it all figured out and all the answers because she spends all her time monitoring the chat of a small niche of game playing geeks with no lives or hanging at the bar with people who don't really seem to like her much (deduced from all her 'at the bar' stories).
If you want to call random people out to cover your shortcomings as a less than rational poster who likes to fight on the board, well I'm your huckleberry. Don't start none, there won't be none; else you reap what you sow. Don't get me started with personal attacks...
Why dont you address the actual response to your weak claims.
You must be drinking while you post tonight (obviously because it's a weekend night) because that's the only way you could miss that I rebutted each thing you said. And you call them statements as if they are holy grail facts when they are just the opinion of somebody posting online. You expressed opinions based in nothing but your biases. You have no facts. You're acting like 40.
All you did was whine about your jealous warped view of my personal life.
And then you continued to make personal attacks.
Come on honey bring it to me with some actual rebuttals about how millenials arent entitled spendaholics. Because I'd love to hear it.
At least have some class.
Wow! Calling me 'honey' like I'm an object of your affection... shameless.
I really did rebut your lame definition of what all Millenials are and how they act with their money. I said it was wrong. But I understand reading impairments, so I don't mind repeating it.
As for explaining my rebuttal, I don't feel the need to really do that as your accusations against them are based in nothing but right wing sensationalism and over blown stereotypes. You are fundamentally wrong in your beliefs, the way you come to your beliefs, and pretty much everything you do or say in life as a whole. You are simply wrong.
Wrong person to ask for anything concrete or fact based. Wrong person to expect rational well thought out responses from on most any topic. Wrong person to engage with on the board when she's drinking. Have a great night Eve.
no wonder you're a conservative. cant make smart decisions
Not as stupid as millenials are. Your net worth has gone down because you are entitled spendaholics. You need everything your heart desires and you need it now. NOW!
Despite the fact you can't afford it. Run up that debt!
Suck it up cream puffs and learn some money management skills. And learn how to save money and stop complaining that its other peoples fault that money runs out of your wallet like a seive because you NEED stuff you can't afford.
Apparently I need to quote this so your low intel self knows what to respond to.
Sticking your fingers in your ears and going Nananana isnt a rebuttal.
Stop spewing crap and rubutt it with an actual intelligent response or stfu.
Youre about as dense as Bernie trying to do a townhall on Fox News.
Fox: How ya gonna pay for that Single Payer health plan, Bernie? Bernie: Deflect Deflect Deflect, Trump Whataboutism Fox: Oh Hey Bernie, do you know that we're dividing your party by putting you on our network? Bernie: What are you talking about?
Net worth of Americans aged 18 to 35 has dropped 34 percent since 1996
Don't worry they have their participation trophy's to sooth themselves with
I want to thank the gen Xers for the participation trophies and no spanking BS.
And thanks again for wrecking the economy.
Oh and thanks for giving us trainwrecks like milli vanilli.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Well, they are trying to start a life in the most expensive areas of the country. Common sense says you should go to a lower cost of living state for a higher quality of life. But if you have to stay there, then accept the consequences.
Every thing has a tradeoff. I'm not trying to be rude, its just how it is.
Lol. Typical. Just move? Yeah ok sis. They all could afford the rent on their own 15 years ago when they moved there. They are all settled into their long time jobs they’ve had since moving there. They all have family and friends there. When my son and daughter in law moved to SF their rent was $1200 a mo for a studio apt. Now it’s nearing $5000 a mo. I know you’re not trying to be rude, and either am I, but you should check some hard facts before replying with ignorance on this issue
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
I try not to wander into the cesspool that guys like you and Swish and Perfect and Rocket and Eve and 40 have turned this part of the board into, but I lurk once in a while, and I had to comment on this highlighted quote.
Just because you, or anyone, read an article online that appears to be legitimate doesn't mean it's "reflected in facts". You want to believe it's reflected in facts because it supports your viewpoint. I see this far too often on here where people find an article that aligns with something they believe and post it and say "aha, see I told you so". Many times people writing articles don't even know all that much about the subject matter they are writing about - or certainly not at a deep enough level - but write it in a way that is convincing that they do. They leave out facts, details, and/or nuances that they are either aware or unaware of.
And while this article cites "a study" and actual numbers, it doesn't spend alot of time talking about the study itself.
I don't see alot of time spent on this part of the board by either side objectively approaching a topic, asking questions, asking why, and really drilling down into a topic to first fully understand it then talk about and figure out solutions.
I try not wander into the cesspool that guys like you and Swish and Perfect and Rocket and Eve and 40 have turned this part of the board into, but I lurk once in a while, and I had to comment on this highlighted quote.
Just because you, or anyone, read an article on line that appears to be legitimate doesn't mean it's "reflected in facts". You want to believe it's reflected in facts because it supports your viewpoint. I see this far too often on here where people find an article that aligns with something they believe and post it and say "aha, see I told you so". Many times people writing articles don't even know all that much about the subject matter they are writing about - or certainly not at a deep enough level - but write it in a way that is convincing that they do. They leave out facts, details, and/or nuances that they are either aware or unaware of.
And while this article cites "a study" and actual numbers, it doesn't spend alot of time talking about the study itself.
I don't see alot of time spent on this part of the board by either side objectively approaching a topic, asking questions, asking why, and really drilling down into a topic to first fully understand it then talk about and figure out solutions.
Apparently the solution is to give the wealthiest Americans huge tax cuts. Let Russia get away with meddling in our elections. Take away healthcare from millions of American’s. Build a useless wall. And to find Hillary’s personal emails.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
Perfect, CHS, Swish, OCD are all part of the same pool. Can't really tell one from the other. They all seem to believe in the same big government, collective, socialist think tank.
Can't do it themselves and don't believe in America.
TB just claimed that 3 veterans don’t believe in this country.
Yet Rish got the audacity to call me out. Won’t say anything about this post though.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Well, they are trying to start a life in the most expensive areas of the country. Common sense says you should go to a lower cost of living state for a higher quality of life. But if you have to stay there, then accept the consequences.
Every thing has a tradeoff. I'm not trying to be rude, its just how it is.
Lol. Typical. Just move? Yeah ok sis. They all could afford the rent on their own 15 years ago when they moved there. They are all settled into their long time jobs they’ve had since moving there. They all have family and friends there. When my son and daughter in law moved to SF their rent was $1200 a mo for a studio apt. Now it’s nearing $5000 a mo. I know you’re not trying to be rude, and either am I, but you should check some hard facts before replying with ignorance on this issue
So? Areas get more expensive as they get more popular. That doesnt mean you are somehow entitled to live there if you cant afford it. Either work harder and get a better paying job, or accept a smaller house. The world doesnt revolve around you, and seems that other people work harder/earn more so they can afford it.
Education is just sharing information in a way that others can absorb and apply in their lives. NOTHING about education says we have to overspend, that's the greed of capitalism. In this age of broadband internet and beyond, education could easily be a handful of the brightest minds creating the best possible courses for a 24/7, at your own pace education system.
Imagine a world were we all learn from the very best minds in every field. A world where everybody is taught the value of education and continuing to grow intellectually throughout your life. A world were you can follow your passion and become the best version of productive adult you can be regardless of where you start out in life.
That could all be accomplished for a fraction of a percent of what we spend today, yet nobody talks about it because of capitalism and greed. We can't change the way formal education is achieved.
The same goes for many other things like medical appointments, healthcare costs, voting, taxation, childcare, dealing with disabilities, eldercare, etc. etc. etc. ... If you simply apply the best available technologies and remove the greed motives, these could all be revolutionized and made to cost a fraction of their current costs.
This is not a call for socialism in these areas, but a call for common sense solutions. For instance, a remote doctor working in tandem with local nurses or nurse practitioners could easily reduce the burden on rural doctors for everyday minor occurrences and reduce costs and time delays while increasing productivity and positive outcomes by a very large percentage. Many hospitals use a version of this for consulting now. Some hospitals are even doing surgeries via remote doctor and high end robotics. With today's technology, the best of the best physicians could literally oversee the care of patients in their specialties on a worldwide scale from their home office.
Online voting could easily be as secure as your bank accounts and accessible by all. Voting convenience would go off the charts and more people would participate.
IMHO money is a manmade concept that is used to keep those in power, in power and nothing more. I don't think we should or could do away with all money exchanges or capitalism, but we can curb the greed and make our lives much more rich by demanding the use of our technology and common sense to solve some of our biggest problems today.
The highlighted part is actually a brilliant idea. There are so many sites where you can learn to play an instrument, learn to fix something, learn to build something, for a fraction of the cost. Just have to find a way to make it trackable, testable, and accepted by the job market.
I'm in IT, the vast majority of what I do on a daily basis anymore is self taught, and the internet has just sped that process up as I no longer have to go buy and read a book to learn it (and hope the author can explain it in an understandable manner), I can browse websites, and forums, ask questions and get useful answers in return, all for free.
We don't have to agree with each other, to respect each others opinion.
Perfect, CHS, Swish, OCD are all part of the same pool. Can't really tell one from the other. They all seem to believe in the same big government, collective, socialist think tank.
Can't do it themselves and don't believe in America.
Personal attacks. You're little backwoods ponderance is imbecilic at best. Yes, due to health issues my business is not what it once was, but over the course of my adult life I've made enough to buy and sell you 10 times over.
Perfect, CHS, Swish, OCD are all part of the same pool. Can't really tell one from the other. They all seem to believe in the same big government, collective, socialist think tank.
Can't do it themselves and don't believe in America.
you all believe everything a proven and known pathological liar has said about many true patriotic Americans. My family is a gold star family. You don’t know squat about any of us.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
Well, they are trying to start a life in the most expensive areas of the country. Common sense says you should go to a lower cost of living state for a higher quality of life. But if you have to stay there, then accept the consequences.
Every thing has a tradeoff. I'm not trying to be rude, its just how it is.
Lol. Typical. Just move? Yeah ok sis. They all could afford the rent on their own 15 years ago when they moved there. They are all settled into their long time jobs they’ve had since moving there. They all have family and friends there. When my son and daughter in law moved to SF their rent was $1200 a mo for a studio apt. Now it’s nearing $5000 a mo. I know you’re not trying to be rude, and either am I, but you should check some hard facts before replying with ignorance on this issue
So? Areas get more expensive as they get more popular. That doesnt mean you are somehow entitled to live there if you cant afford it. Either work harder and get a better paying job, or accept a smaller house. The world doesnt revolve around you, and seems that other people work harder/earn more so they can afford it.
Yeah ok. They’re all losers, got it. Get a better job or move. Damn lazy spoiled kids. Got it.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
Well, they are trying to start a life in the most expensive areas of the country. Common sense says you should go to a lower cost of living state for a higher quality of life. But if you have to stay there, then accept the consequences.
Every thing has a tradeoff. I'm not trying to be rude, its just how it is.
Lol. Typical. Just move? Yeah ok sis. They all could afford the rent on their own 15 years ago when they moved there. They are all settled into their long time jobs they’ve had since moving there. They all have family and friends there. When my son and daughter in law moved to SF their rent was $1200 a mo for a studio apt. Now it’s nearing $5000 a mo. I know you’re not trying to be rude, and either am I, but you should check some hard facts before replying with ignorance on this issue
So? Areas get more expensive as they get more popular. That doesnt mean you are somehow entitled to live there if you cant afford it. Either work harder and get a better paying job, or accept a smaller house. The world doesnt revolve around you, and seems that other people work harder/earn more so they can afford it.
Yeah ok. They’re all losers, got it. Get a better job or move. Damn lazy spoiled kids. Got it.
As you can imagine, moving is free. Not. It cost me close to $5000 to move from Columbus to Portland 18 years ago. I took very little with me. Loading all my and my girlfriend’s belongings into two vehicles and only 6’ of space in an ABF semi trailer. We flew out for 4 days two weeks before the move to search for apartments so we wouldn’t be homeless when we arrived. Paid first and last months rent...in 2001 costs. (The apartment was $650 a month then. Now it’s $1100 a month, FYI) Bought a used mattress when we arrived so we had a bed. Cheaper than ‘renting’ the space needed in the semi to move our old mattress. Gas and food for travel. Utility hook ups and such once we arrived. Moving is expensive.
NOTHING about education says we have to overspend, that's the greed of capitalism.
How so? 75% of higher education students go to public colleges and universities that are run by the state and subsidized by the state through funds from the taxpayers... how is this capitalisms fault?
Quote:
This is not a call for socialism in these areas, but a call for common sense solutions.
How do you plan to achieve your goals without government involvement and mandates?
Last but not least, your plan, which could conceivably improve efficiency and reduce costs, would eliminate millions of jobs... what do you think those folks are going to do?
you all believe everything a proven and known pathological liar has said about many true patriotic Americans. My family is a gold star family. You don’t know squat about any of us.![[Linked Image]](http://www.dawgtalkers.net/uploads/PortlandDawg/banner.jpg)
