'The Millenial Perspective' By David Bass

“Only 24% of Baby Boomers are confident they will have enough savings to last throughout retirement, down from 36% in 2012.” (Frankel) This is the reason more Baby Boomers are working longer before retiring. At the same time the Millennials were growing up through the recession, acquired student loan debt and were entering a very competitive job market. Robin Lewis captured this reality through this quote. “This is a generation that is bigger than the boomers in population, but their wallets are smaller, and they are more into the style of life than the stuff of life.” This backs up a study conducted by Bank of America Merrill Lynch that shows “A whopping 82% of millennials are investing in a retirement savings account and 75% of the baby boom generation does so.” (Abrams) The main reason for this pattern is the Millennials are investing in retirement accounts at work many of which have matching programs and Baby Boomers are skitish of the market and losing more of thier retirement.

After covering facts about millennials and their imperfections, Stein turns his article around by recognizing their good qualities. The purpose of Stein’s article is revealed when he changes sides of opinion. He praises their admirable characteristics saying, “They are probusiness. They’re financially responsible; although student loans have hit record highs, they have less household and credit-card debt than any previous generation on record.” (Stein 33), proving that millennials are more capable and intelligent at managing money although in more debt than previous generations. Stein uses logos to further establish his credibility.

With the economic recession in today’s world, it is even more difficult for the young people to secure a good job and pay their debt off. The high unemployment rate among Generation Y has caused many young people to lose their mind that they are willing to do anything for money in order to release their debt burden. We would not want our generation to be labelled as the worst, indebted generation that has ever existed in this world. Having experienced and grown up in a post-war situation, we deserve something better than this. In addition, according to the author Eleni Towns in her article How 9/11 Shaped the Millennial Generation, she mentioned that “it is clear that Millennials will one day govern the country, but our impact on America occurs long before we take the reins of leadership”. We surely do not want a Millennial who is full of debt to be our president in the near future. Therefore, that is the reason why the Millennials have to be responsible in finding the solutions to this

Today, the certainty of receiving sufficient benefits solely from Social Security for a quality standard of living after retirement is indefinite. Baby boomers—individuals born post World War II between 1946 and 1964—are beginning to claim their benefits, and given what I have learned in class, the number of individuals entering the workforce is inadequate to sustain such a large population, thus such generation will consume

In today’s society, the work industry is comprised of numerous generations from baby boomers to millennia’s. Due to reasons ranging from increased cost of living to political policies, Americans are being forced to work longer in order to obtain the social security benefits they’ve contributed to during their careers. Each generation has certain generational influences such as war times and civil rights for the baby boomers and social media and the technology boom for the millennia’s. One constant that has not changed, however, is that the average American has to work for a living, and with the evolution of the US economy, they are having to work longer and are retiring later.

When boomer demand slams into the market place, prices soar (until the fad passes). Nothing stops the baby-boomer. There is somewhat of a bright side to all the spending and boomer traffic. Being just a few steps ahead of the boomer can make an individual very well off if you know which way they are headed. Boomers have always acted this way. Still the largest generation in the United States has been shifting markets ever since the diaper and baby food industries in the late 1940's (Geoffery 59-64). Construction of elementary facilities exploded for municipal budgets—Los Angeles was spending $1 million a week on new schools in the mid-1960's (Geoffery 59-64). After that happened, the boomer moved on abandoning a huge amount of those facilities. When younger boomers wanted cars, the Mustang and Camaro were considered a phenomenon and as the boomer herd passed so did the sales. Suburban homes in beautiful areas were next since boomers were doing the family thing. Prices on suburban homes exploded in the 80's and as usual; when the boomer left, so did the sales.

I choose not to use “Millennials’ Heads Under a Rock” by Ed Schipul simply because the main ideas compared to “Thrift: The Rebirth of a Forgotten Virtue” by Daniel Akst differs drastically. The main idea in Schipuls essay is that Millennial graduates are having issues getting employers to hire them. Additionally, Schipul blames this problem on the Baby Boomers since their spending habits were at a record braking high in the United States. Thus, his overall idea of his essay doesn’t relate to the topic of thrifting as much as “It’s Consumer Spending Stupid” by James Livingston does. For example, Schipuls essay revolves around employment after college rather than the economy and the overall spending problem in American. Therefore, this would

In Eric Hoover’s article, The Millennial Muddle, he describes how stereotyping and trying to understand students has become a major industry, especially with Millennials, since there are different adaptations and interpretations of this generation. It contains the different opinions from people who have studied this generation. Researchers try to figure out who Millennials are, how they think, why they always do what they do, and in those propositions and findings find them to contradict one another. Hoover then states that “in other words, they’re all different. But just for fun, let’s stereotype them as smart, successful, and lull of shakeable opinions.” Hoover does not deny these findings to be contradictory of what Millennials truly are.

Some economic observers predict financial disasters, both national and personal, when the baby boomers retire. They say that as nations of workers and investors become nations of retired consumers, withdrawals will far outweigh deposits in investment and savings vehicles.

Do you agree with Sen’s argument that “Millennials” do not know how to talk about race?

Baby boomers were raised during the time period where success was attainable due to a strong financial foundation which allowed for financial and personal success that we might never experience again in the United States. This makes you want to go into a deep depressive state because this is what we want and want our children to have. History.com states that Baby Boomers are those who were born from 1946-1964 which made up 40% of the population. This is a scary to imagine because we only have 62.9% of the community in the workforce and that will decline as baby boomers retire. http://data.bls.gov/timeseries/LNS11300000 Earlier this week we read the article, “Aging in the United States – Past, Present, Future” which discussed the pyramid to

Baby Boomers have been one of the most powerful forces in shaping the economic environment and are the wealthiest generation in the United States (Kotler and Armstrong, 2015). “In their early years, “Leading Edge” Boomers enjoyed economic prosperity, and their resulting financial power in their prime years drove rising trends in everything. However, the recessionary years of the early 1970’s also added cautionary realities to their youthful consumption and employment dreams” (“America’s Oldest Boomers”, n.d.). Baby boomers control approximately 70% of the disposable income in the United States, therefore, they are known as being one of the most influential financial forces in the marketplace (“Baby Boomers Report”, 2015). As they reach their

As a Millennial, I’ve found that trying to achieve the same sort of success as previous generations is completely impossible. Our country has changed so much, and we’ve come to realize we’re not as invulnerable as we thought. Baby Boomers had a dream instilled into them by their parents that prosperity and the American Dream are accessible to anyone determined to reach it. And they got all they wanted, plus more. So my generation was asked to reach for the stars because we could get more than the American Dream. We could get our dreams. But after the real estate market crash, a line was drawn between this generation and the last because we had to learn a new way to achieve our dreams.

Many Gen X’s will need to dip into their retirement savings to pay for expenses. Many have already done so. More than 50 percent of Gen X’s are still working and believe their income after retirement will come from pensions, 401k distributions and other forms of income. They do not believe that social security will be able to provide them with full benefits and 44 percent may not have enough income for

With the workforce in America decreasing due to hard economic times, there is no guarantee the money put into the reserve will sufficiently support a generation when it is time for retirement. Depending on Social Security to support a person financially when ready to retire, will leave that individual in even more of a struggle than the beneficiaries trying to survive in these earlier years of the 21 century. Social Security benefits represent about 41% of the income of the elderly; if there is not enough to support even half of the elderly’s financial needs now, there is no reason a younger person should depend on it alone for retirement (Dewitt, 2010) in the future.