Today in unsurprising news

[cattledogkisses]

Why Aren't Millennials Spending? They're Poorer Than Previous Generations, Fed Says

Since millennials first started entering the workforce, their spending habits have been blamed for killing off industries ranging from casual restaurant dining to starter houses. However, a new study by the Federal Reserve suggests it might be less about how they are spending their money and more about not having any to spend.

www.npr.org/2018/11/30/672103209/why-arent-millennials-spending-more-they-re-poorer-than-their-parents-fed-says?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=2059&fbclid=IwAR0IPbAwZZbR5BZgz8AnfgEGh-4fd3fFRRDuxIHXT0meXcUXePAVqFqagMI

[crazycakes]

So you’re saying crippling student debt and stagnant wages AREN’T good for the economy?

[Deleted]

[secretlyevil]

SHOCKED!

[picksthemusic]

You don't say.

[smock]

[seeyalater52]

Well, gee.

[madDawg228]

Trickle down economics, indeed!

[sent]

I never see starter houses or starter anything being built. It's either luxury apartments or luxury homes with no in-between.

[isabel]

Nov 30, 2018 14:30:06 GMT -5 sent said:

I never see starter houses or starter anything being built. It's either luxury apartments or luxury homes with no in-between.

Yep. MIL has what I would consider to be the perfect size house for our family of 4. 3 bedrooms, 2 bathrooms, with a basement. One contiguous living area/kitchen. It's about 2,000 square feet. Except, you know, it's in a 55+ community.

You can't freaking find a normal sized house being built now. Not that I want a new build, but I do think the phenomenon is really weird. Not everyone wants to live in a gargantuan home.

[ESF]

Nov 30, 2018 14:30:06 GMT -5 sent said:

I never see starter houses or starter anything being built. It's either luxury apartments or luxury homes with no in-between.

Yup. And the limited supply of them is getting even worse because people in them can't afford to buy something bigger, so they just build additions.

[cattledogkisses]

Nov 30, 2018 13:50:09 GMT -5 crazycakes said:

So you’re saying crippling student debt and stagnant wages AREN’T good for the economy?

They cite healthcare costs too as a contributing factor. I know in my head that we're immensely privileged to have Tricare, but it's still shocking to me when I see how much non-military families pay for healthcare (that often seems to not cover much).

That fact that a study was needed to come to this revelation is kind of sad and funny at the same time.  Like, did everyone just think that millennials were laughing into piles of hoarded Benjamins as shopping malls and casual dining restaurants died? 

[suburbanzookeeper]

An acquaintance (in her late 50's) from our dog rescue who adopted one of my fosters a few years ago posted this article yesterday, with these comments: "😈 and yet they all have the most recent tech stuff? New iphones, computers hybrid cars tesla’s are not cheap. So really it comes down to wear you spend your money? And by the way we were all poor at that age."

I lost my ever loving shit on her. Politely, but still, especially as a millennial. Stagnant wages, higher cost of college, higher housing prices, the costs of childcare, etc... she finally stopped responding.

[elleblue]

Nov 30, 2018 18:02:10 GMT -5 suburbanzookeeper said:

An acquaintance (in her late 50's) from our dog rescue who adopted one of my fosters a few years ago posted this article yesterday, with these comments: "😈 and yet they all have the most recent tech stuff? New iphones, computers hybrid cars tesla’s are not cheap. So really it comes down to wear you spend your money? And by the way we were all poor at that age."

I lost my ever loving shit on her. Politely, but still, especially as a millennial. Stagnant wages, higher cost of college, higher housing prices, the costs of childcare, etc... she finally stopped responding.

That would enrage me too. And "we're all poor at that age" - guess she hasn't a clue that the oldest millennials are anywhere from 36-40 (depending on which definition you adhere to). So it's now considered normal to be in the "ramen and cinder block bookshelf" phase of life for 20 years? Yeah no. 

[StrawberryBlondie]

Nov 30, 2018 21:08:38 GMT -5 elleblue said:

Nov 30, 2018 18:02:10 GMT -5 suburbanzookeeper said:

An acquaintance (in her late 50's) from our dog rescue who adopted one of my fosters a few years ago posted this article yesterday, with these comments: "😈 and yet they all have the most recent tech stuff? New iphones, computers hybrid cars tesla’s are not cheap. So really it comes down to wear you spend your money? And by the way we were all poor at that age."

I lost my ever loving shit on her. Politely, but still, especially as a millennial. Stagnant wages, higher cost of college, higher housing prices, the costs of childcare, etc... she finally stopped responding.

That would enrage me too. And "we're all poor at that age" - guess she hasn't a clue that the oldest millennials are anywhere from 36-40 (depending on which definition you adhere to). So it's now considered normal to be in the "ramen and cinder block bookshelf" phase of life for 20 years? Yeah no. 

There's a woman in my book club that regularly rants about how much she hates millennials. She just turned 40.

Literally no clue she missed the cutoff by about a year. She thought all millennials were 20-25.

[Velar Fricative]

Nov 30, 2018 18:02:10 GMT -5 suburbanzookeeper said:

An acquaintance (in her late 50's) from our dog rescue who adopted one of my fosters a few years ago posted this article yesterday, with these comments: "😈 and yet they all have the most recent tech stuff? New iphones, computers hybrid cars tesla’s are not cheap. So really it comes down to wear you spend your money? And by the way we were all poor at that age."

I lost my ever loving shit on her. Politely, but still, especially as a millennial. Stagnant wages, higher cost of college, higher housing prices, the costs of childcare, etc... she finally stopped responding.

Several hundred for an iPhone versus a bazillion dollars with the off chance that no house will still be affordable - yeah, I’d enjoy life right now and go after the cool gadgets.

[ellipses84]

Nov 30, 2018 21:08:38 GMT -5 elleblue said:

Nov 30, 2018 18:02:10 GMT -5 suburbanzookeeper said:

An acquaintance (in her late 50's) from our dog rescue who adopted one of my fosters a few years ago posted this article yesterday, with these comments: "😈 and yet they all have the most recent tech stuff? New iphones, computers hybrid cars tesla’s are not cheap. So really it comes down to wear you spend your money? And by the way we were all poor at that age."

I lost my ever loving shit on her. Politely, but still, especially as a millennial. Stagnant wages, higher cost of college, higher housing prices, the costs of childcare, etc... she finally stopped responding.

That would enrage me too. And "we're all poor at that age" - guess she hasn't a clue that the oldest millennials are anywhere from 36-40 (depending on which definition you adhere to). So it's now considered normal to be in the "ramen and cinder block bookshelf" phase of life for 20 years? Yeah no. 

“Millennials” get brought up by baby boomer and genX coworkers in so many of my work meetings. The other day I just wanted to scream, Millennials are almost 40! They were actually talking about college kids (and it related to highschoolers) so they weren’t even talking about the right generation. Those darn Millennials!

[suburbanzookeeper]

Nov 30, 2018 21:47:36 GMT -5 ellipses84 said:

Nov 30, 2018 21:08:38 GMT -5 elleblue said:

That would enrage me too. And "we're all poor at that age" - guess she hasn't a clue that the oldest millennials are anywhere from 36-40 (depending on which definition you adhere to). So it's now considered normal to be in the "ramen and cinder block bookshelf" phase of life for 20 years? Yeah no. 

“Millennials” get brought up by baby boomer and genX coworkers in so many of my work meetings. The other day I just wanted to scream, Millennials are almost 40! They were actually talking about college kids (and it related to highschoolers) so they weren’t even talking about the right generation. Those darn Millennials!

I routinely defend my age group at county and community planning meetings about housing and why there's a mass exodus from OC to the IE in Southern California and it's "all the millennial fault" for traffic and other infrastructure issues. No folks, sorry, that was on your watch. I was still in high school when those decisions should have been made. 

I'm 34. She tried to tell me that I just made better choices than my peers. 

[sent]

Nov 30, 2018 17:33:23 GMT -5 isabel said:

Nov 30, 2018 14:30:06 GMT -5 sent said:

I never see starter houses or starter anything being built. It's either luxury apartments or luxury homes with no in-between.

Yep. MIL has what I would consider to be the perfect size house for our family of 4. 3 bedrooms, 2 bathrooms, with a basement. One contiguous living area/kitchen. It's about 2,000 square feet. Except, you know, it's in a 55+ community.

You can't freaking find a normal sized house being built now. Not that I want a new build, but I do think the phenomenon is really weird. Not everyone wants to live in a gargantuan home.

I came across this a few times on our housing searches, more when we were renting. We'd see a location or community that looked desirable and when we'd look it up to find out it was a 55+ community or building. 

And I agree about the perfect size house. Ours is maybe 2400 and laid out well but it still feels like such a hike for me to go from room to room. We have a finished basement and I literally never go there. I loved living in our 2 bed/2 bath/loft apartment when we were a family of 3 and dream about going back to something compact like that. Or maybe a ranch. By the time those things are options for me, I'll be well qualified for the 55+ communities. 

[lilibet]

Insert the Fry shocked gif here.

I'm constantly having to remind co-workers what ages millennials actually are. Someone was talking about how this one woman has a horrible work ethic because she's a millennial and I pointed out that she's about 4 months younger than I am. I got a response very similar to pp's you made better choices answer.

I also have a coworker who is 51 and cannot understand why I can't go and take multiple big vacations a year or go shopping all the time because I can't afford to. Her check goes to her retirement account and she spends the rest shopping (not exaggerating, she's said this to us). Her husband's income covers all of their expenses.

[Jalapeñomel]

My Mom finally came to the conclusion that her children will never make as much money as they did, and we will certainly never afford the luxuries they had. She seemed shocked by that.

[msmerymac]

I have a client, a high-end gym in a wealthy part of suburban Philadelphia. They keep saying they want more millenials and young parents. We reminded them that millenials ARE young parents. Also, maybe millenials just aren't the ones buying those 6000 square foot homes that keep going up near them. Who IS buying those homes? Beats me, but probably not 35 year olds with $50k in student loans and 2 kids in daycare.

And then by comparison, my 3 bedroom, 1400 square foot house seems tiny. It's the biggest place I've lived in since I moved out of the house I grew up in (which was a massive 2800 sq ft for 4 people). Our 700 sq ft, 2 bedroom apartment in West Hollywood was much more manageable, and I'm constantly thankful to not live in and have to maintain a larger house. No, I don't want to clean 5 toilets, WTF. But when every new build has a butler's pantry and a living room, family room, sitting room AND home office, *I'm* the weird one in my tiny, affordable house.

Don't get me wrong - we bought a house way under what it seems we could afford, but we also have a lot of bills, much like other millenials. But having a lot of bills is not the same as not having a good income and I thank my lucky stars all the time that we have a high and stable HHI and can pay them. I know we're so, so much luckier than most people. And really, it's luck. Mostly my own luck in marrying my H. And he worries about being obsolete in the workforce in the next 10 years anyway.

[macmars45]

I'd love a SFH between 1300-1800sq. Sadly in the Seattle area we are priced out of those. We are extremely blessed to own our TH (what with rent constantly climbing), but I'd love to not share walls (or weed smoke) with my neighbors. I'd love a 3rd bedroom too for guests and a better office area for H so he could WFH without DS all up in his business.

It must be that H and I are lazy and therefore we can't afford that kind of house. It can't be that I go years without even a COL raise (and childcare costs equal the sum of my check so I SAH right now) or the SL debt from college. *rolls eyes*

[pantsparty]

Dec 1, 2018 14:17:17 GMT -5 msmerymac said:

 I know we're so, so much luckier than most people. And really, it's luck. Mostly my own luck in marrying my H. And he worries about being obsolete in the workforce in the next 10 years anyway.

This is so true. And yet many don't realize it as luck. I am also lucky to have married my H and have the job I have. Sure, I'm a hard worker, but there are lots of hard workers earning very little.

It kills me about boomers and this attitude. Because if any generation had luck on their side, it was them. They inherited a great economy, workforce demand, had jobs with good healthcare and pensions. And yet they point the fingers at Gen X and millenials, as though they are working with the same set of advantages. It's mind-blowing.

[jackie011]

Dec 1, 2018 17:31:51 GMT -5 pantsparty said:

Dec 1, 2018 14:17:17 GMT -5 msmerymac said:

 I know we're so, so much luckier than most people. And really, it's luck. Mostly my own luck in marrying my H. And he worries about being obsolete in the workforce in the next 10 years anyway.

This is so true. And yet many don't realize it as luck. I am also lucky to have married my H and have the job I have. Sure, I'm a hard worker, but there are lots of hard workers earning very little.

It kills me about boomers and this attitude. Because if any generation had luck on their side, it was them. They inherited a great economy, workforce demand, had jobs with good healthcare and pensions. And yet they point the fingers at Gen X and millenials, as though they are working with the same set of advantages. It's mind-blowing.

I’m a good 20 years younger than any Exec level people in my organization. I’m constantly harping that if we don’t change our compensation/salary structure for my agency we will be closed in no time. They think back to the “old days” when the majority of the people working in my agency were SAHMs looking for a little something to do while the kids were in school. It was supplemental income so you could get away with paying less than because it was just fun money. Well, guys (because it’s mostly all men) times have changed!!