There have been a lot of debates on the differences between boomers and millennials. Baby boomers, on the one hand, feel like millennials are simply too lazy to make things work, and this level of entitlement has made them blind to the fact they were born in an era where opportunities are more and conditions were better. Millennials, on the other hand, see themselves as victims of the system and man-made circumstances. But what is the real reason for their struggles? The following could help shed some light on the issue.
Inflation has been the cause of so many problems around the world, and the worst part of it all is that it seems to be a deliberately created phenomenon that happens every time at the expense of the majority and the benefit of the few. Inflation is the reason why millennials are working twice as hard as previous generations but making half as much. While everything around them has seen their prices and values triple, the minimum wage has refused to grow with the times, and this has created a very unfair situation where no matter how hard or how long someone works for, nothing ever changes for them.
There’s much more competition today than it was 50 years ago. With the advent of technology, the pace of production has increased, and this has created a surplus of supply that has outstripped the demand. To get a share of that demand, millennials have been forced to go out and beyond their way to make things work, and this has come at the expense of their mental health and growth. The fact of the matter is that, despite their innovations and hard work, there’s very little to show in return, something that never used to happen for the boomers in the past.
Hostile Business Environments
The sheer cost of starting a business today is so high that it ends up eating into a huge part of the capital itself, leaving millennials with very little to work with. Starting from the cost of acquiring business licenses, the high rents they have to pay for the premise, the many regulatory obstacles they have to deal with before they even start thinking of inventory, and other things that are related to the business they intend to start. When you combine all this with inflation, you have a hostile business environment that is very unbalanced, one that ends up locking promising young people out.
They Have to Get Extra Jobs
It is very rare to find a millennial who doesn’t have a side hustle somewhere to supplement their main income; things are that bad for them. The cost of living is so high to the point where people have to start something on the side to supplement what they make in the hope that they will make enough to afford a decent life once they retire. It is not strange to find someone who is a teacher by day while at the same time they are running another hustle on the side, it could be a food catering business, online writing, doing digital marketing for companies like a filter mat manufacturer or some other type of business, all just to keep a roof over their head and food on their table.
Cost of Education is High
It is not impossible to go to college without a loan unless you come from a millionaire family. The saddest part of all this is that without a degree, getting a decent job is next to impossible, and this forced many millennials to depend on student loans to put themselves through school. This left many of them with huge student loans that take them years to repay with jobs that are barely paying them enough. This never used to be such a huge problem two generations back because the pay was sufficient enough for people to pay off their debts, buy homes, and still have some left for investment. That’s no longer the case anymore.
To compound millennial misery, on top of having to juggle up to three jobs in an environment with so few jobs and high living costs, they also have to take care of their aging parents. Most times this involves having to live with them and handling all their needs which can be very expensive, especially when you consider the cost of medication and food because there’s always a good chance that they would be dealing with some form of medical conditions that requires a lot of care.
Taking them to nursing homes is also another matter since they don’t come cheap; in fact, the reason why many millennials don’t even consider that option is due to the fact that it is even costlier compared to just having their parents at home. They are literally stuck between a rock and a hard place.
Being a millennial has been nothing but a struggle for many. Despite having the best education and access to the best technology has ever seen so far, they are finding it hard to make it through life as the prevailing conditions make it impossible for any meaningful progress to be made. There are no indications that things are going to get any better unless some profound policy changes are made from the top.