Those damn kids are at it again, turning up their noses at stability, refusing to accept their own culpability and taking advantage of government subsidies to buy houses.
Then again, what choice do they have? If a Millennial had a dollar for every time they’re called a special snowflake, they could afford to buy a house in the economy their parents ruined.
It’s not an easy road for a generation that graduated from college with record high debt loads into one of the worst job markets in history. What’s a snowflake to do?
Theoretically, well-paying jobs with clear career paths should be appealing in a time of economic instability, but let’s face it – banking just isn’t sexy or exciting. Add to that a lingering perception that the industry was complicit in breaking the economy – though it may not be fair that the entire industry has been smeared, the stain lingers – and a career in community banking is not appealing to today’s 20-somethings.
Most of these young adults were raised to be fearless, to relentlessly, perhaps recklessly, pursue their dreams – and to dream big. It would appear that the economic realities they have faced were not enough to kill those dreams. A secure 9-to-5 just isn’t in their DNA; they would rather struggle doing something exciting and challenging than enjoy the comforts of a steady, if occasionally boring, day job.
This, in turn, contributes to the health of their finances. Especially in Greater Boston, where there may be new and exciting jobs but the rents are obscene, at the end of the month there’s nothing left to sock away for a rainy day, or to contribute to their 401(k) – or to build a down payment.
And that’s assuming a 20-something even wants to buy a condo or a house – or that they should. Generally speaking, a buyer should intend to be in place for five years before selling. That’s half a decade, which is a lifetime in your 20s. Perception of time aside, owning property is a tie that can be difficult and expensive to break, and it does limit one’s job prospects.
Millennials continue to be misunderstood and the subject of much hand-wringing. They may indeed become more conservative as they age, or they may stay footloose and fancy-free for the rest of their days. The market will adjust. And they aren’t the end of the world – there’s another generation coming up behind them.
If you accept 2000 as the end of the Millennial generation (which is a hotly contested cutoff point), the oldest of Gen Z is turning 17 this year. In five years, they’ll be out of college and entering the job market. What will it look like for them? What will their debt load be? How will the children of Gen X view the concept of earning a living? Will financial stability be important to them – or just another method of holding them down, tying them to one place and one way of life?
Soon we’ll have another generation to generalize (and demonize), and Millennials will be thrilled fade from the demographic spotlight.
