Are Millennials worse off than Baby Boomers?

Baby boomers vs millennials, who's better off? In this video, we delve into the generational debate between Baby Boomers and Millennials to determine who's better off, from education, employment, home ownership, Net worth, retirement and cost of living.
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Chapters
00:00 Intro
02:12 Who are the baby boomers and millennials
03:50 Education
05:35 Employment
07:30 Home Ownership
09:26 Cost of Living
10:07 Net Worth and Retirement

[@IreneZhu]

Do you think Millennials are better off than baby boomers? 📈 Manage your portfolio on Navexa and get 3 months off on your annual subscription: www.navexa.io?fpr=irene

[@SeeJayCampbell]

Millennials didn’t grow up with the internet, especially not the older ones. The internet was not widely used until the late 1990s outside of universities. The first generation to have the internet their whole lives is Gen Z

[@mangoman9290]

And they didnt grow up with Donkey Kong flip screens either

[@shawn6306]

not true but yes it's true that some millennials grow up with the internet but there are some millennials that have grow up with the internet i grow up with the internet inthe early 2000s

[@dazza9360]

Nice you have a KICKR Bike!👍

[@OverRandomGamer]

I think another thing that is important to consider in this comparison would be the things younger generations have that boomers didn't. We have nicer cars, bigger homes, new products and services we use every day like the electronics and Internet subscriptions. These things are great, but also put a larger financial burden on people. They are making life both easier and more difficult at the same time.
It's not difficult to be in a good position today, it's easier than ever to get yourself into a bad one though and both generations are dealing with that in different ways. Boomers who spent more than they should have are entertaining retirement without having planned appropriately. Millennials are taking out loans for everything from cars to furniture.
That brings up another big issue: the availability of debt has allowed people to increase demand and push up prices without the increase in income. Not inly are the people doing this hurting themselves, they are pushing uo the prices and making it more difficult for the people who otherwise wouldn't be using debt.

[@Bokgat]

Better off financially or strawberry generation

[@mangoman9290]

I think one of the big differences is that Millennials have been duped into thinking that Uni is the only path to success. Even in the late 90's people were walking out of Uni with a IT degree that was already obsolete whilst those that didnt qualify for uni or chose another path have been earning big $$$ as tradies or in the mines. Every generation has its challenges but I think Millennials as a whole were fed a 'do what you want, be what you want' lie instead of a more realistic 'do what is needed, be what is in demand' which was more of the boomer motto.

[@OverRandomGamer]

I think the bigger issues is that the educational system has become so pathetic that people aren't learning to think for themselves when it comes to this kind of stuff. At 12 I could have told you that it was a bad idea to go into debt for education in hopes of landing a better job. I could understand the interest rates, and economic risks.
Our education teaches us everything we need to know to teach ourselves about finances. We get the math, we learn the read/research, the issue is that most don't do it. There are many studies that show financial literacy is decreasing over time and I think that is a significant part of why younger generations are doing so poorly.
Because of how easy it is to learn, I think most people struggling today are victims of themselves, not the dream pushed onto them.

[@mangoman9290]

@@OverRandomGamer I think debt for education is a sound choice if there is a payback at the end but I think many are getting education in areas they think is cool/interesting but have no commercial value. Sure archaeology is cool but the commercial demand for it is low.
I recall a friend in the late 90's spent $8k on a 3 month Microsoft database course and by the end he had 3 job offers, at the same time people were finishing a 4 year IT degree and they were unemployable as the subjects they learnt were obsolete.
$8k well spent, even if he had to borrow money to fund it.

[@OverRandomGamer]

@@mangoman9290, I see where you're coming from and it can be worth taking on debts some times, but the issue with debt becomes the what ifs. Sure, an education could lead to a higher paying job, but what if you can't get that higher paying job when you graduate? What if there is a economic downturn, or your skill gets outsourced, or you get injured. Debt clearly comes with a literal coat, but it's the additional risk that people aren't considering. That 8k course was an 8k risk that paid off, when I'm considering risk I would rather risk taking longer to cash flow the 8k than become behind 8k.

[@mangoman9290]

However there are risks of not getting trained and waiting until you can afford the education. Unskilled labour pays less, is often the first to be let go and more competition to get a job. What if you never get to that $8k or you eventually get to the $8k and the course is now $10k?
I think risk mitigation is a big factor over our entire lives and in education and employment we can often 'read the room' and see what is in demand. There have been jobs on Seek needing Forklift Drivers since Seek was launched over 2 decades ago. MR/HR drivers, always in demand but I have never seen an advert looking for archaeologists.
Overall I think it best to get that education as early as possible but it has to be done with forethought and planning toward long term employment with a potential lifetime of higher earnings and employment demand.

[@shawn6306]

i want to let you know i'm light black american i'm generation y millennial i'm born in 1991 and i don't like the generation wars most say be in this my gerneration is better than yours ego mindset compete with each other i think it's silly to me and i know some gernerations love all generations equally i want to say that i love all generations equally i just wish we should just get along settle our differences