Oh, you millennials...

[allisolm]

1. 66% of Millennials have nothing saved for retirement and 95 percent of Millennials are not saving adequately for retirement.
http://money.cnn.com/2018/03/07/retirement/millennial-retirement-savings/index.html
https://www.nirsonline.org/2018/02/...ennials-not-saving-adequately-for-retirement/

2. Millennials fall for financial scams more than any other age group.
https://www.cnbc.com/2018/03/07/millennials-fall-for-financial-scams-more-than-other-age-groups.html

What are we going to do with you? Looks like too many of you are spending what money you have on scams, although I'm sure that doesn't apply to the oh so savvy folks here. So go forth and smarten up the rest of the group.

 

[Blackjack200]

1. 66% of Millennials have nothing saved for retirement and 95 percent of Millennials are not saving adequately for retirement.
http://money.cnn.com/2018/03/07/retirement/millennial-retirement-savings/index.html
https://www.nirsonline.org/2018/02/...ennials-not-saving-adequately-for-retirement/

2. Millennials fall for financial scams more than any other age group.
https://www.cnbc.com/2018/03/07/millennials-fall-for-financial-scams-more-than-other-age-groups.html

What are we going to do with you? Looks like too many of you are spending what money you have on scams, although I'm sure that doesn't apply to the oh so savvy folks here. So go forth and smarten up the rest of the group.

Both of these things are consequences of millenials being possibly the poorest generation in recent American history.

 

[Mr.IncrediblyBored]

You mean the generation with mountains of college debt and shitty paying jobs because of a shrinking middle class can't afford to save money? The hell you say.

 

[dasherHampton]

The long view of this is very troubling for sure.

 

[ponyo]

Their parents have plenty of money so it's ok. By the time they retire, they will have inherited their parents fortune. So what's the problem?

 

[rh71]

I blame their parents who allowed things to happen. Letting them learn everything on their own meant shortcuts were bound to happen. Be harder on your kids. Freedom of choice is overrated, as you can see.

 

[Crono]

Millennials are the most over-covered generation in history as far as these kinds of stories and studies and data collection.

 

[Blackjack200]

Millennials are the most over-covered generation in history as far as these kinds of stories and studies and data collection.

It's a false narrative (a rudderless, unmotivated generation) to explain a very real phenomenon (the collapse of the American middle class). The vast majority of the "millennial" stories and comments I've seen fit this.

 

[nakedfrog]

Well, on the bright side, the retirement age will probably be like 80 by that time, so that will give them a chance to catch up.

 

[Charmonium]

By definition, millenials are younger than most of the other age groups. Younger people tend not to save. That's why advertisers target the 18-39 demographic. They spend more than other age groups as a percentage of income. So saying millenials are spendthrifts is almost a tautology. It's sort of like saying puppies are baby dogs.

 

[Crono]

2. Millennials fall for financial scams more than any other age group.
https://www.cnbc.com/2018/03/07/millennials-fall-for-financial-scams-more-than-other-age-groups.html

What are we going to do with you? Looks like too many of you are spending what money you have on scams, although I'm sure that doesn't apply to the oh so savvy folks here. So go forth and smarten up the rest of the group.

This millennial is smart enough to not automatically believe articles that would likely be shared without thinking on sites like Facebook. What's the chart based on? Reporting. What other methodologies might impact findings?

The median loss for all fraud reports in 2017 is $429. The median losses were highest in these fraud
categories:
- Travel, Vacations and Timeshare Plans
- Mortgage Foreclosure Relief and Debt Management
- Business and Job Opportunities

That third category is of interest where millennials are concerned because desperation might be fueling poor choices, not inherent gullibility.

Of people who reported their age, those aged 20-29 reported losing money to fraud in 40% of reports
filed with the FTC, while people aged 70 and older reported losing money in just 18% of their complaints.
But when they did experience a loss, people aged 70 and older reported much higher median losses
than any other age group.

I don't know how they determine whether people are honestly reporting and disclosing losses, but I'm inclined to think people with a "nest egg" are more likely to eat the loss than those with little to no savings.

 

[Paratus]

It's a false narrative (a rudderless, unmotivated generation) to explain a very real phenomenon (the collapse of the American middle class). The vast majority of the "millennial" stories and comments I've seen fit this.

You know what the fix is?

Tax cuts. Specifically on savings and investments.

(That was sarcasm by the way)

 

[allisolm]

This millennial is smart enough to not automatically believe articles that would likely be shared without thinking on sites like Facebook.

Well, the data comes from the Federal Trade Commission and the article from CNBC . Neither are National Enquirer level sources.

 

[DietDrThunder]

You know what the fix is?

Tax cuts. Specifically on savings and investments.

(That was sarcasm by the way)

I love my tax cuts. So the country goes belly up by the time the Millennials get to retirement age. I'll be long gone by then and have spent all of my (and their) money.

 

[dyna]

1. 66% of Millennials have nothing saved for retirement and 95 percent of Millennials are not saving adequately for retirement.
http://money.cnn.com/2018/03/07/retirement/millennial-retirement-savings/index.html
https://www.nirsonline.org/2018/02/...ennials-not-saving-adequately-for-retirement/

2. Millennials fall for financial scams more than any other age group.
https://www.cnbc.com/2018/03/07/millennials-fall-for-financial-scams-more-than-other-age-groups.html

What are we going to do with you? Looks like too many of you are spending what money you have on scams, although I'm sure that doesn't apply to the oh so savvy folks here. So go forth and smarten up the rest of the group.

This doesn't surprise me. The cost of fuel/housing/healthcare have outpaced salary growth and have started to eat into personal savings. The appeal/accessibility of online purchasing/mobile apps/video can also be a contributor. Gen X started too lose the guaranteed retirement benefits which obviously the Millennials receive no benefit. The legacy of inheritance may slow a complete collapse but we do have a problem.

 

[Blackjack200]

I love my tax cuts. So the country goes belly up by the time the Millennials get to retirement age. I'll be long gone by then and have spent all of my (and their) money.

I mean, if record levels of opiate overdoses and suicides isn't somewhat "belly up" already, what exactly do you think a collapse will look like?

The economic malaise in this country is killing tons of people. Right now. Today. Do you think it's going to look like Mad Max or something? It's not. It's just going to be more and more people dying.

But let's write some more articles about how too many millennials are eating avocados or something.

 

[njdevilsfan87]

This doesn't surprise me. The cost of fuel/housing/healthcare have outpaced salary growth and have started to eat into personal savings.

Basically this. True monetary inflation (not the reported 2-3%) has far exceeded wage growth. A good example: oldies (who have lived here since the 80s and 90s) who are rent controlled (3% max per year) in my neighborhood pay maybe 1/3 of the current market rate, if even that.

 

[FerrelGeek]

Typical millennials. Nothing's our fault. The world owes us free sh*t. It's been 3 minutes since I posted my last selfie. OOOOMMMMGGGGG!! I have 26,736 friends and only 2 liked my post!!!!! PAY ATTENTION TO MMEEEEEE!!!! Does this snapchat filter make me look cute?? Hey! Tide pod party at my place! That guy said something that I didn't like. He needs to be silenced! What gender am I today? I graduated with $75k in student loans and I can't find a job in Ancient Sumerian art; not fair! Curse my nihilistic life!

I have 4 millennial kids and the above pretty much sums up what they think of their peers. Though I honestly can't totally blame millennials. Their overindulging helicopter parents did a great job in making them the way they are. They were also suckered into the myth that they had to go to college to get a good job and no one gave them the guidance to tell them that most majors won't get them jack when they graduate. Businesses don't help either; requiring a 4 year degree for many positions when a 2 year program or even a tech school education would've sufficed.

So, I have genuine pity mixed with a decent amount of contempt.

 

[repoman0]

I love my tax cuts. So the country goes belly up by the time the Millennials get to retirement age. I'll be long gone by then and have spent all of my (and their) money.

Baby boomers — leaving the country worse off than they found it, and damn proud of it, aptly demonstrated by this typical example here. I can only hope my generation learns from their many, many mistakes and doesn’t turn out to be the same.

 

[DietDrThunder]

Baby boomers — leaving the country worse off than they found it, and damn proud of it, aptly demonstrated by this typical example here. I can only hope my generation learns from their many, many mistakes and doesn’t turn out to be the same.

 

[K1052]

Love how the boomers pulled up the ladder after themselves and condescendingly chide our generation for simply for not growing wings.

 

[Blackjack200]

They were also suckered into the myth that they had to go to college to get a good job and no one gave them the guidance to tell them that most majors won't get them jack when they graduate. Businesses don't help either; requiring a 4 year degree for many positions when a 2 year program or even a tech school education would've sufficed.

"They were suckered into the myth that they need to go to college to get a good job! ...also, shame on businesses for requiring college degrees for their good jobs!"

 

[AznAnarchy99]

Eh people always blame the next generation for everything. I'm at the age now that kids are weird.

 

[Exterous]

1. 66% of Millennials have nothing saved for retirement and 95 percent of Millennials are not saving adequately for retirement.
http://money.cnn.com/2018/03/07/retirement/millennial-retirement-savings/index.html
https://www.nirsonline.org/2018/02/...ennials-not-saving-adequately-for-retirement/

There are a ton of stories on both sides of this and, when you compare stories, the numbers don't match up. 95% don't have enough saved but 1 in 6 has $100k. 66% have nothing saved but 47% have at least $15,000. 66% have nothing saved but 82% are saving for retirement. They're not saving enough but they are saving faster than Baby Boomers did.

https://www.usatoday.com/story/mone...-1-6-now-have-100-000-socked-away/1053803001/
http://time.com/money/4882463/millennials-saving-retirement-genx-baby-boomers/
https://www.cnbc.com/2018/02/05/1-i...000-heres-how-much-you-should-have-saved.html

 

[Mai72]

The retirement issue isn't just a Millineals problem. This article states that 37% of Gen X won't be able to retire as well, and nearly half worry that they'll run out of money.

https://www.google.com/amp/s/amp.usatoday.com/amp/1016739001

Ignorance has dire consequences, and it seems that most Americans are ignorant. They say that knowledge is power. How many people are willing to take the time to read about investing? Or, how to make additional income? Or, read inspiring stories on people who have been able to go from being in debt to being able to retire in 5 years. Those stories exist.

But No!!! Why should I need to read when I can act like everything is hunky dory. I can just ignore the fact that I'm in debt so I can watch hours of Netflix, hang out with my friends at the bar, and/or play video games until the sun rises.

IMO, people are soft today. They don't want to put in the work. They'll do just enough and that's it. You can make all the excuses in the world. And, most of those excuses are valid. College debt is real. You might be $100k plus in debt. You might have difficulty finding work, or maybe you were abused as a kid. Those are real concerns. But, A) No one gives a f*k, and most importantly B) it doesn't solve anything.