This is the new meme, claiming that the problem stems from Millennial Millennials living at home “in bubbles.” (This meme also appeared in the book The Second Great Recession .) This meme can be debunked in 3 parts:
1. Millennials haven’t built wealth.
No, Millennials don’t just have wealth. The Pew Research Center shows that the richest 30% have as much wealth as the bottom 90% combined—which is almost nothing when you consider that people are earning less than their parents did when they were in middle and high school (remember, wealth can be generated while you’re a kid, and even later in life ).
I also find no evidence that Millennial Millennials are not earning money from other sources like inheritances.
2. Millennial Millennials can’t have wealth because they “don’t care.”
Millennials are the youngest generation. You want to build wealth? Build wealth before you’re 20.
No one is forcing you to be in college, or at least I don’t think if they had the authority they would. 3. “Millenials, who have no interest in traditional financial services, instead turn to mobile services for services and advice.” Okay, maybe there are some Millennial Millennials who are more invested in their mobile tech companies. But how significant is this? If it’s significant, then why are many other generations, such as Gen Xers and even Baby Boomers and so on, also investing in mobile technologies?
So, you have a new meme, and it is coming around to its core: Millennials are lazy, spend too much money, don’t know what financial services are, can’t buy nice things, and in general don’t understand financial services.
So, this meme is spreading at a rapid rate. Do you think the meme is right, the one that blames Millennials for all their ills? Or do you think I misunderstood what you were saying?
Let me leave you with this:
I think the one that’s more wrong than right is this.
“Millenials, who have no interest in traditional financial services, instead turn to mobile services for services and advice”
In case that last is unclear, yes Millennials do turn to mobile services (which are great but I’m going to spend a few minutes looking for something even more awesome) for services and advice. Yes, they may have some good connections and some great advice, and it isn’t the money, but it’s definitely not the money.