Gen Z is prioritizing living over working because they've seen 'the legacy of broken promises' in corporate America, a future-of-work expert says
Gen Z is prioritizing living over working because they've seen 'the legacy of broken promises' in corporate America, a future-of-work expert says
A future-of-work expert said Gen Zers didn't have the "promise of stability" at work, so they're putting their personal lives and well-being first.
A future-of-work expert said Gen Zers didn't have the "promise of stability" at work, so they're putting their personal lives and well-being first.
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"Many of us built, whether it's bought homes or whatever, based on this promise of stability," Jesuthasan said. "There was this expectation that the tail was bigger. And we took on liabilities and obligations early on because of that tail. I think this generation has seen that tail dissipate."
In other words, when millennials did what their parents did and assumed if they worked hard they'd get to live a decent life. Then they got fucked by companies whose priorities became getting as much out of their employees as possible while investing in those employees as little as possible.
As a millennial, I hated the idea of debt. As a result, I've had no debt beyond college loans despite being able to afford a lower middle class lifestyle. It took me never living alone (roommates, SOs) but I did it. The education was bullshit and the loans were obscene but I got a piece of paper that helped me keep my job. After working in the public sector for 20+ years I actually had my loans forgiven... and now rent is going through the roof to compensate. Still, I might actually own a home before I'm 50, assuming current and future landlords don't decide to take me for all I'm worth.
When I finally own a home, I'm sure it'll get washed away by the thirteenth "century flood" that year or some other bullshit thanks to climate change. So fucking glad I decided not to have kids. Fuck this world.
If it makes you feel any better, the rent was going to skyrocket regardless of the loan forgiveness. That's just the generations before us people trying to make sure they get to the top so they can pull the ladder up behind them.
We have no loan forgiveness here in Canada and rent is still going up faster than anyone can afford. It doesn't help that all of the politicians are landlords.
I just saw the other month that only like 46% of Millennials own a house, compared to the 65% average of other generations. And of those who don't, 52% of them aren't saving for a down payment, often because of how shitty wages and even finding a job are. On top of that, only 20% of houses are currently affordable for the average American worker, down from 60% in 2016. And people wonder why we have no faith in the system.
Gen Z saw what happened to Gen X and to us Millennials, and don't expect it to get any better for them either.
My only hope for owning a home is my parents dying at this point
A perfect example of why is, my dad used to work at Boeing, made $30/hr in the 90s
I have a friend (of my generation) who also signed on at Boeing, they're paying him $26/hr, 30 years later
That extra $4 pays for the CEO’s superyacht.
It pays for the amazing views out the side of your depressurized 737, those don't come cheap you know
Millennial here. I was talking to my mom about this recently. We worked out the math of what I earn vs my dad at my age. Then we looked at what I laid for my house vs what they paid for theirs. For context, my parents still live in the same house I grew up in, and my house is in the same neighborhood and roughly the same size.
Their house in 1983 dollars would be about $165k today. My house was $275k in 2019, and that was well below most reasonable comps at the time. Now it's supposedly worth $400k. At least that's what my taxes and insurance are based on.
My dad had a solid white collar job. Not c suite, but firmly middle class at the time. I'm finally in a similar position after the 2008 and 2020 bullshit.
His salary when he was about 40 would be $140k in today dollars. I earn nowhere near that and have way more house debt.
Putting it in those terms was really eye opening for both of us. Most of my friends don't have kids and don't own a house. Shit, some still even live at home with their parents. We're definitely not doing better than our baby boomer parents. The American dream died a generation or two before mine.
That sounds like a horrible Kafkaesque nightmare. I fear my country is heading in the same direction. I'm saddened that it got so bad in the US, and that the "obvious steps in the right direction" were simply voted against. I'm reminded of the Community episode where they explore the alternative realities. We're in the "Bernie lost to HIllary" one. Before that happened, I told a friend "Well... if Bernie loses, it's all going to shit". Sucks to have been right, although it started some time ago with Reagan gutting the middle class.
We either figure out how to redistribute wealth in the society in the next 30 years, or... "going to shit" will be the least of our problems.