As they’re known, ‘Generation Y’ or ‘Millennials’,are glued to their smartphones, addicted to social media, lazy, self-involved andwho live in a state of perpetual adolescence. We’re not trying to play devil’s advocate here, just questioning if these unflattering adjectives used to paint a less than favourable picture of young people these days is fair.
Why do we care, well, because they’re our client’s and we know just how hard life really is, rather than the stereotypes the media portray to accentuate as ever, the negative. It’s true that it’snow easier than ever to have what we want, buy what we wantand seemingly live a ‘carefree’ life in comparison to older generations. Indeed, gone are the days of saving for life’s little luxuries, replaced by credit that is much more readily available.
But what goes largely unspoken, swept under the carpet for a ‘sensationalist’ headline that criticises ‘Generation Y’, is that they are about half as well off as those born a decade earlier - this generation is uniquely hard done-by and life really is harder than it was for earlier generations.
Instead of organisations, politicians and journalistsregurgitating the old adage, “stop whingeing, you’ve have never had it so good”, citing terrible evidence, or in many cases no evidence at all to perpetuate negative myths, they should face up to the reality ofa very different picture of young adulthood in modern Britain, particularly expensive education.
When it comes to students, the simple fact is that England has the highest level of debt per graduate than any other country in the English-speaking world with grads now leaving with almost £45,000 of student debt.
Add on to that the perfect storm of unemployment, stagnant wages and lack of opportunities, the rising cost of living, high house prices, grim rental arrangements and dismal pensions – young people of today are set to be the first generation to do worse than their parents or build up wealth as far back as data goes.
No wonder many people live life in the here and now, even though it can sometimes spell disaster for our finances unless the ‘Bank of Mum and Dad’ is willing and liquid enough to help out. Instead of thinking about pensions, savings and buying houses as we’re told to, the younger generation have to get an actual job and pay the rent. Hardly ‘carefree’ if you ask us.
While older generations have traditionally been portrayed as vulnerable or deserving, maybe it’s time for a rethink, so that ‘Generation Me, Me, Me’ get a fair chance, not only for their own prosperity, but for future generations.