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Millennials have lived through economic uncertainty before. They're not nostalgic for more. (www.nbcnews.com)

submitted 10 months ago by MicroWave@lemmy.world to c/news@lemmy.world

53 comments fedilink hide all child comments

A generation accustomed to financial challenges is dealing with their recession fears through wry TikToks and by swapping cost-cutting suggestions online.

Millennials are worried they are about to experience a “once-in-a-lifetime” recession. Again.

Dire economic downturns are supposed to be rare, but millennials — defined by the Pew Research Center as those born between 1981 and 1996 — have already had several recessions during formative stages of their lives, from the dot-com bubble burst when most were children, to the Great Recession as they entered the workforce after college, to the Covid-19 pandemic when they were trying to settle into their careers.

Once dubbed the “unluckiest generation,” millennials have postponed major milestones during past recessions. A significant slice of them graduated college between 2007 and 2009 and struggled to find jobs, which led them to delay buying homes, getting married, and making major purchases, such as cars. Then, after the pandemic led to another sharp recession, some millennials, contending with student loans and rising costs of living, decided to rethink having kids.

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[–] ComfortablyDumb@lemmy.ca 1 points 10 months ago

Depends on the distribution of income that you are aiming for. If you are young and working in an in demand job like tech or finance you can mint money in the US. Capital gains are really low and you don't need a lot to be spent on insurance so you can go for the HSA. Things start changing once you are mid career and have kids. US is not a safe place for kids to grow up and the lifestyle is extremely stressful because you have no safety nets if you lose your job.