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It’s The End of The World and Millennials + Gen Z Feel Fine
Younger generations are quitting jobs, not saving money, and moving on. The current political and economic climate has scared them. And of course, Covid. They are spending all their cash, worried about a collapsing supply chain.
It reminds me of the old REM song, R.E.M. — It’s The End Of The World As We Know It (And I Feel Fine)
Recently in the NY Times, “The World’s a Mess. So They’ve Stopped Saving for Tomorrow.”:
In a tumultuous time, many adults under 35 have stopped playing it safe. Instead of banking as much of their pay as they used to, they’re saving less, spending more and pursuing passion projects or risky careers.
A recent study by Fidelity Investments found that 45 percent of people aged 18 to 35 “don’t see a point in saving until things return to normal.” In that same age group, 55 percent said they have put retirement planning on hold.
For some, like Ms. Narang, the isolation of pandemic life triggered the decision to enjoy the moment, financial consequences be damned. For others, the motivation has come from worries over climate change, Russia’s invasion of Ukraine, domestic political instability, soaring inflation, through-the-roof housing costs and a topsy-turvy stock market.
So why are Gen X and Boomers not quitting and reacting like this? Because many of both of these generations are locked into their homes, families, and communities. They can’t just up and move.
But younger generations don’t have people relying on them. They want to get their comforts now before the world goes to hell in a handbasket.
Hannah Jones, a standup comic in Denver, said she used to save almost all her discretionary income. She was a thrift-shop regular who refused to pay for a Netflix subscription. Now she has become what she calls a “financial nihilist,” meaning she puts significantly less into her savings account.
The shaky state of the world was on her mind…
