There is a significant difference in how people live between the older and younger generations. The economy, technology, education and society has all advanced in various ways over time, which has affected the lifestyles and mindsets of each generation. Some may agree that the younger generations (Millennials and Gen Z) have a much more difficult time financially, both educationally and mentally due to the fact that society has never before been this technologically and economically advanced).
As someone who is a part of Gen Z, I can relate to the feeling of not understanding the important roles of adulthood and not feeling well prepared for the future, and a lot of older generations have also formed strong opinions on the topic. On multiple occasions, celebrities of older generations have publicly criticized younger generations (Gen Z) for their lack of success as they become adults – Jodie Foster, Whoopi Goldberg, John Mackay and many other public figures have criticized Gen Z for their work ethic, calling them ‘lazy’ or ‘hard to work with.’ Gen Z is looked down upon as idle, failures, uneducated and privileged. However, I believe there is a lot of irony in this dispute, as the older generations are the ones who are supposed to help navigate younger ones through life, rather than judge them for the lack of knowledge they were never provided with. Although there is an abundance of hardships that newer generations have to face, such as recovery from Covid-19, lack of financial assistance, etc., we have to consider the advantages of modern-day technology and society that past generations were not exposed to.
One of the many things that Gen Z and Millennials have an advantage with over older generations is the diverse variety of choices within the workforce. There are more than just doctors, teachers and lawyers, which were the more common jobs that ‘wealthier’ people had when Boomers and Gen X were growing up. Entrepreneurship is an example of a very common career in this generation that a lot of younger people choose to pursue, and many have been successful. Cosmetologists, Nail technicians, Singers, Social media influencers, etc, are all examples of careers that many Millennials and Gen Zers have cultivated. Both generations are one of the first to make money more creatively, while also doing something they enjoy. For example, social media influencing or any kind of content creation is usually chosen as a career because people find it fun but also a way to make a living. Though these careers are innovative ways to make money and are enjoyable, most of these jobs would not support people enough to sustain a comfortable lifestyle in today’s economy. Another advantage that new generations have is tax rates, though they have a crucial effect on one’s financial stability, the tax rates are considerably lower compared to past generations and surprisingly the lowest it has ever been.
To expand on statistical comparison with tax rates further, according to the Census and Department of Commerce, the average income in the 1950s (Boomers’ childhood years) was around $,5000 per year. The average home costs around $7,354 in translation to today’s economy to say it simply, that equals $93,602.08. In the 1970s, (Gen X’s childhood years) the average annual income was about $9,870, with the average home being around $24,300. In 2021, the average household income was $70,784, however, in 2023 it has since decreased to $59, 428 per year. It was recorded that the average home cost around $495,100 in 2023. This means that due to inflation, housing prices in 2024 increased 12.73 times since the 1950s. On a more narrow perspective, income brackets in the late 1970s were adjusted for inflation, meaning fewer people were taxed at high rates.
Today, overall tax payments have risen because the rich have gotten richer at an exponential rate. This doesn’t even include paying for a car, gas, clothes, food and entertainment, which were rightfully cheaper but not only have the prices increased but so have the variety of products and expansions of companies. These attributes are important to consider when comparing generations financially because there are much more expenses now (Electronics, entertainment, etc) than in the past as a result of industrial development. Older generations also should understand that most of them have years of work experience under their belt, while younger generations are just starting their careers or getting out of school. Arguably, it is unfair to have financial expectations for generations that are not only beginners in the work field, but in life.
As hard as it is trying to keep financial stability, the social world has changed, and this has greatly affected the emotional and social aspects of people in newer generations. Social media is a heavy part of our society and has had a lot of influence on the way people think and what they believe. Social media can cause lowered self-esteem, unrealistic self-expectations, cyberbullying and a lot more. It’s looked at as an advantage, but has also been the source of a lot of emotional stress for younger generations. The fast progression of social media has distinctively affected individuals of all generations. Millennials were the first to be introduced to cell phones and touch screen electronics. As technology enhanced, so did the media, which encouraged a lot of opinions and expressions that people were not able to share before. During this time, social media was less heavy and more for friends, rather than a source of news, which is probably the biggest difference between Gen Z and Millennials growing up with technology. In the past, all these outside variables of influence did not exist, nor did the stresses that come with it. In the 1960s, mental healthcare became more prominent and accepted. By the 70s, the depression rates were at a low of 5.3% and had a small increase in 1992 with a rate of 5.7%. Rapidly, depression rates are rising as 29.0% of Americans have been diagnosed with depression and reportedly 17.8% currently have it. Despite that our mental health resources have overwhelmingly expanded, and that we have more psychological knowledge about mental health, the emotional stability of each generation is depleting. Social media has definitely affected the mental state and the well-being of this generation, but so have other factors.
As mentioned earlier, the American education system is a lot more different from the past to now. The emotional exhaustion school has on students today does not get talked about enough. Now it is more common for someone to choose to drop out of high school and become an entrepreneur than it was 20-plus years ago. In the 1970s, the high school graduation rate was 80%, but has since dropped to 63%. Less and less people are willing to get a diploma because, for the first time, younger people are realizing that there are ways to make more money without graduating. The American education system neglects to teach students the valuable things we need as adults -most students fresh out of high school still don’t know what a mortgage is or how to buy a car or house. I would agree that there is probably a correlation between the lack of valuable education the new generation is receiving and the lack of success they have as they enter adulthood. Overall, there are so many external factors that make it more challenging to maintain a secure life. As we look to the future, we can only hope that Millennials and Gen Z can restore the simplicity life once had.
References:
“National Library of Medicine – National Institutes of Health.” U.S. National Library of Medicine, National Institutes of Health, www.nlm.nih.gov/. Accessed 12 Feb. 2024.
