Millennial Asks Those Making Less Than $60K — ‘Are You OK?’
"I had more spending money 5 years ago when I made much less."
Inside Creative House | Shutterstock Although inflation has cooled and many Americans have experienced wage increases over the last several months, the high costs of living are still burdening people. It's gotten to the point where even those who are supposedly making good salaries, are struggling to make their income stretch enough to afford all of their necessary expenses.
Posting to the subreddit "r/millennials," a woman admitted that she's only making enough money to cover the bare minimum and wondered if anyone else is experiencing the same struggle.
The millennial woman questioned if those making less than $60K are doing 'OK.'
"I am barely able to survive off of a 'livable' wage now. I don’t even have a car because I live in a walkable area," the woman wrote in her Reddit post. "My bills: food, Netflix, mortgage, house insurance, health insurance, one credit card."
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She explained that it's gotten to the point where she has to meal prep more than ever and keep a spreadsheet of everything that's being used in her house, with prices from different stores.
Millennials are said to be the generation hit the hardest by the current economy.
"I had more spending money 5 years ago when I made much less," she added, questioning if other millennials were in the same boat as her.
She noted that this Reddit post came after reading an article about Amazon Prime Day, which found that spending dipped among millennials by 4.4%. She claimed the article asserted that millennials were "currently the hardest hit by the current economy."
A combination of high student loan debt, entering the workforce during the Great Recession, an impossible housing market, and inflation has made everything from living independently to retirement more of a pipe dream than the once sought-after American Dream.
"I can’t imagine having a child on less than this. Let alone comfortably feeding myself," she wrote. "For those struggling, I feel you. I’m here with you. And I’m so sorry."
New research suggests that Gen Zers are actually struggling more financially than millennials.
Members of Gen Z are struggling more financially today than millennials did at their age 10 years ago, according to a study published by credit reporting agency TransUnion. Those in their early twenties have lower income and higher debt-to-income ratios than 22-24-year-olds did ten years ago.
The same study found that Gen Z today is more stressed about money than millennials at their age.
Of course, that doesn't mean that millennials aren't struggling either. According to the U.S. Financial Health Pulse consumer survey, 22% of millennials are financially vulnerable, while another 54% of millennials are financially coping, meaning they are struggling with some aspects of their financial lives. Only 24% of millennials are financially healthy.
Honestly, it isn't a competition between which generations are struggling the most, or at least it shouldn't be. The fact of the matter is that everyone, millennials, and Gen Z included, is in the same boat.
It's gotten to the point where most people have to pick up second jobs and side hustles just to afford rent and groceries. It's concerning that people making $60,000 a year are still unable to feel financially comfortable, regardless of their birth year.
Hopefully, the knowledge that they're not in it alone helps to ease the pain until things eventually start looking up.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.