Expert Blames The Greed Of Older Generations For Why Millennials & Gen Z Are Failing — '30-Year-Olds Are No Longer Doing As Well As Their Parents'
"Young people have every reason to be enraged."
fizkes | Shutterstock A career and business expert admitted that millennials and Gen Zers are struggling financially and giving up on many of the aspects associated with "The American Dream" because the older generations didn't leave a clear path for them to achieve it in the first place.
In a TikTok video, Scott Galloway, a businessman and professor, admitted that young people have every right to be tired of the path that's been laid out for them.
Galloway blamed the greed of older generations for why millennials and Gen Z are failing.
"Young people have every reason to be enraged. Every issue they see, they look up, they get angry, and they see someone doing better than them; and then every day it is speedballed in their face that they are failing," Galloway observed.
Galloway continued, explaining that many people in younger generations constantly see headlines, statistics, and data proving they aren't doing as well in society as older generations. People in their 30s are not doing nearly as well as their parents were when they were in their 30s.
Of course, this is due to a myriad of factors, including the high cost of living.
Galloway pointed out that 60% of people between the ages of 30 and 34 had at least one child during the 90s, but now, it's only 27% of people. Individuals are choosing to opt out of participating in this economy, whether that means having children, buying homes, or both. A lot of the traditional aspects are either unattainable or no longer attractive to younger generations.
"We have lost the script. Our kids are more anxious and more depressed. We have made a purposeful decision to let this happen by ensuring the people around this table stay wealthy at the cost of young people."
According to data released by Australian research company the Red Bridge via the New York Post, more than half of 18 to 34-year-olds are choosing not to have children due to financial challenges.
Similarly, nearly 70% of millennials, according to a 2019 study from the rental platform Apartment List, say they cannot afford a house due to rising prices. A recent study by the Federal Reserve Bank of St. Louis Center for Household Financial Stability found that millennials have almost 35% less wealth than would have been predicted from the experience of earlier generations at the same ages.
The American Dream has changed for a lot of young adults, and many have simply given up on achieving it.
In a poll conducted by ABC News & Ipsos, a market research company, barely more than a quarter of Americans say the American Dream still holds true — about half as many as 13 years ago. Although pessimism about the American Dream has grown across groups, the change is sharpest among young adults. Their view that the American Dream still holds true has dropped by 35 points, from 56% in 2010 to 21% now.
More and more young adults are living at home, receiving help from their parents when it comes to paying expenses like rent, phone bills, and groceries. A report from the Pew Research Center found that only about 45% of 18 to 34-year-olds described themselves as completely financially independent from their parents.
It's even worse because young adults followed the mold they were told would afford them a financially secure future — do well in school, attain a college degree, and find a good job to pay the bills. Except, even though they followed the layout and directions, it didn't end up being enough, and many people, Galloway included, blame the older generations for that.
In a TikTok video, a career strategist named Kyyah Abdul gave a prime example of how boomers are refusing to pass the torch, especially in corporate America.
For something as simple as attaining a managerial position in a company, it's become a stretch for many millennials and Gen Zers.
"The problem that we have right now is a lot of people who are millennials and Gen Z are stuck at this point," Abdul said, referring to manager positions. "People at the director and executive level who happen to be boomers and Gen X are getting a lot of money for doing not so much work."
She added that boomers and Gen Xers are refusing to leave their jobs and pass the opportunity to younger people because of the money and refusal to retire.
Assessments like Abdul's and Galloway's make it extremely obvious that not only is The American Dream dead, but it's also outdated and biased.
The staggering number of millennials and Gen Zers who are trying their hardest every single day and met with nothing in return is the real issue, and yet, nothing has been done to fix it.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.