Despite being the highest-earning generation, millennials grapple with a stark reality – their wealth lags significantly behind. The rising cost of living, outpacing wage growth, is a key culprit, creating financial strains on this demographic.
Notably, prices have surged, with ground beef averaging $5.23, up from $3.89 in January 2020. Fresh fruits and vegetables witness a nearly 14% hike, adding to the financial burden. If incomes haven’t increased by over 20% in the past three years, individuals find themselves financially worse off.
Homeownership becomes a distant dream for those who didn’t possess a home before 2021, exacerbating the wealth gap. Incomes fail to keep pace with escalating home and rental prices, grocery expenses, and various necessities, leaving families requiring an additional $11,434 annually to maintain their pre-Biden standard of living.
The inflation battle proves elusive as Americans struggle with rising costs in critical categories like food, transportation, housing, and energy, devouring 80 cents of every extra dollar spent. “Buy now, pay later” sales soar to a record $16.6 billion, up 14% from 2022, indicating the financial strain on consumers.
Online holiday shopping hits a staggering $222.1 billion in the last two months of 2023, driven largely by “buy now, pay later” financing. Alarmingly, 1 in 4 Americans resorts to such financing options, often featuring high-interest rates and no credit checks.
The looming question remains – how can this economic trajectory end well for a generation caught in the crossfire of escalating costs and stagnant incomes?
Millennials have earned the most of any generation, but they still hold way less wealth, largely because cost of living has outpaced wage increases, per BI.
— unusual_whales (@unusual_whales) January 4, 2024
A pound of ground beef now costs $5.23 on average, up from $3.89 in January 2020, and prices for fresh fruits and vegetables are nearly 14% higher, per Bloomberg.
— unusual_whales (@unusual_whales) January 4, 2024
The typical American family needs $11,434 per year in additional income just to maintain the same standard of living they had when Joe Biden took office.
So much for beating inflation.
The categories making Americans struggle include food, transportation, housing, and energy –… pic.twitter.com/tpw7UbjmBL
— Peter St Onge, Ph.D. (@profstonge) January 4, 2024
BREAKING: "Buy now, pay later" sales hit a record $16.6 billion over the last 2 months, up 14% compared to 2022.
Online holiday shopping sales hit a record $222.1 billion in the last 2 months of 2023.
This is up 4.9% compared to last year and was largely driven by "buy now, pay… pic.twitter.com/tMT4pO2fzF
— The Kobeissi Letter (@KobeissiLetter) January 4, 2024