For millennials, financial security feels like a fairytale. What will the next 40 years look like?

Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

  • OpenStars@discuss.onlineEnglish
    2·
    5 months ago

    It’s okay - that’s how I interpreted it:-). Lemmy formatting can also be weird sometimes and people access via different methods, so I try to remember that as well.

    citizens of their own country

    ^This is the big one, particularly in a democracy this is so extremely crucial. But… we did not bother to secure it, so now we may be (are?) losing it all. Like someone who has lost their immune system, we are now vulnerable to not only lack of knowledge but outright presence of active disinformation. Wait… didn’t we need that - ooopsie daisy!? :-P

    I am afraid of my country becoming like this.

    If we had had more fear sooner, we might have avoided getting eaten alive by Russian disinformation campaigns. As it is… our lack of fear has definitely harmed us greatly, possibly fatally.

    The good news is that whatever society rises out of our corpse will have learned lessons from the ordeal. Rome also fell too, but life goes on. Ours might not, and given climate change humans or even mammals + far more might not, but even so, all we can control is ourselves individually, right now. I for one take that as a charge to do whatever I can in however much time we have left. And maybe it’s not a foregone conclusion after all? So much the better. All we have is today - make it a good one.:-)