Everyone’s trying to get to the bottom of the millennial generation, and their follow-up, Generation Z. By dissecting lifestyle choices, buying habits, and media consumption, baby boomers and Gen Xers have been trying to put their collective fingers on the pulse of America’s younger demographics. But it’s difficult – millennials just don’t seem to want to fall in line. They don’t want to get married, buy cars or houses, or have children. It’s been a big topic of discussion in Boomer circles, but ask any millennial, and it’s pretty easy to figure out.
Millennials are under a lot more pressure, at least financially speaking, than previous generations. This is made very clear in a new study put together by Job Application Center, titled “Millennial Math.” By looking at cost comparisons across four generations – the greatest generation, baby boomers, Generation X, and millennials – the accompanying infographics display the exponential growth in costs (adjusted for inflation) that millennials are having to deal with that their forerunners didn’t.
Here’s how Job Application Center set up their criteria: “We considered four generations – the Greatest Generation (born 1901–1945), Baby Boomers (born 1946–1964), Generation X (born 1965–1985), and Millennials (born 1978–1990). Generations’ birthdates often are loosely defined and even controversial, but we assigned each generation a precise birthdate window for research purposes.”
And in conclusion, the study doesn’t offer much in the way of rainbows and sunshine. “For better or for worse, life has certainly changed from the early 20th century to now. Costs of everything from houses to groceries have soared, and many people are making difficult decisions about their futures based on finances.”
We pulled some of the most eye-opening statistics from Job Application Center’s “Millennial Math” graphic, and dig into them below: