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Article summary: Millennials resemble the great depression generation

HELEN B HARLESTON

17UR BAF101 Personal Finance (W01)

July 10, 2017


Millennials resemble the great depression generation

An article in the Forbes by (Hembree, 2017) comparing the millennial financial situation

to the great depression generation raised several fundamental issues facing the millennials. The

author notes that millennial are tied down by the huge student loans and the hard economic

condition, which may be equated to the depression era. The millennial find it hard to save money

since they are working in gig jobs that one offer a wage but not the crucial benefits such as

health, pension, or 401K. This has seen the millennials juggling for one job to another and at

times holds more than one job at the same time. The author notes that the millennial have the

largest student loans than any other generation and live in an era where house rents are

ridiculously high. However, the millennials have less credit card than any other generation as

they try their best to reduce the debts they owe.

The situation raised in the article accurately paint the grim picture that millennial are

facing. They are living in a fast moving economic condition where delays and long times of

dedication are in much questions. The globe is interconnected with many of the jobs available

dependent on the information technology. Services are high automated, which makes it hard for

the millennials to access the traditional jobs that were done by human beings

(PricewaterhouseCoopers International Limited, 2011). This automation compounds the financial

position of the millennials.


References

Hembree, D. (2017, April 30). Personal Finance Expert: Far From Entitled, Millennials

Resemble 'The Greatest Generation'. Retrieved from

https://www.forbes.com/sites/dianahembree/2017/04/30/personal-finance-expert-far-

from-entitled-millennials-are-similar-to-the-greatest-generation/#169840bf4d0c

PricewaterhouseCoopers International Limited. (2011, October). Millennials at work Reshaping

the workplace. Retrieved from

https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.pdf