@resjudicata Ramdam ko ito as a government employee huhu. Di ako makapagpundar ng bahay sa mahal. Di na rin ako magpapamilya kasi ang mahal ng ganong lifestyle.
Do we Millennials/Gen Z have it economically harder than our Gen X/Boomer parents?
- Thread starter caryann8514
- Start date
musicismyreligion
New member
@resjudicata Your lolo and tatay didn't achieve those when they're 29. They probably had those in their late 40s or 50s. Amirite?
resjudicata
New member
@musicismyreligion correct. but for comparison.. do you know a security guard who can buy 3 parcels of land TODAY??
and mind you those plots of land are not small. the largest one was converted into a memorial garden. ganun siya kalaki.
samantalang ako, i need to take a housing loan for 30 years just so i can buy a 2 bedroom house .. with the advancement of AI. im not so sure if i will still be employed in the next 10 years
and mind you those plots of land are not small. the largest one was converted into a memorial garden. ganun siya kalaki.
samantalang ako, i need to take a housing loan for 30 years just so i can buy a 2 bedroom house .. with the advancement of AI. im not so sure if i will still be employed in the next 10 years
musicismyreligion
New member
@resjudicata It's more of an inflation issue. lands became too expensive while income cannot cope up with it.
@caryann8514 I think yes, housing has become more expensive. Kahit sa ibang bansa, most young adults rent
jordanrandles
New member
@caryann8514 Inflation is getting higher and higher. Paychecks aren't keeping up as well.
@jordanrandles Real wages, in other words, are stagnating.
secretsisters
New member
@caryann8514 Our parents generation were able to hit these "milestones" because they had families. Nauna mag-asawa at mag-anak.
Financial literacy is so bad, millennials are faced with the likelihood they'll have to shoulder their parents in their old age.
Millennials are getting smart. We're starting to understand the true cost of things, and deciding to be financially ready for them. We all know it takes millions of pesos to raise a child. Financially sound millennials who want children will prepare for that. Our parents did no such thing.
Loan dito, loan duon. Paycheck to paycheck life. Nakaluwag lang nung naggraduate na mga anak. Mas nakakaluwag pag magsimula nang mag-ambag mga anak. Pwede na magretire kung malaki na ambag ng mga anak para mabuhay na sila ng comportable.
I wish more millennials realized we're not falling behind with other generations. We're just wisening up and realising we have other options. Who's to say you need a car, or even a house and lot to be called successful.
If you're truly living the life you want to be living, that's success.
Ex, my friends na nag-pamilya, na may bahay at kotse pero alam ko naman na hindi nila ginusto mag-anak pero ngayon wala na silang choice? I don't find that successful. They're just living with the consequences of their actions instead of truly making choices to build their authentic life.
Financial literacy is so bad, millennials are faced with the likelihood they'll have to shoulder their parents in their old age.
Millennials are getting smart. We're starting to understand the true cost of things, and deciding to be financially ready for them. We all know it takes millions of pesos to raise a child. Financially sound millennials who want children will prepare for that. Our parents did no such thing.
Loan dito, loan duon. Paycheck to paycheck life. Nakaluwag lang nung naggraduate na mga anak. Mas nakakaluwag pag magsimula nang mag-ambag mga anak. Pwede na magretire kung malaki na ambag ng mga anak para mabuhay na sila ng comportable.
I wish more millennials realized we're not falling behind with other generations. We're just wisening up and realising we have other options. Who's to say you need a car, or even a house and lot to be called successful.
If you're truly living the life you want to be living, that's success.
Ex, my friends na nag-pamilya, na may bahay at kotse pero alam ko naman na hindi nila ginusto mag-anak pero ngayon wala na silang choice? I don't find that successful. They're just living with the consequences of their actions instead of truly making choices to build their authentic life.
@secretsisters It's perfectly fine to admit that this is systemic and capitalism essentially fucked it all up for us. Minimum wage is falling behind the rising costs of living. No amount of financial literacy will suffice if what you're earning is barely enough to keep food on the table in the first place.
@mjr3859 This. Salaries basically froze. Companies always complain about higher wages = higher costs. Di ko alam bakit di nila ma-gets na if people will have more money at hand then basically more consumer buying power = more profits for them. Sabagay, they prefer to keep wages low so that people will be desperate to take any job kahit ambaba ng sahod dahil wala na silang choice.
musicismyreligion
New member
@secretsisters Ok na sana. Last paragraph was so judgemental. Hindi mo naman nababasa pusot isip nila.
secretsisters
New member
@musicismyreligion they're my friends man alam ko nasa pusot isip nila
musicismyreligion
New member
@secretsisters Maybe but they can still be successful in their own way and they can still learn to like their situation they're in right now. Parang rags to riches but sa kanila, hate to love.
Para kasing lumalabas na sinasabihan mong failure ang "friends" mo imbis na help them deal with their situation and still get successful on their own.
Para kasing lumalabas na sinasabihan mong failure ang "friends" mo imbis na help them deal with their situation and still get successful on their own.
secretsisters
New member
@musicismyreligion they're literally my friends. you literally don't know them? 
musicismyreligion
New member
@secretsisters You don't fully know them. You're not altogether every second of the day. Unless kabit ka ba? Kidding.
@caryann8514 Hmm, its a mix for me, to be clear this is based on personal observation and experience.
I'd dare say that its a lot easier to get out of the lower class these days due to the availability of public education and the amount of jobs in the market, especially in BPO. A college diploma should be enough to get you a nice job and pull you out of lower class into middle class at least.
The well off boomers and GenX either needed the strong financial support of their families to get the same education we had and strong networks for better job opportunities. While the lower classes back then had to take more risks and practically "yolo" for blue collar jobs abroad to get out of poverty.
On the other hand, Its safe to say that building wealth was a lot easier back then once you have established the basic needs. An OFW who earns 30k back in the 80s should easily be able to buy Land and assets with his income. Safely cementing their wealth with tangible properties just in time by their 30s.
While a Millennial in their 30s right now with an income of 100k per month, at best would have just finished paying for their mortgages.
Pretty much a cluster fuck of bottle necks preventing us from accumulating assets and preparing for our retirements.
I'd dare say that its a lot easier to get out of the lower class these days due to the availability of public education and the amount of jobs in the market, especially in BPO. A college diploma should be enough to get you a nice job and pull you out of lower class into middle class at least.
The well off boomers and GenX either needed the strong financial support of their families to get the same education we had and strong networks for better job opportunities. While the lower classes back then had to take more risks and practically "yolo" for blue collar jobs abroad to get out of poverty.
On the other hand, Its safe to say that building wealth was a lot easier back then once you have established the basic needs. An OFW who earns 30k back in the 80s should easily be able to buy Land and assets with his income. Safely cementing their wealth with tangible properties just in time by their 30s.
While a Millennial in their 30s right now with an income of 100k per month, at best would have just finished paying for their mortgages.
Pretty much a cluster fuck of bottle necks preventing us from accumulating assets and preparing for our retirements.
beautifulsoul20
New member
@caryann8514 I mean lagi ko naririnig sa mga Boomers & gen X-ers na noon ganto lang presyo nian and the like. Real estate was also so cheap back then that even an entry level professional salary can pay for a bungalow type w/ backyard (I saw a US based study na a minimum income wage there was capable of buying a house).
So yeah, they had it a LOT easier post-WW2.
So yeah, they had it a LOT easier post-WW2.
musicismyreligion
New member
@beautifulsoul20 By the context of land, yes. But opportunities now, we have it easier because of the internet and outsourcing.
@caryann8514 It might be hard to believe but save for the lack of affordable housing, we're actually better off. Advances in global job outsourcing, OFW inflows, and industrial manufacturing has allowed our economy to experience one of the longest bull runs in economic history from the 80s up until the pandemic hit.
This has allowed the growth of the middle class to its largest ever, alongside growth in pretty much every metric. It's not the best compared to our peers, and frankly we could've grown much more than we did, but the point is people are better off (on the average) now than our parents before us.
On a more personal level, you'll notice it too, there's simply more service and retail businesses catered to middle class than ever before. Luxury niches that couldn't survive as late as the 90s are now staple. The increase in traffic congestion is also from the increase in the availability of cars, and those who can afford cars.
The one downside here is housing, specially in the greater metro areas. The demand greatly outstrips the supply and the increase in purchasing power of the targeted demographics of the real estate, and the drop in base interest rates from 20 years ago, has caused prices to soar. The number of houses barely doubled while the population overall quadrupled in the metros, and that doesn't even include demand from outside the cities.
So yeah, pretty much in every aspect we have it economically easier, except housing, which unfortunately is where you really feel it the most.
This has allowed the growth of the middle class to its largest ever, alongside growth in pretty much every metric. It's not the best compared to our peers, and frankly we could've grown much more than we did, but the point is people are better off (on the average) now than our parents before us.
On a more personal level, you'll notice it too, there's simply more service and retail businesses catered to middle class than ever before. Luxury niches that couldn't survive as late as the 90s are now staple. The increase in traffic congestion is also from the increase in the availability of cars, and those who can afford cars.
The one downside here is housing, specially in the greater metro areas. The demand greatly outstrips the supply and the increase in purchasing power of the targeted demographics of the real estate, and the drop in base interest rates from 20 years ago, has caused prices to soar. The number of houses barely doubled while the population overall quadrupled in the metros, and that doesn't even include demand from outside the cities.
So yeah, pretty much in every aspect we have it economically easier, except housing, which unfortunately is where you really feel it the most.