All Articles Tagged "Generation X"
Economists are always blaming Millennials (also known as Generation Y) for something. Recently, Gen Y was ripped for dragging down homeownership rates. But are they the only culprits? While some members of Generation X love shouting, “Those damn Millennials!,” little do they know that they are a part of the problem too, CNN Money reports.
In the first quarter of 2015, the homeownership rate dropped to 63.7 percent. That’s the lowest since 1993. This time, we’re pointing fingers at Generation X, Americans between the ages of 35 and 54.
“The drop in [Generation X] homeownership rates may well be a more critical factor in the ongoing weakness of the owner-occupied segment than the slow transition of the millennial generation (born 1985–2004) into homebuying,” Harvard’s State of the Nation’s Housing 2015 report said.
According to the report, homeownership among Generation X had the largest drop in comparison to other age groups since 1993. Their homeownership rate now hovers “4–5 percentage points below rates among same-aged households 20 years ago,” according to Realtor, citing the report.
Consumer Affairs said the economic downturn negatively impacted homewnership rates among Generation X because the recession came at a time of the age group’s “first-time home buying years.” So now, instead of purchasing a home, Generation X is staying in the rental industry a lot longer than expected.
“The normal cycle of renting and moving onto homeownership and making room for younger renters to follow isn’t happening as quickly,” said Daniel McCue, senior research associate at The Joint Center for Housing Study of Harvard University.
So Millennials are facing Generation X in a vicious competition for rental households, which are driving up costs and making it more difficult for prospective first-time Millennial buyers to “scrape together money for a down payment,” Time said. The percentage of Gen Y renters who are “cost-burned” — meaning they shell more than 30 percent of their income for rent — jumped from 40 percent to 46 percent over the last 10 years.
The increasingly high rent, according to Consumer Affairs, is prompting Millennials to become serious about homeownership.
“We’re observing an uptick in Millennial traffic and sentiment that we expect will result in more first-time home buyer sales in the later part of the year,” Realtor.com chief economist Jonathan Smoke said.
Time said the researchers proposed looser lending standards to ease homeownership for Americans, but adds, “[T]hat was a big part of what got us into the housing mess in the first place.”
Sure, you’ve heard the rumors. Young people are disloyal, lazy and indecisive workers that employers can’t trust. But there’s evidence that shows there’s less truth in these myths than expected.
According to a study performed by the IBM Institute of Business Value on multi-generational workers and data gathered from the Census Bureau, the younger generation isn’t as fickle as once thought. Read on to discover the debunked myths about young people at work today.
More than ever, women are confident in their ability to compete against men in the workplace. Women between the ages of 21 and 34, also known as Generation Y, are experiencing more gender equality than older women. However, in trying to reach the perceived caliber of their male counterparts, women have become more stressed, according to a study led by FleishmanHillard and Hearst Magazines.
With a growing “anything boys can do, I can do better” attitude, 70 percent of Gen Y women described themselves as “smart” compared to 54 percent of Gen Y men. However, there is a drawback to the higher self-imposed expectations — the survey found that Gen Y women, compared to Gen X (ages 35 to 49) and baby boomers (50 to 60 years old), are pulling their hair out to reach a certain standard.
“They are describing themselves as smart and knowledgeable, but are also stressed and exhausted,” Stephen Kraus says, senior vice president of Audience Measurement Group. “Around the world young women have promise, potential and pressure, growing up with a cultural narrative that girls can do anything boys can do.”
Over the last five years, women have been ascending in workplace, but there is still a question as to why women are not paid equally as men for the same position. “Though women are more educated but paid less than their spouses, there are signs that a new global generation of Gen Y women are working hard to rectify that inequality,” said Lisa Dimino, senior vice president of FleishmanHillard.
In the study, about half believe that men disapprove of women advancing and possibly “catching up” with them. The female respondents perceived themselves as stronger than men in emotional strength, such as “having difficult conversations” and “rebounding from setbacks,” but they give credit to men in being more successful in negotiating.
The study also shows that women become less focused on personal finances and shift their attention to “longer-term concerns for self, family and business.” American women admitted their number one concern was the future of their children, which was once third on the list of priorities.
This study, titled “Woman, Power, & Money,” polled 1,008 American women between the ages of 25 and 69 with a yearly household income of $25,000 or higher.
As a millennial generation heads into their 20s and 30s, many have had either a great or not-so great example of what it means to manage their money. Although the age of careers, job searches, marriages and first homes are approaching, many millennials still have no clue what it truly means to manage money for their long-term success and comfort. Even parents are sometimes shaky resources for personal finance information.
A 2012 U.S. News Money article finds that Generation Xers (who are now in their 30s and 40s) are the generation with the most financial frustration. Retirees are increasingly responsible for their own savings, income, and financial futures. Let’s face it, we all can use an old-fashioned money management lesson every now and again.
Let’s all learn a little bit from past generations, and keep your money flowing with these old school money management tips.