Almost a quarter of millennials rely on their parents to cover their rent, and 30% plan to hold on to the purse strings until they’re finally cut off.
A recent survey of 2,000 Americans revealed that 24% of them are still financially tethered to their parents, and 31% admitted that they’re trying to ramp up their own savings by draining their family’s financial resources.
The top three expenses they admitted to putting on their genetic predecessor’s tabs are basic essentials like rent, groceries, and utilities.
Ironically, according to OnePoll, which conducted the survey for Chartway Credit Union, 85% of these adult succubi believe they’re financially responsible as they slowly drain their parent’s retirement accounts.
Unfortunately for elder parents, another survey by Real Estate Witch found that the most expensive housing market in the nation’s history, coupled with insanely high interest rates, has caused them to delay buying homes.
Ninety-two percent of grown basement dwellers said inflation has made them think twice about leaving the nest, while nearly half of them blame sky-rocketing interest rates.
They’re definitely not likely to purchase their starter homes in 2023, as 96% of them are worried about home buying, and 75% believe the housing market is going to crash soon.
Young American’s fragile mental health may have taken a toll on their ability to follow through with moving on to the American dream.
According to Forbes, a quarter of adults afflicted with mental health issues are aged 26 to 49, which increases dramatically in those aged 18 to 25, who experience the highest rate of mental health conditions at 30.6%.
Seventy-one percent of anxious millennial buyers reported stress during the process of purchasing a new pad.
Fifty-one percent of the “most informed, evolved, and empathetic generation” admitted to a sob fest about it, and 44% of them have had a hard time in their personal relationships as a result of the undertaking.
Which may explained why 27 to 42-year-olds were exceedingly reluctant to become first-time home buyers until an average age of 36 in 2022, three years older than the median buyer in the year prior.
Oddly, the panicky generation is extremely likely to buy houses sight unseen, with 86% willing to make a purchase without touring the premises, while only 51% of baby boomers would tolerate the new selling process.
Like with most questionable trends, social media can be blamed for the sky-high participation in the remote purchasing practice.
Real estate agents have taken to TikTok to shill properties via virtual tours, and it’s been a game changer for regular and luxury home sales.
“What’s interesting is that in the luxury market and with a lot of people worrying about a recession, the videos I’m seeing do really well in terms of engagement are the more ‘humble’ properties,” one realtor remarked.
“Instead of the flashiness, people like homes where you can see the human element as opposed to those houses that people say feel like doctor’s offices.”
The hashtag #realestate had 21.6 billion views on TikTok, while #housetour and #property tallied up 10.1 and 3 billion searches on the platform respectively.
However, debt amongst millennials seems to be their barrier to entry in the housing market.
Eighty percent of the generation has non-mortgage debt, with 46% owing over 10K, while almost 20% are $50K or higher in the hole.
That number’s likely a result of increased credit card spending habits amongst younger adults. The combined rate of millennial and Gen-Z consumer is up to 30% as per American Express’s earnings report on Saturday.
“Millennial and Gen-Z customers continue to be the largest drivers of our growth, representing over 60% of proprietary consumer card acquisitions in the quarter,” said CEO Stephen Squeri.
Though Gen-X’s card purchases were up to 37%, probably because a quarter of them are subsidizing their grown up child’s two-bedroom walk-up apartments, Squeri is more interested in the young adults.
“The reality is the lifetime value of these cardholders is going to be significantly more than the lifetime value of acquiring a baby boomer or acquiring a Gen Xer right now,” he admitted. “That’s very attractive.”
Credit card debt will surely catapult as 70% of Gen-Z and millennials plan to engage in the in the Great Resignation this year.
The U.S. Bureau of Labor Statistics reported that 4.2 million workers jumped ship in November of 2022, the 18 month in a row that employers were hit with escalating resignations.
Seventy-two percent of Gen-Z and nearly two-thirds of the millennial work force are looking for new gigs in 2023, while only 55% of Gen-X and boomers willing to jump ship.
The younger generation are way less likely to be loyal to an employer if they find greener pastures with better benefits at another company.
On average, 25-to 34-year-olds won’t give a workplace three years of their paid time, while 55-to 64-year-olds will stay true to brand for almost ten years before exiting.
“Today’s workplace is more complicated. It is not as simple as providing a living wage, benefits and a retirement package,” remarked Forbes writer Ashley Stahl. “Newer workers want flexibility, “opportunities for advancement, education, and more…”
“The new workforce are digital natives — they are savvy in a new way that older generations are not,” she explained. “Most importantly, they’re not afraid to make a change.”
Their employers should be “afraid” of staff disengagement, which was at a staggering 68% in a Wednesday’s Gallup data.
Both younger generations make up 54% of the workforce “not engaged” at their jobs.
Sixty-eight percent of them report being stressed and 34% feel burnt out on the job, while only 40% of boomers feel the same pressure and just 18% of them are pushed to the point of career exhaustion.
Top bosses blamed remote work, which has secluded much of the young workforce from their colleagues and employers, which risked their career growth and cost the company plenty of productivity.
Millennials want clear expectations in their roles, engagement from managers, and career opportunities to stay with a company.
They nearly prioritize “greater work-life balance and better personal wellbeing,” as much as significant income increases, or better benefits packages.
Without the right workplace conditions, nearly 17% of the younger generations of workers are “actively disengaged” from their companies.
With 68% of them ready to move on in 2023, businesses will have to worry about both employee retention and the productiveness of the ones who stick it out.
Fifty percent of the generation that invented “quiet quitting,” the art of putting in the least amount of time, effort, and energy into a role, is planning to ride it out while they do less work in the upcoming year.