Question

Describe three factors that are making life harder for millenials according to Steven Rattner. In each case, explain how millenials are different than previous generations.

Answer 1

Three factors which are making life harder for millennials according to Steven Rattner are as follows

1. Recession: This is the first and prime reason. People who were completing education during the weaker economic time or the time of recession are likely to earn less as compared to those who were earning at the time and before the recession. Millennials who have not even attended college too are found to have a weaker income due to lower middle-skilled job payment done following the recession.

2. Lower wealth: Due to thin paychecks and fewer savings, data analysts have found that median wealth acquired by current generation has dropped down by 43% as compared to their previous generation as in the year 1995. Millennials do not invest much into any long term savings as the amount received as salary is not sufficient for any type of saving accounting to decreased wealth.

3. Student debt: This is one of the major crisis young Americans are facing during the past several years. Data analysts have found that student debt borne by the current generation is nearly twice as that of the past 2 decades or past generation. This too has made life much harder for millennials