Why are so many millennials in debt

Millennials in the world of work: not that easy?

Millennials are often portrayed as a very lazy, ungrateful and spoiled generation. A mass of effeminate dream dancers who never got a nail in the wall and actually already have everything, but are still dissatisfied with it. The fact that it is not as easy for millennials as is always claimed, especially in the world of work, is either disregarded, underestimated or simply laughed at, as Kununu reports. But the problems facing millennials are by no means to be ignored; they are real and tangible.

Compete in the job market

To date, there has not been a generation as well-educated as millennials - and that poses a problem. 85-90 million of these are currently doing their gluten-free mischief in the USA and can state that the oh-so-advertised education turns out to be largely worthless for the working world, because it is hardly recognized, but presupposed as a matter of course. Anything that doesn't have a doctorate or master's degree is redundant; lower degrees are no longer anything special, but are roughly equivalent in value to the Abitur. The supply is therefore huge, but the demand is almost non-existent. As a millennial, there is an exorbitantly high probability of unemployment, underemployment or - if you are lucky - a downright frustrating start in the world of work.

Accordingly, many millennials continue to live with their parents, work part-time jobs despite having a bachelor's degree, work as waiters and waitresses and simply take any job imaginable, simply to collect at least some income. Often there are no other options. In the US, 40% of the current unemployed are also part of the millennial generation. In Germany these statistics look better too, but the millennial problems are the same. Among other things, because students in this country do not build up lifelong debts just by studying. Local debts after graduation often run into the tens of thousands, whereas in America they run into hundreds of thousands. Nevertheless, student loans are also increasing in Germany; one third completed their studies through debt.

Less income overall

But that's not the only reason why the Millennial is in the dispo. General financial problems are just as present as those caused by studying. Pension contributions are increasing, while today's average income is down 19 percent compared to 30 years ago. In other words: less money, but higher payments. In addition, the consequences of the financial crisis in 2008 for the American millennial generation in particular are still felt.

In connection with the fear that due to climate change many young people are no longer allowed to experience their retirement - and even if it does, it seems to be rather meager - as well as a working world that has nothing in store for you, a generation of dream dancers develops naturally, who live for the moment, because the future doesn't seem promising. A very grim vision for the future, but one that Millennials will inevitably have to deal with. The allegedly lazy, ungrateful and spoiled generation is realistically none of this. Rather, an originally aspiring, intelligent generation degenerated into a demotivated, frustrated and scared one. Nowhere else are problems of depression, clinical anxiety, and stress as common as this one - and for good reason. To say that it's so easy as a millennial is simply ignorant. Like every other generation, it has a number of advantages and disadvantages. So before judging, one should consider dealing with the topic in a reflective manner instead. Because the reality is as follows: The coming generations will be confronted with real challenges. Not everything is served on a silver platter, as is often claimed.