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Why Millennials Earn Less than Baby Boomers Today

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Believe it or not, millennials or those aged from twenty to thirty two years old actually earn a lot less than their younger counterparts. Despite having a higher education, the former is not paid more than the latter. It is such a shame but the main reason why this is happening is because of the recent pandemic. Yes, a ton of young adults have lost their jobs and we don’t really know when things will go back to normal. All we can do is hope for the best. One thing we know for sure is that the vaccine is now getting spread fast but we don’t know what the result would be even though all we can do is wait for it.

The rise of freelance jobs during this pandemic is good for baby boomers. It would be enable them to earn a lot more than their millennial counterpart. Unfortunately, freelance jobs don’t really require an education which is what millennials have over baby boomers. Some are so young that they are still studying but they are looking to earn extra cash to pay off their tuition. Some employers actually prefer the young blood as they know that companies don’t want to be known as employing mainly old people as these old geezers are prone to making mistakes. They would want to be known as companies that prioritize the new blood. It is no secret that young employees would give it all they got while old ones know they are in there for the long haul so their effort is not as good.

Another reason is the consistency or lack thereof when it comes to talking about the income of the millennials. There will be times when you thought it would just continue on until who knows when then there will be instances when it is there and not. It is like not having consistency as some employers are not very good with that. That is what happens when you don’t really hire the right people to do your accounting. Of course, you will deal with many mistakes and you won’t really know what to make of it when the time is right. The important thing is getting the right amount of salary and baby boomers will make sure that they are paid what they are worth.

As expected, the low income would affect the future of millennials as they may not be able to buy the things that they want for their families. Yes, who would not want to buy a house and several cars in order to live the life, eh? However, with an income like that then you really would need to wait a little while before getting something that you have deserved for a long while. There was a time when millennials would buy houses at such a young age because they know that their monthly salary would be able to cover for it within the next few years. The same does not hold true right now as they are prioritizing about other stuff that are more important given that their salary is not that high as it used to be. This would result to some millennials hesitating about getting married with the love of their lives. Yes, more people would hesitate in making commitments to a long-term future because that is what marriage is all about. That would even affect the thinking of having children and starting a big and strong family.

The recent pandemic has affected everyone in such a bad way since fewer job opportunities are available. Even without those things, you can still expect some people to just go ahead and make peace with their competitors. Besides, you know you would not want to contend with people who you have been lying to since your competitors would want the same job and they could be interviewing for it too. This is certainly not the time to be slow as you must always be on your feet for the latest job opportunities. There are times when it would pay off to refresh job hunting websites so you would know when some companies have posted some new vacancies so you can submit your resume first.

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