Millennials question whether those who make less than $60,000 are OK

Although inflation has cooled and many Americans have experienced wage increases in the past few months, the high cost of living still weighs heavily on people. It has gotten to the point where even those who are supposed to be making good salaries, are struggling to make their income last long enough to afford all the necessary expenses.

Posting on the “r/millennials” subreddit, a woman admitted that she makes enough money to cover the bare minimum and wondered if anyone else was facing the same struggle.

The millennial woman asked if those making less than $60,000 were doing “OK.”

“I can barely survive on a ‘livable’ salary now. I don’t even have a car because I live in a walkable area,” the woman wrote in her Reddit post. “My bills: food, Netflix, mortgage, home insurance, health insurance, a credit card.”

Millennial woman concerned about her finances Distribution of thousands | Shutterstock

She explained that it got to the point where the meal must be prepared more than ever and keeps a spreadsheet of everything used in her home, with prices from different stores.

Millennials are said to be the generation most affected by today’s economy.

“I had more money to spend 5 years ago when I made a lot less,” she added, wondering if other millennials were in the same boat as her.

She mentioned that this Reddit post came after reading an article about Amazon Prime Day that found that spending has declined among millennials with 4.4%. She argued that the article states that millennials are “currently the hardest hit by today’s economy.”

A combination of high student loan debt, entering the workforce during the Great Recession, an impossible housing market, and inflation have made everything from independent living to retirement more difficult. pipe dream than the once sought after American dream.

“I can’t imagine having a child on less than that. Let alone comfortably feed myself,” she wrote. “For those struggling, I feel you. I’m here with you. And I’m so sorry.”

New research suggests that Gen Zers are struggling more financially than millennials.

Gen Zers are struggling more financially today than millennials were 10 years ago, according to a study published by credit reporting agency TransUnion. Twenty-somethings have lower incomes and higher debt-to-income ratios than 22-24-year-olds did ten years ago.

The same study found that Today’s Gen Z is more stressed about money than millennials at their age.

Of course, that doesn’t mean millennials aren’t struggling, too. According to the Financial Health Pulse US consumer survey22% of millennials are financially vulnerable, while another 54% of millennials are financially secure, meaning they struggle with some aspect of their financial lives. Only 24% of millennials are financially healthy.

Honestly, it’s not a competition between which generations are fighting the most, or at least it shouldn’t be. The truth is, everyone, millennials and Gen Z included, is in the same boat.

It’s gotten to the point where most people have to take second jobs and struggle just to afford rent and food. It’s troubling that people who earn $60,000 a year still can’t feel comfortable financially, no matter what year they were born.

Hopefully knowing they’re not alone in this helps ease the pain until things finally start looking up.

Nia Tipton is a Chicago-based entertainment, news and lifestyle writer whose work delves into modern issues and experiences.