The debate over why so many young people struggle financially has become one of the most heated generational arguments online. While some point to soaring housing prices, student debt and stagnant wages, others argue that spending habits deserve more scrutiny.
One millennial on Reddit sparked discussion by arguing that both sides have a point. “There’s no denying that young people have been dealt a sh*ttier situation than old people had,” the poster wrote, but added that “the boomers are actually 100% right about young people’s finances.”
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Are Young People Spending Too Much?
The poster said they regularly see people in their 20s and 30s complaining about housing costs while also spending heavily on food delivery, sports betting, vacations, expensive cars and other lifestyle purchases.
“At least once a day I’ll see a post of someone trying to justify going out to eat is cheaper than cooking at home. Wildly ignorant,” the poster wrote. “Go to the store and buy raw chicken, rice, potatoes, vegetables and save hundreds each month.”
The poster contrasted that with stories from their grandparents, who rarely ate out, owned one vehicle and handled many household tasks themselves. “They never went on fancy vacations, they went out to eat once per year,” the poster said. “Never paid anyone to do something that they could, usually had just one car per household.”
Not everyone agreed. Many commenters argued that today’s financial challenges are fundamentally different from what previous generations faced.
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One person said that for boomers, “necessities were cheap” while luxuries were expensive. Today, they added, the opposite is often true. Housing, healthcare and education have become dramatically more expensive, while televisions, smartphones and streaming services have become more affordable.
Others pointed to housing affordability as the biggest issue. One commenter shared that a home they once considered buying for $150,000 now sells for close to $1 million.
Why Some Young People Have Given Up
A recurring theme throughout the discussion was that many younger people no longer believe traditional financial goals are achievable.
One commenter referenced the Abhijit Banerjee and Esther Duflo book “Poor Economics” and added that people often make worse financial decisions when they conclude their situation is unlikely to improve.
“If housing was more affordable, then saving for it would be more realistic, and maybe more people would try to save money and avoid unnecessary expenses,” another wrote.
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Several people in the thread described a “why bother?” mentality. If homeownership feels permanently out of reach, spending money on travel, dining out or entertainment can feel more rewarding than saving for a goal that may never arrive.
At the same time, others said that the little money choices you make still add up. One person pointed out that if you cut back on regular spending and save or invest that money, it could eventually turn into a decent down payment.
For people looking to put extra savings to work instead of spending it, SoFi’s Self-Directed Investing Account offers commission-free investing and a chance to learn the market while building long-term wealth. New users who fund an account can even get up to $1,000 in stock, making it easier to start investing with money that might otherwise disappear into everyday impulse purchases.
As the poster put it, “No, buying avocado toast won’t make you poor, but wasting money on stupid sh*t consistently will do so.”
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American Hartford Gold
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Mode Mobile
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