The generational gap between boomers and millennials has always been a topic of heated debate. A recent TikTok video has lit the proverbial powder keg once more, with a young user claiming that Baby Boomers simply “can’t conceptualize” the struggles millennials face with rising inflation.
Inflation Struggles: A Matter Overlooked by Boomers?
A fresh conversation has emerged on TikTok, the widely-used social media platform, shedding light on the unique problems young people grapple with due to inflation. The animated discussion, stirred by a young TikToker named Cat, accentuates what she sees as the Baby Boomer generation’s lack of understanding of the hardships millennials encounter in their struggle with inflation. The 21-year-old college student candidly shared her viewpoint on why she believes Baby Boomers struggle to grasp the economic reality of today’s youth. She states, “ I think Boomers can’t conceptualize this [struggle] because they never had to fight for jobs.”
The Generation Gap
The term ‘Boomers’ refers to the Baby Boomer generation – born between the years 1946 and 1964 – characterized by a surge in the birth rate post World War II. This generation grew up in a time of great economic prosperity, increased consumerism, and overall stability. They had access to affordable housing, steady job markets, and a relatively stable cost of living, factors that largely contributed to their wealth accumulation.
Millenial Struggle
Millennials, born between 1981 and 1996, on the other hand, have been dealt a very different hand. To list a few of the challenges they face:
- Soaring home prices: Owning a home has become an unattainable dream for many millennials, with prices significantly outpacing wage growth.
- Stagnant wages: Despite increased productivity, wages have not increased proportionally for millennials.
- Increased education costs: The cost of obtaining a college degree – often seen as a necessity in today’s job market – has skyrocketed.
Inflation Woes: How Boomers and Millennials Experience Financial Challenges Differently
With every passing generation, the landscape in which they operate, including the economy, undergoes significant changes. For boomers, those born between 1946 and 1964, and millennials, a group largely comprising individuals born between 1981 and 1996, these changes are profound and touch every aspect of life, not least financial matters. Inflation happens to be a common meeting ground where the experiences of these two generations diverge markedly.
The Boomers’ Experience with Inflation
Narratives about the boomers often depict them as beneficiaries of a strong, post-war economy. The economy was growing and wages were increasing, making it possible for the boomer generation to afford homes, cars, and the general cost of living even with high inflation.
Millennials and the Burden of Inflation
Millennials, often known as the “renter generation”, haven’t had it this easy. They face a far different economic landscape from the one their parents experienced. Many were entering adulthood right around the 2008 financial crisis, which meant starting careers during a severe economic downturn.
Inflation Nightmare
In the face of these challenges, millennials have learned to adapt by becoming more frugal and seeking out innovative financial solutions. Nevertheless, the struggle with the reality of inflation is a shared sentiment among this demographic.
Boomers vs. TikTokers
Commenters on TikTok largely agreed with the sentiment. “Boomers had the door wide open and then slammed and barred it behind them,” said one commenter to Cat’s video. “Everything goes up but our salaries,” said another.
The video drew an impressive flurry of more than 7,000 comments, and it seems most resonated deeply with Cat’s viewpoint. Among the sea of comments, a number of recent graduates expressed their struggles, stating that their earnings amounted to less than the national average.
Light At The End Of The Tunnel?
In the midst of trying times, a ray of hope is breaking through for full-time U.S. workers. The first quarter of 2023 has shown a positive trend; the median weekly earnings have managed to outstrip the contending inflation, standing at an encouraging $1,100. This is according to the latest data gathered by the Bureau of Labor Statistics.
Lower Wage Earners Experience Speedier Growth
To add to this beacon of optimism, those at the lower end of the income scale in the country not only are not being left behind, but also are moving forward at a quicker pace than their higher-earning counterparts. From January 2020 to September 2022, the wages of the bottom 10% of the U.S workforce, when adjusted for inflation, saw an impressive surge of 6.4%.
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