Even though Lambert and I dislike the use of marketer-created generational cohorts like Gen Y and Gen X, because age groups do not have political agency and the range of experiences within a group will be greater than across groups, a survey of 1200 Millennials by Ernst & Young and Economic Innovation Group shows how precarious their economic condition is. Admittedly, that is a long-standing feature of young adult life that is seldom discussed in polite, as in posturing-as-successful company. I recall two successful professionals in their 40s recounting how they lived paycheck to paycheck, on pasta, in their early-post college years, fearful that a personal emergency would leave them destitute (neither had relatives in the wings to bail them out; one was from a desperately poor family whose escape depended in part from someone making sure she got elocution lessons so as to eradicate her class markers; the other was estranged from his family by virtue of having come out). But for most college educated young adults in the post-World-War-II era, prior to the crisis, lean years in their 20s were a transition period, not a permanent status.
By: Yves Smith, Naked Capitalism
Read the full article here.