How Young People Today Need Twice The Salary To Match Parents Lifestyle

One of the most unfortunate truths of reality these days is that the cost of living is significantly higher than previous generations. It does not matter where you live; it simply costs more to buy property. Of course, the fact that salaries have not shifted nearly as much means that there is a great imbalance in the income-to-debt ratio and many young people are choosing to delay many of the larger life decisions that were much easier for their parents.

For example, previous generations commonly found people getting married in their mid to late-twenties, having children and buying a home. However, these rites of passage always relied upon a substantial income level that made it easier to do these things.

Because of the increase in home prices and the stranglehold on salaries, the current generation is not able to enjoy many of the things their parents did at the same relative age.

"cost of living"

Another factor for this is the rising cost of a college education. Students who need loans to pay for school are finding themselves not only in significant debt by the time they graduate, but a saturated job market in a poor economy means that this student will have a very hard time finding a job.

That pays enough to substantiate their bills and paying down their student loans. Student loans can take twenty years or more to pay down, which is almost like paying a mortgage!

Perhaps the most tragic aspect of this paradigm shift is the affect it has on women (and couples) who know that they want to have children. It is important for women to have children when they are young and vibrant enough to carry them and care for them.

Delaying childbearing into the 40s increases the risk for complications with the pregnancy or with post-natal issues. Similarly, a woman in her 40s and 50s will, usually, have a much harder time caring for a newborn and an adolescent than a woman in her 20s and 30s.

If she needs to keep working to support her family this will be even harder, as it will be for the father of the child who must also work at their job and at the home.

With the global economy in its current state, it is common to find young people getting out of college and returning home to live with their parents, both as a safe haven and to contribute to their mounting bills. In fact, the average age of a person buying their first home these days is in the mid-thirties!

Thanks for reading my blog post and I hope you enjoy our work from home moms blog.

Be Sociable, Share!