Technology evolves quickly, changing the world around us. But as people from the baby boomer generation must adjust to a world increasingly driven by technology, others have wondered: What things will millennials be stymied by when they reach old age?
Here are 10 responses to a social media post about how future advancements might disadvantage millennials. Here are their insightful predictions on what challenges that might be.
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#1. Student Loan Debt
A large pool of millennials remains burdened with significant student loan debt, affecting their financial health and ability to save for retirement well into their elder years. Consumer debt can hold millennials back from saving for retirement and limit their financial well-being.
#2. Gig Economy Work
Many of the millennial generation live gig to gig, and with the gig economy also comes missing 401k match or retirement benefits. Because of millennials’ lack of traditional employment structures, they may need to consider unique retirement savings options.
#3. Delayed Homeownership
Rising real estate prices, combined with increased financial barriers to homeownership, have delayed millennials from taking their first steps toward long-term financial stability. The delay can also have consequences for their retirement plans.
#4. Digital Dependency
Because millennials grew up as digital natives, they may also be too dependent on technology and gradually lose the ability to adapt, mostly in terms of communication methods or interaction with others. This could lead to loneliness in old age.
#5. Social Media Impact
Long term heavy use of social media could result in mental health issues for millennials, such as increased depression or low self-esteem. The psychological and physical impacts of staring at a screen their whole lives can catch up in old age.
#6. Changing Family Structures
Millennials have led the way in changing their family dynamics, experiencing higher levels of cohabitation and delayed marriage commonly. Their social networks and arrangements for elder care may be disrupted, leading to new structures of family life and responsibility sharing.
#7. Climate Change Consequences
Millennials are living through climate change – the effects of which are likely to manifest in their twilight years – if not long before that. Drought and record-breaking weather is already cropping up everywhere. This could limit their quality of life and ability to get materials for survival.
#8. Delayed Family Planning
Because millennials are marrying and having kids later than previous generations, the experience of raising children (and perhaps providing support to adult offspring) might be different than that of past cohorts. Parent-child age difference plays a significant role in caregiving dynamics.
#9. Healthcare Access and Costs
Access to affordable healthcare may remain a concern, and millennials could encounter difficulties navigating healthcare systems and managing healthcare costs in old age. Health insurance and long-term care planning will be critical considerations.
#10. Living Long and Planning for Retirement
Millennials are living longer than ever before, which means that they may achieve a number of years of retirement — and thus need more retirement savings. This can mean planning for a longer retirement horizon or utilizing different financial strategies than the Boomers.
Source: Reddit.
Disclaimer – This list is solely the author’s opinion based on research and publicly available information.