The new generations have to fight harder to succeed economically. Why?

Changes on the job market

More competition

The job market has changed drastically. A person with a college degree some years ago had a huge advantage and a lot more opportunities. Today, there are more people with higher education, which increases competition for the same job. This causes salaries to stagnate and makes it more difficult to stand out.

Job instability

I'm talking about temporary jobs, part-time or short contracts, they have become more common. Many people do not have the security of long-term employment, making financial planning and saving difficult. Previously, it was more common to have a stable job with benefits, which helped build a solid economic foundation.

Cost of living

Housing

One of the biggest challenges is the cost of housing. In many cities, house prices and rents have risen more and faster than wages. Our parents could buy a house with relative ease, but now, for many, this is just a dream.

Education

Education has also become more expensive. The cost of college has increased significantly, forcing many students into debt. This debt makes it difficult to start working life on a solid financial footing, since much of the income goes to paying off student loans.

Health

The cost of health care is another factor. Medical expenses can be exorbitant, and without good insurance, an illness can lead to financial ruin. Our parents could count on more affordable health insurance with fewer associated costs.

Global economy

Globalization

Globalization has changed the world economy. Many companies have moved their factories to countries where labor is cheaper, which has reduced the number of well-paying jobs in developed countries. This has created global competition that affects local workers.

Technology

Technology, although it has brought many benefits, has also eliminated many jobs. We are been replaced by AI. This makes our future uncertain and makes it more difficult to plan a long-term career.

Mindset and expectations

Elevated expectations

Life expectancies have also changed. Today, a comfortable life with access to technology, travel and leisure is expected. There is also the fact that our parents could live on less and be satisfied. Nowadays high expectations have led to a feeling of failure if they are not met, increasing financial pressure.

Immediacy Mentality

We live in a culture of immediacy, where quick results are expected. Patience is something we do not have anymore. Our parents were willing to work hard and wait for results meanwhile today quick success is wanted, which rarely happens.

Is it possible to succeed financially?

Adaptability

Although it is more difficult, it is not impossible to succeed financially today. We just need to adapt and learn new skills so new opportunities will come.

Entrepreneurship

Starting your own business can be a way to escape the limitations of the traditional job market. With the help of the internet and social media, it is possible to reach a wider audience.

Savings and investment

It is important to have good financial habits. Saving and investing can help build a solid rconomy for us. I know saving can be difficult, especially on a low salary but every little effort counts.

Support network

Family and friends can offer advice and it can also open doors to new job or business opportunities.

Although we have had harder times we just have to be patient and persevere in our goals, it is difficult but it is not impossible. Keep going!