re: Soft Saving Trend for Millennials and Gen Z?

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I see so many millennials in my profession take vacation all the time. I don’t understand at all.

Yet when I try to take time off it’s an act of Congress to get it approved

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Come after my IRA and 401Ks, I will consider that an act of war and operate accordingly.

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don’t expect social security to exist 30 years from now.

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Yet when I try to take time off it’s an act of Congress to get it approved

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You are talking about people that are 20+ years from retirement age, and likely just starting their careers in 2008.

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and likely just starting their careers in 2008.

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Workers displaced during recessions tend to experience large lifetime earnings losses–a decline in earnings of roughly 19 percent or $112,100 over the next twenty-five years (Davis and von Wachter 2011). This is approximately double the lifetime earnings losses of workers displaced in non-recession years. To provide a sense of the magnitude of the current challenge, almost 7 million American workers have been displaced from long-term jobs during the last three years. If the prior research accurately predicts the future, these workers will experience a total loss of earnings of roughly $774 billion over the next quarter century.

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By the time they reached their late 30s though, mortality rates started to edge higher. By age 50, one extra death per 10,000 was registered for every percentage-point increase in unemployment at graduation, affecting males and females similarly. During a moderate recession, the unemployment rate typically rises about three percentage points. Thus, graduating in a recession is associated with about a 6 percent increase in a cohort’s age-specific mortality rate.

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Workers beginning their careers in a depressed labor market might not only start with a lower-paying job but be permanently stuck on a downward-shifted economic trajectory. The temporary recovery 10 to 15 years into the work history is difficult to explain in such a scenario but might be linked to differences in income profiles over age, with profiles of lower-quality jobs flattening out more quickly. In midlife, the economic disadvantage accumulated over two decades and accompanied by a less-healthy lifestyle drags health down sufficiently to result in mortality increases. Less-stable relationships are formed along the way, resulting in lower marriage rates and fewer children.

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Spend on experiences and not things and you will look back on your life with pride. Buy the things you need, save a reasonable amount for the future, but never ever shortchange yourself on life experiences.

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