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Boomers are subsidizing Gen Z and millennial spending habits, ‘Oracle of Wall Street’ says
Posted on 9/23/24 at 8:59 am
Posted on 9/23/24 at 8:59 am
quote:Wall Street is obsessed with the coming " Great Wealth Transfer." Whitney's take stems from that.
FORTUNE
Boomers are subsidizing Gen Z and millennial spending habits, ‘Oracle of Wall Street’ says
Jason Ma
September 21, 2024
Baby boomer parents are handing over money to their Gen Z and millennial children, allowing them to fuel strong consumer spending, according to Meredith Whitney, the onetime "Oracle of Wall Street" who predicted the Great Financial Crisis.
...
In a Financial Times op-ed last Sunday, the CEO of Meredith Whitney Advisory Group noted that American Express data shows Gen Z and millennials are spending at a rate that's five times more than the rate for boomers.
"They have the wherewithal to spend on things like French-press coffee, Instagrammable leisure experiences, online gaming and sports betting as well as yes, avocado toast," she wrote.
...
"The generation aged between 24 and 38 represents 20% of the US population and has the most discretionary spending power of any other age cohort," Whitney added. "They have and continue to benefit from a different type of subsidy: their parents."
Those younger generations are living with their parents at record levels, she said, adding that they enjoy parent-subsidized expenses like cell phone plans.
And given that nearly 20% of men and almost 12% of women aged 24-35 are living at home with their parents, they are also not spending their money on housing-related expenses like insurance, property taxes and utilities, Whitney pointed out.
...
She also echoed what "Bond King" Bill Gross said last month, when he posted a similar take on X...
LINK
However,
While there is some truth to the millennial spending habits narrative, this version of it is not particularly honest. Whitney conflates spending habits of American Express card holding millennials (aka wealthier millennials) with the plight of those in the failure-to-launch, living-at-home category.
I was surprised though to find that a significant number of Millennials (>30%) do hold AmEx cards, and those that do, comprise 60% of AmEx spending.
19
Posted on 9/23/24 at 9:01 am to NC_Tigah
And when the boomer piggy bank runs dry, what then?
Posted on 9/23/24 at 9:02 am to NC_Tigah
What about millennials paying the social security of boomers
Posted on 9/23/24 at 9:19 am to NC_Tigah
Did they stop millennials at 38? That doesn't make sense. Kind of a moving target if you don't align all the group populations.
This post was edited on 9/23/24 at 9:20 am
Posted on 9/23/24 at 9:19 am to NC_Tigah
This doesn’t surprise me in the least. Just in my circle of friends, One family of 5 lives with his mom and another are routinely given thousands of dollars by their parents. These are not one off helping hands for specific situations, these have become budgeted expectations.
Posted on 9/23/24 at 9:34 am to Deuces
quote:Has not happened. Will not happen, if it does at all, for another decade. You've been misled.
What about millennials paying the social security of boomers
Posted on 9/23/24 at 9:35 am to Harvey Vortac
quote:
This doesn’t surprise me in the least.
Our two millennial coworkers here both live with parents or grandparents.
Posted on 9/23/24 at 9:40 am to NC_Tigah
I predicted this back in 2020, there is a cash cow opportunity for our government and their handlers to take as much money as they can from these Boomer transfer of wealth to Millennial/Gen Z groups. As you can see from these unprecedented Tax implementations from Obama, Biden and what Kamala is proposing.
This post was edited on 9/23/24 at 9:41 am
Posted on 9/23/24 at 9:43 am to NC_Tigah
Anecdotal but I’ve noticed upper class millennial / Gen Z girls having a large amount of family support in their 20s/30s. I’m talking working professionals having their luxury apartments / down payments paid for by parents.
Posted on 9/23/24 at 9:43 am to Deuces
quote:
What about millennials paying the social security of boomers
The boomers who paid into the greatest and silent generations SS? Don't act as though paying into the boomers SS is something that only happened starting with your generation.
Posted on 9/23/24 at 9:45 am to NC_Tigah
Is that what's happening in your family?
That's not what's happening in my family.
That's not what's happening in my family.
Posted on 9/23/24 at 9:47 am to NC_Tigah
I know it’s simply timing and perception but I always think that my fellow gen x members are the main descendents of the boomers. I guess we are just the first round. 
Those boomer gen x parents must’ve been the hardliners because they don’t give us shite Haha.
Those boomer gen x parents must’ve been the hardliners because they don’t give us shite Haha. This post was edited on 9/23/24 at 9:51 am
Posted on 9/23/24 at 9:49 am to NIH
quote:
I’m talking working professionals having their luxury apartments / down payments paid for by parents.
Well, the problem lies with their parents if they are putting them in luxury apartments.
I have no problems with the parents providing them a trust so that they can own their first home or investment property, though. If they made the sacrifice so that their children can have a head start on home ownership without the burden of saving for a down payment, more power to them.
This post was edited on 9/23/24 at 9:51 am
Posted on 9/23/24 at 9:50 am to Nomadic Bengal
Having wise parents might be the best thing a person can be born with.
Posted on 9/23/24 at 9:58 am to jizzle6609
quote:
Having rich parents might be the best thing a person can be born with.
Posted on 9/23/24 at 10:00 am to NC_Tigah
quote:
Boomers...Gen Z...millennial
Gen Xers
Posted on 9/23/24 at 10:03 am to NC_Tigah
Boomers wealth will be milked dry by end of life care and estate taxes.
Posted on 9/23/24 at 10:05 am to TROLA
Have people ever inherited money/assets from Parents who died in the history of our country?
Do people, on average live much longer now?
Let's go back to when WWII ended, and the problem the US government faced was what to do with all of these returning GIs, snatched from the fields and mountains and ranges and cities of America and now not content on just going back and subsisting on farming or low paying factory work or whatever... and considering there were almost rebellions by the cohort of ex-troops from WWI who came back to hard times. Before this, Americans (like most other people in the world) lived mostly in multi-generational homes... whether on a farm or ranch or in a tiny cramped apartment in a city somewhere. The Nuclear family was redesigned to be a stand-alone unit... and more importantly, a stand-alone consumption unit to help propel the economy. The Suburban household with 2 automobiles... a Father, Mother and kids on their own - was subliminally pushed as the expected norm.
Rural people still lived in multi-generational households... or compounds that functioned similarly. And in larger families on average.
So, does anybody watch Bonanza or Yellowstone or whatever and look at the kids still in the family home or in a house on the property and think they're screw-up leeches?
People just like to complain.
Do people, on average live much longer now?
Let's go back to when WWII ended, and the problem the US government faced was what to do with all of these returning GIs, snatched from the fields and mountains and ranges and cities of America and now not content on just going back and subsisting on farming or low paying factory work or whatever... and considering there were almost rebellions by the cohort of ex-troops from WWI who came back to hard times. Before this, Americans (like most other people in the world) lived mostly in multi-generational homes... whether on a farm or ranch or in a tiny cramped apartment in a city somewhere. The Nuclear family was redesigned to be a stand-alone unit... and more importantly, a stand-alone consumption unit to help propel the economy. The Suburban household with 2 automobiles... a Father, Mother and kids on their own - was subliminally pushed as the expected norm.
Rural people still lived in multi-generational households... or compounds that functioned similarly. And in larger families on average.
So, does anybody watch Bonanza or Yellowstone or whatever and look at the kids still in the family home or in a house on the property and think they're screw-up leeches?
People just like to complain.
Posted on 9/23/24 at 10:06 am to YeastExtract
quote:
Boomers wealth will be milked dry by end of life care and estate taxes.
Are they taking it with them somewhere?
By giving it to their kids, now, are they depriving the tax man from taking it all when they die?
Posted on 9/23/24 at 10:18 am to NC_Tigah
quote:
Boomers are subsidizing Gen Z and millennial spending habits, ‘Oracle of Wall Street’ says
Impossible. I keep hearing that boomers are stingy hoarders that are killing the next generations.
The younger gens keep complaining they won’t retire all the while they have their hands out for money.
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