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Crimson Wraith
USA Fan
Member since Jan 2014
12650 posts
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Young people blame climate change for their small 401(k) balances
What else can they blame on climate change?

LINK

Lori Rodriguez, a 27-year-old communications professional in New York City, is not saving for retirement, and it isn’t necessarily because she can’t afford to — it’s because she doesn’t expect it to matter.

Like many people her age, Rodriguez believes climate change will have catastrophic effects on our planet. Some 88% of millennials — a higher percentage than any other age group — accept that climate change is happening, and 69% say it will impact them in their lifetimes. Engulfed in a constant barrage of depressing news stories, many young people are skeptical about saving for an uncertain future.

“I want to hope for the best and plan for a future that is stable and secure, but, when I look at current events and at the world we are predicting, I do not see how things could not be chaotic in 50 years,” Rodriguez says. “The weather systems are already off, and I don’t think it’s hyperbolic to be a little apocalyptic.”

Mental-health issues affecting young adults and adolescents in the U.S. have increased significantly in the past decade, a study published in March in the Journal of Abnormal Psychology found. The number of individuals between the ages of 18 and 25 reporting symptoms of major depression increased 52% from 2005 to 2017, while older adults did not experience any increase in psychological stress at this time, and some age groups even saw decreases. Study author Jean Twenge says this may be attributed to the increased use of digital media, which has changed modes of interaction enough to impact social lives and communication. Millennials are also said to suffer from “eco-anxiety,” according to a 2018 report from the American Psychological Association, with 72% saying their emotional well-being is affected by the inevitability of climate change, compared with just 57% of people over the age of 45.

Meanwhile, two-thirds of millennials — defined by Pew as the generation born between 1981 and 1996 — have nothing saved for retirement, according to the National Institute on Retirement Security. The millennials who are saving had an average balance of $25,500 and were contributing 7.3% of their paychecks as of the second quarter of 2018, figures from Fidelity showed. While most millennials say they are not saving because they simply can’t afford to, for others it’s about the feeling that they may not have a future to save for, says Matt Fellowes, chief executive officer of United Income, an online retirement investment platform based in Washington, D.C.

“There is a certain fatalism in this population relative to more recent generations,” Fellowes says. “Psychologically, this population has had more shocks to expectations about their futures than past generations. From a perception point of view, I hear a lot of cynicism about the ability to build retirement savings or whether they will be able to retire at all.”

The number of millennials who view capitalism positively fell from 68% in 2010 to just 45% in 2017.



Quidam65
Q Continuum
Member since Jun 2010
14137 posts

re: Young people blame climate change for their small 401(k) balances
We have one Senator who wants to add a "Climate Change Fund" to the Federal Thrift Savings Plan.

LINK /


Midget Death Squad
Notre Dame Fan
Meme Magic
Member since Oct 2008
14176 posts

re: Young people blame climate change for their small 401(k) balances
Climate change gave me hemmeroids. I fricking hate it!


#CarbonTax4Hemmroids


fjlee90
LSU Fan
Baton Rouge
Member since Nov 2016
2080 posts
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re: Young people blame climate change for their small 401(k) balances
I smell a new government program


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80
bigwheel
LSU Fan
Lake Charles
Member since Feb 2008
5496 posts

re: Young people blame climate change for their small 401(k) balances
Elect a dem & watch their 401 disappear Or get siezed
This post was edited on 5/23 at 3:33 pm


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150
Pechon
Chicago Cubs Fan
Ponchatoula
Member since Oct 2011
1233 posts

re: Young people blame climate change for their small 401(k) balances
I'm waiting for incels to blame their bad luck with women on climate change. You know it's coming.


SSpaniel
Memphis Fan
Germantown
Member since Feb 2013
16478 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
quote:

I'm waiting for incels to blame their bad luck with women on climate change. You know it's coming.


The women will go on a sex strike and not have sex until the new green deal is passed and implemented.


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40
CleverUserName
Mississippi St. Fan
Member since Oct 2016
2040 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
quote:

We have one Senator who wants to add a "Climate Change Fund" to the Federal Thrift Savings Plan.


Hell! Why not! They have raided social security for absolutely nothing to show for it. Let the solid blue fed employees get a dose of infallible government spending of their retirement.


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40
Homesick Tiger
LSU Fan
Greenbrier, AR
Member since Nov 2006
42459 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
I heard a report of FOX a couple of days ago that said the mills were the brokest generation to come along out of the last three generations even though they are the smartest generation out of the three.

Something doesn't compute.


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70
fillmoregandt
Ole Miss Fan
Over the Mountain
Member since Nov 2009
12573 posts
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re: Young people blame climate change for their small 401(k) balances
“Well AOC said we’re all dead in like 12 years, so what’s the point”


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70
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Dan Bilzerian
Navy Fan
..on my yacht or jet.
Member since Dec 2014
1854 posts

re: Young people blame climate change for their small 401(k) balances
quote:

Lori Rodriguez, a 27-year-old communications professional in New York City, is not saving for retirement, and it isn’t necessarily because she can’t afford to — it’s because she doesn’t expect it to matter.


They will then blame Baby Boomers in 40 years when climate change has amounted to nothing and they are stuck with minimal savings for retirement.


Gaspergou202
LSU Fan
Metairie, LA
Member since Jun 2016
8979 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
So the 1,468,561st example that a high percentage of millennials are morons.
Eat drink and be merry because I’m going to die before I retire. Sounds like a future Wal Mart greeter.


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111
Homesick Tiger
LSU Fan
Greenbrier, AR
Member since Nov 2006
42459 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
quote:

They will then blame Baby Boomers in 40 years


Us boomers were willing to get our hands dirty to make a sustainable living. Millennials are more concerned about pedicures so their nails don't interfere with their computer skills.


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
48195 posts

re: Young people blame climate change for their small 401(k) balances
The two millenials in my house have more retirement savings than most boomers.

That's all I really care about.


Weekend Warrior79
LSU Fan
River Ridge
Member since Aug 2014
3238 posts

re: Young people blame climate change for their small 401(k) balances
quote:

“I want to hope for the best and plan for a future that is stable and secure, but, when I look at current events and at the world we are predicting, I do not see how things could not be chaotic in 50 years,” Rodriguez says. “The weather systems are already off, and I don’t think it’s hyperbolic to be a little apocalyptic.”


You know how you make sure things will be chaotic in 50 years, you don't plan or save now.
quote:


millennials who are saving had an average balance of $25,500 and were contributing 7.3% of their paychecks as of the second quarter of 2018


Not sure what they were expecting. sure, saving 7% is on the low end, but you have to start somewhere.


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Alt26
LSU Fan
Member since Mar 2010
13523 posts

re: Young people blame climate change for their small 401(k) balances
quote:

“There is a certain fatalism in this population relative to more recent generations,” Fellowes says. “Psychologically, this population has had more shocks to expectations about their futures than past generations. From a perception point of view, I hear a lot of cynicism about the ability to build retirement savings or whether they will be able to retire at all.”


Or, that's it's just a generation insistent upon instant gratification. Paycheck hits the bank...spend it all on fun stuff. Saving is boring and something that old people do.



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40
cable
Member since Oct 2018
2493 posts
 Online 

re: Young people blame climate change for their small 401(k) balances
and at the same time most of them honestly believe that Bernie Sanders is going to get elected POTUS and will forgive all of their student loans, so they are running up massive amounts of debt. This generations is just a bunch of dumbasses.


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20
EZE Tiger Fan
Member since Jul 2004
36657 posts

re: Young people blame climate change for their small 401(k) balances
Like all Progressives, they are waiting on someone to bail them out.

Retirement will be a "right" in 50 years.


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WorkinDawg
Georgia Fan
Atlanta
Member since Sep 2012
5513 posts

re: Young people blame climate change for their small 401(k) balances
That's bullshitee....I'd bet $1,000,000,000,000 Mrs Rodriguez has never saved for anything. And wouldn't put money in a 401K at 27 no matter the circumstances. She simply wants to live beyond her means.


jclem11
Rice Fan
Houston, Texas
Member since Nov 2011
3222 posts

re: Young people blame climate change for their small 401(k) balances
quote:

The two millenials in my house have more retirement savings than most boomers.

That's all I really care about.


Same for me.


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