Young Americans are as unhappy as they’ve been in a long time. According to an annual Gallup poll, Americans 30 years and younger ranked 62nd globally in terms of self-reported well-being, lower than young people in Dominican Republic, Saudia Arabia and Paraguay. It’s the lowest level in 12 years.
How can our young people, in the richest country in the world, be so utterly hopeless? Their parents, as it happens, are exceedingly happy (the age 60 and older cohort rank in the top 10).
The reasons, of course, are many. Social media and the need to constantly compare yourself to others, could contribute to unhappiness. Gratefulness, which many experts would agree leads to happiness, may simply develop later in life. But let me propose something else. For many, the American Dream starts with buying a house. And young people cannot afford to buy a house anymore.
People are also reading…
In 1980, the average American bought their first home by age 29. Today, it’s 36.
Obviously, prices are sky-high, even in Buffalo. And if young people can’t afford 20% down, they certainly can’t afford to make the all-cash offer required to beat out other buyers. The housing market has shut them out.
Should they be saving more? Before you knock them for buying that $4 Starbucks, understand that when house ownership seems like a pipe dream, why save at all?
What can we do about it? For one, let’s make sure young people are starting out on the right foot. College expenses have risen by 870% since 1983 (faster than any household expense, including medical). Taking on $100,000 in debt so you can land a job paying $40,000 after graduation, doesn’t seem a good investment. Good luck ever paying off that loan (let alone buying a house).
At a personal level, parents may have an opportunity to help their kids directly. The baby boomer generation is set to retire as the wealthiest generation in history. They are also set to pass down a fortune to their heirs (estimated at $90 trillion by 2040).
If you are in position to help today, why not give your kids money when they most need it (instead of in 2040, when they may not)?
Leaving money to your kids always meant after you die. But wouldn’t it be great to see all the good you can do now? And maybe, you’ll even get a “thank you.”
Jeffrey Viksjo, CFA, CFP, is a partner at Ogorek Wealth Management in Amherst.
Catch the latest in Opinion
Get opinion pieces, letters and editorials sent directly to your inbox weekly!
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66bb46af7f8841ec8ed33a9d523f6a88&url=https%3A%2F%2Fbuffalonews.com%2Fopinion%2Fanother-voice-call-your-kids-they-re-miserable%2Farticle_dbfabb48-50de-11ef-a63e-bb2401647cd4.html&c=11316480009793611177&mkt=en-us
Author :
Publish date : 2024-08-13 00:00:00
Copyright for syndicated content belongs to the linked Source.
