The Data Behind Our Rant on Millennial Finances
In this week’s episode, Millennial Money, we didn’t hold back. Tired of the tired narrative that millennials are “lazy” or financially irresponsible, we broke down the cold, hard data. What we found confirms what many of us already feel: the deck is heavily stacked against this generation.
Millennials—who make up 25% of the U.S. population—control a mere 4.6% of the country’s wealth. To put that in perspective, Baby Boomers held 21% at a similar age. This isn’t about skipping avocado toast; it’s systemic financial inequality.
The Housing Trap is Real
Homeownership, often preached as the path to wealth, is increasingly out of reach. In 1990, a home cost roughly three times an individual’s income. Today, with an average millennial salary of $71,566 and an average home price of $450,000, that ratio has doubled.
As Bethany Busch pointed out, “just move somewhere cheaper” isn’t a solution—lower salaries in other regions often offset the lower cost of living, leaving millennials still struggling paycheck to paycheck.
The Stagnant Wage Issue
The federal minimum wage has sat at $7.25/hour for 16 years. Adjusted for inflation since 2009, it would need to be $10–$11/hour to match the buying power Baby Boomers had. Combine that with skyrocketing tuition and student debt, and it’s clear that financial strain is systemic, not personal.
Debunking the “Work Harder” Myth
We highlighted the extreme wealth concentration at the top: the richest 10% own 87–93% of all stocks, and the top 1%’s net worth is 13 times greater than the bottom 50% combined. This proves that the challenges millennials face aren’t due to laziness—they’re structural.
Rethinking Financial Wellness
While systemic inequality is real, there are ways to strengthen your resilience:
Build mental and physical consistency through Performance Coaching
Create sustainable habits with Strength Coaching
Access guided support via Private Virtual Training
Address stress and anxiety related to finances with Mental Health Therapy
Show Notes: Episode 21 – Millennial Money: Why Are We Broke?
Hosts: Bethany Busch & Auria Zahed, LMFT
In this episode, we unpack the financial reality for millennials. Is the generation lazy, or is the system rigged?
Key Discussion Points & Timestamps:
04:12 – Wealth gap: Millennials control only 4.6% of U.S. wealth vs. Baby Boomers’ 21% at a similar age
08:30 – Stagnant wages: Federal minimum wage has remained $7.25/hour for 16 years; inflation-adjusted it should be $10–$11/hour
12:05 – Housing affordability: Average home price is six times average income today, vs. three times in 1990
16:47 – The “move to cheaper states” flaw: lower salaries negate cost-of-living benefits
21:30 – Wealth concentration: Top 10% own 87–93% of all stock; top 1% net worth 13x bottom 50% combined
25:12 – College costs & debt: Inflation-adjusted tuition for Boomers vs. millennials; student debt averaging $30,000–$40,000
29:10 – Debunking the “work harder” myth: systemic inequality drives millennial financial challenges
33:15 – Renting vs. owning: Bethany critiques traditional mortgage systems and highlights the benefits of renting for flexibility
Resources & Next Steps:
Explore our coaching programs: Strength Coaching, Performance Coaching, Private Virtual Training
Address financial stress with mental health and resilience strategies through Mental Health Therapy
