The author, who initially struggled with saving for their own retirement, shares their personal journey and insights into the challenges young people face when it comes to saving for the future. They highlight the case of John, a 29-year-old living in Brooklyn, who is struggling to save due to high expenses and student loan debt. The author points out that millennials are concerned about their financial future, as they own less national wealth compared to baby boomers at the same age.
The author challenges the common stereotype that millennials and Gen Z lack self-control and are irresponsible with their money. They argue that previous generations had it easier due to cheaper college tuition, lower housing costs, and guaranteed pensions. The author asserts that young people today are actually better savers than previous generations, but are faced with higher expenses and a more complex retirement system.
The author acknowledges the challenges young people face, such as the Great Recession, the COVID-19 pandemic, and record-high inflation, but encourages them to “hack the system” and take control of their financial future. They emphasize the importance of starting to save early, even if it seems out of reach, and the power of small, consistent contributions to grow into a significant nest egg over time. The author concludes by encouraging young people to have bigger goals and to not let self-doubt hold them back from achieving a secure financial future.
