Reply to Wells Fargo ad about millennials eating out

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I hate those self serving ads by WF showcasing a millennial couple eating out several times a week (once at a food cart), and that being the prime reason they can’t afford downpayment on a house.

Such BS. It’s sky high rent, student loans, and medical insurance — not avacado today du jour

Maybe instead of offering sham financial counseling, they offer low fixed rate student consolidation loans.

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I totally get what you're saying.  Sky high rents and student loans are a problem for so many.  But I also feel like a lot of millennials just do not know how to save.  They are a generation who has never had to endure hardship. I'm not talking personal (family divorce, low income).  I'm talking generationally (war, really bad economy).  I think people who have been comfortable their entire life just don't know how to prepare for the worst.  Eating out three or four times a week can mean a difference between an ok place to live and a nice one.[/quote]

This is not a factual statement. I am an “elder millennial” as I was born in 1982. We know all about economic downturn as the housing and economic crash of 2008 led to foreclosure and diminished retirement accounts for many of our parents. Since older generations love to point out how we rely on our parents to support us financially, please recognize the impact that had on us. We had to take out student loans, because now our parents could not pay. We had no family money toward our first home mortgage down payment because our parents had to recover from their own underwater mortgages and foreclosures. We are now sandwiched in paying childcare costs for our children and paying eldercare costs for our parents because both types of care cost a ton and are not adequately subsidized by our tax dollars when you are earning too much for subsidy yet earn too little to shoulder all of these costs. There is a structural link between Baby Boomers’ intensive government subsidies and millennials’ current economic stretch. [/quote]

+1. Another older millennial here. Purchased home in 2008, welcomed a child in 2009. Home values plummeted, as did my retirement, though the latter has rebounded. I’m just finally breaking even on home equity. As for war, 9/11 occurred the year I graduated HS. My peers and I have served in Afghanistan, Iraq, etc, so I don’t know where you got the idea that millennials have never seen hardship. I don’t know anything about family money and will probably support my parents in retirement. As for home ownership, we really don’t know how that will shake out when the average millennial is 28 and the eldest of us will turn 38 in 2019. Eating is more prevalent across generations now. There are more women in the workforce, particularly in our generation and fewer having children. What did you expect? LOL[/quote]

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