The landscape of financial uncertainty has significantly impacted millennials, shaping their experiences and perspectives around money, work, and resilience. This generation, having faced considerable trials during their youth, including the Great Recession, now finds itself in a unique position to guide the emerging Gen Z. Millennials are using platforms like TikTok to share valuable lessons learned from their own financial struggles. They post advice on living sustainably through economic downturns and provide insights on managing debt and financial resources.
The wake of the Great Recession left many millennials with lasting scars. As young adults entering the workforce during this tumultuous period, they were hit with falling wages and sky-high student debt, rendering homeownership dreamlike for many. Unfortunately, this burden persists today, compounded by events like the COVID-19 pandemic and rising inflation. Economic forecasts continue sounding alarms about potential downturns, adding to the anxiety of another generation. Millennials, now well-versed in navigating hardships, feel a responsibility to aid their younger counterparts, who face an increasingly precarious employment landscape as they approach their first major recession as fully-fledged adults.
Social media discussions around impending economic challenges reveal a resonance between generations. Sasha Whitney, 37, observed Gen Z users expressing feelings of hopelessness and frustration in the midst of economic anxieties. Although Whitney’s experience during the Great Recession was marked by social comparison in a less digitally-saturated environment, she recognizes the collective burden young people carry today. The stark contrast underscores a significant change in how stages of life and financial burdens are publicly evaluated through social media lenses.
On TikTok, Whitney recalls conversations with her millennial peers about the challenges of being financially strapped yet maintaining a different relationship with social media. She highlighted how her generation resisted the urge to showcase a glamorous lifestyle online, in stark contrast to the current realities faced by Gen Z. Many millennials nostalgically reflect on the camaraderie developed during the recession—the “cheaper liquor days” and the effort to rally together in the face of financial strain. However, beneath the humor lies a shared understanding of the genuine financial difficulties they faced, including managing bills while living on limited grocery budgets.
Amidst sharing humor, millennials convey serious financial principles derived from personal and professional challenges. Whitney, for instance, elaborated on practical advice pertinent to recession preparedness, such as finding any job available, living frugally, and avoiding buy-now-pay-later services. Many of her TikTok peers post videos emphasizing the importance of creating emergency savings and maintaining an updated resume, underscoring a growing emphasis on preparedness amid financial uncertainty.
While millennials are sharing wisdom, Gen Z is eager to adapt. Users like Imani Smith, 29, integrate budgeting strategies into their lifestyles, such as sharing subscription costs with friends and opting for low-maintenance beauty care. Interestingly, as the classic “lipstick index”—which suggests small indulgences increase during downturns—faces scrutiny, many social media users are consciously cutting out unnecessary luxuries. For Smith, establishing a habit of saving in anticipation of a downturn is a proactive move against potential financial pitfalls.
The ongoing uncertainties echo previous crises. Smith’s personal experiences illustrate a distinct sense of urgency influenced by recent pandemic disruptions. Reflecting on how the pandemic catalyzed a whirlwind economic shift, she expresses a recognition of the unpredictable nature of job security. Her discussions with millennials emphasize the stark contrast between the job market of the past and present, amplifying her anxiety around employment stability.
As millennials transition from the hardships of their past into roles as mentors navigating financial conversations, Gen Z remains under the specter of economic anxiety. Sociocultural factors contributing to the current realities call for introspection, allowing young individuals to reconsider their financial habits and adapt to a demanding economic climate. While sharing financial wisdom reveals a continued sense of community between generations, it also highlights the necessity of resilience and preparation in the face of uncertainty.
CNN’s contribution to reporting these significant generational dialogues prompts further reflection on how economic challenges shape behaviors, mindsets, and ultimately, the futures of those living within them. Through adaptation and collaboration, the cycle of financial guidance continues, manifesting in forums that blend experience, support, and proactive planning for generations to come.