Hi Carol Shetler, Thank you for the very thoughtful comment. I have no doubt there were many Boomers living a very frugal life or faced challenging financial circumstances.
I think there are three things that have caused this generation to collectively rethink personal finance compared to the boomer generation.
- The size of student loan debt (which you mentioned)
- The cost of rent and home prices which are significant in Urban Centres
- The almost complete dissaperence of the Defined Benefit Pension plans.
The last point, in particular, is something that is unique to Millenials as an entire generation. The availability of DB plans as been declining for decades, but there were many in the previous generations who did have access to DB pensions (not all, but many).
For the new generation entering the workforce that luxury is almost gone completely. That lack of certainty combined with the cash flow crunch from student loans and housing has lead so many Millenials to adopt the FIRE approach.
Thanks again for the fantastic comment, look forward to discussing other topics with you in the future.