Given poor economic prospects, many millennials can’t save anyway — but their hope for the future is social change
Keith A. Spencer
CNN reported last week that 66 percent of millennials aged 21 to 32 have nothing saved for retirement. And while their writer chalks up this inequity to student loans, “stagnant wages” and “high unemployment,” there may yet be a deeper cause: many millennials honestly don’t see a future for our economic system.
The aforementioned CNN article about millennials’ (lack of) retirement savings went semi-viral, partly because many saw humor in how it missed how many truly felt. “RT if socialism is your retirement plan,” Holly Wood, 32, a political organizer, wrote on Twitter.
The idea that we millennials’ only hope for retirement is the end of capitalism or the end of the world is actually quite common sentiment among the millennial left. Jokes about being unable to retire or anticipating utter social change by retirement age were ricocheting around the internet long before CNN’s article was published.
my investing style is i give five bucks to chapo in the hope that their dumb asses will create socialism by the time i retire
— Frank Furtschool ☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭☭ (@kulturalmarx) August 4, 2017
My retirement plan is death
— Swan Snow (@Wan_Eyed_King) March 10, 2018
My retirement plan is death at 55: a millennial love story
— Lucretia Boredgia (@KelseyChapstick) September 30, 2017
Older generations, and even millennials who are better off and who have managed to achieve a sort of petit-bourgeois freedom, might find this sentiment unimaginable, even abhorrent. And yet, in studying the reaction to the CNN piece and reaching out to millennials who had responded to it, I was astounded not only at how many young people shared Wood’s feelings, but how frequently our expectations for the future aligned. Many millennials expressed to me their interest in creating self-sustaining communities as their only hope for survival in old age; a lack of faith that capitalism as we know it would exist by retirement age; and that alternating climate crises, concentrations of wealth, and privatization of social welfare programs would doom their chance at survival.