Millennials have been through a lot. Many of the generation were young adults when the Great Recession began, and to this day, they struggle to buy homes and pay off student debt. Now these jaded millennials are sharing their wisdom with Gen Z on TikTok, posting preparation tips and no-buy lists to ease the minds of young people who could be entering their first major recession as adults. President Donald Trump’s whiplash-inducing policy changes have everyone warning about dire consequences for the US economy, from Fed Chair Jerome Powell to Goldman Sachs analysts. The Trump administration’s tit-for-tat escalation in the global trade war could lead to a recession for both the US and the world this year, JPMorgan said this month. It comes during an already unprecedented string of events for young people — people in their early 20s are earning less and have more debt, already battered by the Covid-19 pandemic and an onslaught of inflation. So, the United States might not be in a recession right now, but its youngest working adults are still anxious — and seeking advice from their older peers. When scrolling through TikTok, Sasha Whitney, 37, noticed Gen Z users shared the same feelings over an impending recession: “downtrodden, frustrated, very bleak and hopeless about the future.” It’s a stark difference from when Whitney graduated from college in 2009 during the Great Recession, before social media became as pervasive and when Barack Obama, who ran his campaign on the concept of hope, just took office. “When I talked to some of my millennial friends, they were like, ‘Yeah, we were broke. We were struggling,’” said Whitney, whose primary audience on TikTok is aged 18 to 25 years old. “However, we weren’t trying to keep up with the Joneses. You weren’t trying to portray a lifestyle for social media.” Other millennials joked on social media about the sense of community they had during the recession, sounding nostalgic for the days of cheaper liquor, wearing business casual and endless replays of feel-good recession pop. “If you want to know how we survived, yeah we blacked out,” one millennial user quipped on TikTok. But millennials did share their real financial struggles. After graduating, Whitney lived at home for a bit, then moved out, paying rent and student loans and leaving $20 a week for groceries. She worked in retail immediately out of college and figured out how to handle her finances through trial and error. “I’m buying packs of tuna, frozen vegetables, bread, putting it in the freezer. That’s when it really hit me that something’s going on,” she said. Whitney’s TikTok video walked viewers through some recession tips, including: taking whatever job you can get, living below your means, and deleting payment platforms like Klarna and After Pay. Other videos from millennials on TikTok offer recession preparation guides, such has having an emergency savings fund and updated resumes. “If I can give somebody advice, especially younger folks, that’s what I’m going to do,” Whitney said. Living below your means Many TikTokers are vowing to do one thing: limit their spending. For Imani Smith, a 29-year-old in Dallas, that means password-sharing subscriptions with her friends and cutting back on going out to eat. Beauty maintenance is also a high cost, so she buys press-on nails from Amazon instead of going to the salon. Salon owners are reporting more requests for “recession blonde,” cheaper, more low-maintenance hairstyles. And despite the famous lipstick index — the theory that small “treat yourself” purchases uptick during economic downturns — social media users have promised to cut out small purchases like expensive lip balms and candles. “I want to (save) and build a practice of doing it before I have to do it out of basic necessity,” Smith, who described herself as in between a Gen Z and millennial, told CNN. She added that she uses TikTok, like many young people, as a search engine. In a video on TikTok, she asked viewers who were adults in 2008 whether her recession plan was good enough. When people sense their budgets contracting, they have to decide what they’re going to spend on, Simon Blanchard, a professor at Georgetown University’s McDonough School of Business, said to CNN. He added it may be a good time to self-reflect if you have enough emergency savings, whether we’re in a recession or not. People tend to cut an entire category of spending rather than a little bit of everything, so it doesn’t seem like they have to downgrade on every part of their life, Blanchard said. “And maybe those small indulgences like lipstick are the things that might be first to go because they’re just non-essential,” Blanchard said. For Gen Z, more anxiety and uncertainty Despite the advice from millennials to let go and live, as all the great music of the mid-2000s encouraged, anxiety still persists among many young people. After talking to people who lived through 2008, Smith said that “they might’ve lost their jobs, but the cost of living was so low back then that they could have picked up something retail and held themselves afloat for a while,” emphasizing her worries for the job market right now. For many young people, their anxiety goes back to the Covid-19 pandemic. Smith had just started working her first corporate job when the pandemic hit, triggering the shortest recession in US history that ended after two months in April 2020. “It put me in the mindset that I need to be prepared for anything,” Smith said. “Because none of us could have anticipated Covid-19 and the lasting effects that had.” CNN’s Lacey Russell contributed to this report.
Millennials are giving Gen Z advice for their first potential recession
TruthLens AI Suggested Headline:
"Millennials Share Financial Advice with Gen Z in Anticipation of Potential Recession"
CNN
7.5
TruthLens AI Summary
Millennials, having experienced the challenges of the Great Recession, are now extending their financial wisdom to Gen Z as this younger generation faces the possibility of their first major economic downturn. With many millennials still grappling with issues such as home ownership and student debt, they have turned to platforms like TikTok to share valuable advice and coping strategies. Amidst warnings from economic experts about a potential recession, fueled by shifting policies and global trade tensions, young adults in their early twenties are feeling anxious about their financial futures. Sasha Whitney, a millennial TikTok creator, noted that Gen Z users express feelings of hopelessness, reminiscent of her own experiences during the 2009 recession. While millennials faced their struggles without the pervasive influence of social media, they now reflect on a sense of community that helped them cope during tough times. Whitney's TikTok videos offer practical tips for navigating financial difficulties, such as accepting any job available and maintaining a budget that prioritizes essential expenses over luxury items.
As millennials share their hard-earned lessons, Gen Z is adapting these strategies for their own unique circumstances. Imani Smith, a 29-year-old, has made significant lifestyle changes, like sharing subscription services with friends and opting for more affordable beauty treatments. The economic landscape, compounded by the effects of the Covid-19 pandemic, has heightened anxiety among young people, who worry about job security and rising living costs. Experts suggest that in times of financial uncertainty, individuals often prioritize essential spending while eliminating non-essential purchases, a trend that Smith and others are already embracing. Despite the challenges, many young adults are using TikTok as a resource for advice and community support, reflecting a proactive approach to managing their finances in the face of potential economic hardship. The shared experiences and tips from millennials provide a glimmer of hope for Gen Z, who are preparing themselves for a future that may require resilience and adaptability.
TruthLens AI Analysis
The article highlights the generational divide in economic experiences, focusing on the Millennials and Gen Z during impending economic challenges. It draws parallels between the Great Recession that affected Millennials and the potential recession facing Gen Z. The insights shared on TikTok reflect a community-driven approach to navigating financial uncertainties, as older generations attempt to mentor younger ones.
Generational Advice and Economic Anxiety
Millennials, who faced the Great Recession, are now offering advice to Gen Z, who may be entering their first significant economic downturn. With rising student debt and stagnant wages, both generations share a sense of anxiety about their financial futures. The TikTok platform serves as a means for Millennials to connect and communicate their experiences, contrasting sharply with the social media landscape that defines Gen Z's interactions.
Cultural Context of Economic Struggles
The article emphasizes the emotional landscape that accompanies economic struggles. Millennials reminisce about their experiences during the Great Recession, highlighting a sense of community that they believe is lacking in the current discourse. This nostalgia reflects a yearning for simpler times, contrasting with Gen Z’s current reality characterized by social media pressures and economic instability.
Media Influence and Economic Perception
The article could be seen as an attempt to shape public perception of the economic landscape. By framing the conversation around advice from Millennials to Gen Z, the article emphasizes the importance of community and shared experiences in overcoming economic challenges. It suggests a collective responsibility to navigate financial hardships, which may distract from broader systemic issues.
Manipulative Elements and Trustworthiness
While the article appears to provide valuable insights, it may also manipulate sentiments by framing the conversation in a way that emphasizes generational struggle without addressing the underlying causes of economic disparity. The narrative could lead to a sense of helplessness among readers, potentially fostering a victim mentality. Therefore, it is crucial to assess the reliability of the information presented, as it might amplify existing anxieties without offering substantial solutions.
Potential Societal Impact
The article has the potential to influence economic behavior among young adults by encouraging them to seek advice and support from peers. This could lead to a more community-oriented approach to financial planning and decision-making. However, it may also perpetuate feelings of insecurity and fear regarding economic prospects.
This piece resonates particularly with younger audiences who are navigating their financial futures amidst uncertainty. By appealing to shared experiences, it creates a bridge between generations. The article may also be relevant to investors and market analysts, as shifts in consumer behavior can impact economic predictions and stock market performance.
Considering the current geopolitical climate, the article does not directly address global power dynamics but highlights the interconnectedness of economic conditions and individual experiences, relevant to today’s discussions on economic recovery and resilience.
The writing style and narrative structure suggest a human touch, but elements typical of AI-generated text, such as structured advice and a focus on generational differences, may have influenced the presentation. However, it lacks the nuance and depth often characterized by human authorship.
In conclusion, the article provides a mix of valuable perspectives and potential manipulative undertones. It emphasizes the importance of community in facing economic challenges while also reflecting generational anxieties.