6 Reasons Gen Z & Millennials Struggle That Are Basically Just Because People Live So Long Nowadays
Jose Calsina / ShutterstockGen Z and millennials have to overcome one major obstacle that older generations didn't experience in quite the same way: people are living much longer.
Longer life expectancy is, of course, a good thing. But it's also reshaping how younger adults make a living and work towards financial independence. With life stages stretching further than ever before, Gen Z and millennials are forced to adapt in certain ways that they never expected.
Specific reasons Gen Z and millennials struggle that are linked to longer lifespans:
1. Older generations stay in the workforce longer
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For decades, the career ladder has worked on a fairly predictable timeline. People entered the workforce as young adults, climbed the ranks, and eventually retired, making space for the next wave of employees to move in. Now, that rhythm is changing.
Many older adults are choosing, or needing, to continue working into their 60s, 70s, and beyond. The rising costs of living mean that people can't retire as comfortably as they used to, and they often need to hold on to a job to support themselves.
The result is a workforce where multiple generations are competing for the same jobs, especially entry-level positions. Gen Z and millennials can be doing everything right, but still hit a wall. It's not that they lack ambition or talent. The career pipeline has just become overcrowded because people are staying in it longer than ever before.
2. Inheritance arrives much later
Inheritance has always been viewed as a potential financial boost that arrived at a key moment in adulthood. It could help someone buy their first house, start a business, or get ahead while raising a family. With longer longevity, that timeline is shifting. Instead of receiving an inheritance in their 40s and 50s, many aren't receiving any money or property until they're approaching retirement themselves.
It's really hard to see it as a bad thing that many parents are living longer, but the ramifications are still there. Millennials and Gen Z are facing significant financial hurdles, including high housing costs and an uncertain job market. These are the exact years when previous generations might have gotten some kind of financial cushion. A family home or a savings account might remain with older adults for decades longer, putting younger adults in a difficult spot.
3. Housing turnover slows down
Like with career ladders, the housing market has always had a natural cycle. Older homeowners eventually downsize or move into retirement communities, putting homes up for sale for younger families. As people live longer and stay healthier, this cycle is slowing down. With boomers and Gen Xers staying in their homes, fewer properties are available or affordable for the next generation of buyers.
This creates a frustrating reality for millennial and Gen Z adults. They entered the housing market when there simply aren't enough homes, especially in desirable areas. Reduced turnover adds to an already competitive market, driving up prices and making homeownership feel increasingly out of reach.
4. Parents support adult children for longer
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Many parents will find that supporting their kids doesn't stop when their children turn 18. As soon as they reached a certain age, kids used to leave home, start earning their own money, and begin their independent lives. Now, the transition to adulthood has become more gradual. Young adults find themselves still needing help through their 20s and 30s due to financial constraints.
There's a longer period of family support in both directions. A parent can help their child with rent or a down payment while also planning for their own retirement. This can make a huge difference in a world of rising costs, but it can also delay the feeling of being fully independent for Gen Z and millennials. They often form a complicated relationship with adulthood because they don't always feel like true adults.
5. More money is spent on longevity
Living longer is a great achievement for humanity, but it also comes with some significant financial consequences. More years of life usually means more years of expenses. Retirement savings that used to cover around 10 or 15 years of living may now need to stretch for 25, 30, or even more. This extra time often requires more funds for healthcare, medicines, and housing.
For younger generations hoping to benefit from family wealth, this changes the game. Much of an older adult's accumulated assets are spent on maintaining their quality of life as they age. Their families are already waiting longer to receive inheritances, and in many cases, there's less money trickling down to them in the end.
6. Traditional milestones are pushed back
Adulthood has always come with a fairly predictable checklist. Finish school, start a career, buy a home, get married, have kids, and eventually retire. This timeline has now become outdated as people take longer to settle into professions and delay major life decisions.
Having a longer runway as a young adult can be freeing, but it also creates a strange sense of uncertainty. Gen Z and millennials often find themselves being compared to previous generations without accounting for the fact that nearly everything has changed. Many traditional milestones may be happening much later in life.
Kayla Asbach is a writer with a bachelor's degree from the University of Central Florida. She covers relationships, psychology, self-help, pop culture, and human interest topics.
