The whole view of a millennial generation is that we are bankrupt and underpaid, but as the statistics predict, some of us are actually creating a real bank. They were called Henry, and they emerged in every generation: “the high earner, the not the rich.” According to Business Insider, frankly, they’re panicking and suffering about money, just like the rest of us.
It’s true that many of the cities with the highest-paying jobs are also places with the sky-high cost of living, like the Bay Area, New York, and Washington, D.C. Less anywhere with smart spending. That’s the problem, BI writes: The Henry “struggles to balance their spending and savings habits. As a result, they are behind in building wealth and not getting any closer to their financial goals.”
The escalation in lifestyles, in particular, occurs when wage increases are unlikely to wipe out our existing costs, often because with that increase, we find ourselves justified to spend a little more. That often makes a raise the perfect time to reconsider your earning habits. Some skeptics blame frivolous spending or Henry’s status-building, such as expensive night outings or high-cost subscription services, as to all their woes. But as BI has said, “an economy that looks good but there are a lot of tensions emerging below its surface” deserves much closer scrutiny. Student debt, soaring housing costs, the world after the general recession, and millions of other systemic woes mean that while we’re always in control of how we spend, the escalating lifestyle may not just be caused by an individual’s failure.