38 4.3.7 The first is high tuition debt. Due to the rapid growth of tuition fees and the means of paying tuition fees through debt, student loans carried by millennials are almost four times that of their parents. The total debt burden of the American students has reached US$1.6 trillion, with most of which being owed by the younger generation86. The average student loan debt in the United States in 2016 was US$37,000 per person87. It is said that the younger generation spends 18 years preparing for the increasingly competitive university admissions, then spends the rest of their lives to pay off the debts. 4.3.8 The second is poor financial situations. According to a study88, the wealth of millennial-led households is 34% less than that of the older generation at the same age. In 1990, when the median age of the baby boomers was 35, this generation already owned more than 20% of the wealth of the United States. When Generation X reached the median age of 35 in 2008, their accumulated wealth was less than 10% of the American wealth. Although millennials in the United States have not yet reached 35 on average in 2018, their wealth accounts for only 3% of the wealth of the United States89. As a result, compared with previous generations, it is difficult for this generation to own a house or car. 4.3.9 The third is insufficient medical insurance. In the past two decades, the employment market has undergone tremendous changes. When millennials look for work, they are usually in the Gig Economy, which means irregular working hours and no benefits. Between 1989 and 2011, the proportion of graduates covered by health insurance provided by employers was halved. 4.3.10 Because of the above three concerns, the American millennials tend to support government-run health care, student debt relief, affordable housing, and government’s urgent action on climate change. They advocate democratic socialism to a certain extent 90, shifting from the requirements for production and consumption to the requirements for sharing and caring91. 4.3.11 “Young people now are more socially liberal than young people in the past. Their views on key values such as concerns over the climate emergency, support for investment in public services rather than privatization are fundamental values that will stay with people into later life.” 92 86 Schwab, K. (2020), “The World We Leave Them”, Time, 3 January, pp. 44-45. 87 Rocky Scopelliti (2018) Youthquake 4.0: A Whole Generation and The New Industrial Revolution, Marshall Cavendish Business 88 Alter, C. (2020) “Youthquake: American politics is still defined by the values and priorities of baby boomers. But not for long”, Time, January 3, pp.34-39. 89 Schwab, K. (2020), “The World We Leave Them”, Time, 3 January, pp. 44-45. 90 Alter, C. 2020 “Youthquake: American politics is still defined by the values and priorities of baby boomers. But not for long”, Time, January 3, pp.34-39. 91 Schwab, K. (2020), “The World We Leave Them”, Time, 3 January, pp. 44-45. 92 Baker, A (2020), “Global Youth in Revolt”, Time, 3 January, pp. 42-43. 4 Youthquake and Quarter-Life Crisis
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