Welcome to Breakpoint, a daily look at an ever-changing culture through the lens of unchanging

truth, with the Colson Center on John Stone Street.

Millennials are responsible, we're told, for the avocado shortage, for the death of cable

to the paper napkins in the 9-5 workday.

This generation whose oldest members have now reached their 40s are blamed for many

things.

In fact, however, there's a persistent myth that's often spread by millennials themselves,

that they're broke.

In a recent article in the Atlantic, prominent sociologist Jean Twangi took a closer look

at this widely held assumption, graduating around the time of the 2008 financial crisis

Twangi explains, many millennials did get off to a rough start.

2012, the median household income for 25 to 34-year-olds was down 13 percent when compared

to the high point of the year 2000.

Many graduated college, with increased student loan debt.

2018 report from the Federal Reserve Bank of St. Louis said that the median wealth of

those born in the 80s was 34 percent lower than that of previous generations.

That prompted the conclusion that this millennial generation was a generation without any savings.

Well, all of these factors helped shape how millennials saw themselves.

One survey found that 45 percent of millennials agreed with the statement because of my money

situation I'll never have the things I want in life, compared with just 35 percent who

said the same thing from the general population.

The over half a millennial's feared that the money I have or will save won't last.

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