4 Reasons Why Our Parents & Grandparents Had It Easier with Money (and Why We're Feeling the Squeeze)

Do you feel like everything has gotten more expensive, and no matter how much you work it feels like you're never going to get ahead? I know how you feel; tens of millions of Americans are feeling this way, but why now? and how come our parents and grandparents could afford so much on one income while we can barely afford our bills with multiple incomes? 

While the problem is a complex one, below are 4 of the reasons why our parents and grandparents had it easier with money and why we're feeling the squeeze.

1. Tech, Tech, and More Tech! 

You can't deny it; our lives are tangled up with technology. From smartphones to gaming consoles, we're surrounded by pricey gadgets that our parents didn't have to deal with. Back in the day, things were simpler. They didn't have smartphones that cost an arm and a leg, or gaming systems that emptied their wallets. The newest iPhone costs over $1,000, just for a phone. Our parents and grandparents never had to deal with that.

2. The Money Pit: Subscriptions and Digital Binging

Streaming services, online gaming, and digital subscriptions – they've become our guilty pleasures, haven't they? Our parents didn't have to worry about these monthly drains on their bank accounts. But for us, it's a different story. We want access to all the movies, music, and games, and it adds up. The convenience is sweet, but the bills? Not so much. We call ourselves "cutting the cord" because cable is too expensive but with all the streaming services we wind up paying just as much as cable if not more.

3. Gig Economy and Job Uncertainty:

Our work world has changed. The gig economy is in full swing, with contract jobs and freelancing becoming the norm. While it offers flexibility, it often lacks job security and those traditional job benefits our parents enjoyed. This instability makes it tough to plan our financial futures.

4. The Social Media Influence:

Social media has become a daily part of our lives, and it can be a sneaky influencer when it comes to spending. Constant exposure to everyone's luxurious lives and the desire to "keep up" can lead to impulsive purchases that hit our wallets hard. Our parents didn't have this kind of pressure to spend!

So, What Can We Do? 

Make smarter choices. We can do without an expensive phone, laptop, and gaming system. There are so many fun things we can do for free or really cheap that will bring us a lot of joy and security from having a lot of money in our savings account and securing our financial futures.