3 Recession Survival Lessons Gen Z Can Learn From Millennials
Written by
Laura Bogart
Edited by
Kristen Mae
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Millennials have been through a lot over the years. Decades of global strife. The rise of the internet. An economic recession. Justin Timberlake’s perm. Lately, Millennials have been the butt of jokes from Gen Z, who’ve deemed their predecessors “cringe” for crime of being earnest.
Ah, but the tables — or perhaps, to borrow a term from Zoomers, the vibes — are turning, as many economic experts and forecasters are predicting another recession.
Suddenly, Zoomers are turning to Millennials for advice about how to weather economic storms, given that Millennials survived the Great Recession of 2008. And Millennials, being a generous generation — or perhaps remembering those days of floundering around for stability while being accused of crashing the global economy via a penchant for avocado toast — are down to help.
There are some survival lessons that Millennials have for Zoomers, provided they’re willing to listen up.
Don’t Panic — Prepare
This catchy slogan comes courtesy of cultural commenter, marketing consultant, and strategist Itzett Romero, who took to TikTok to share her insights with worried Zoomers. She encouraged Gen Z to turn to their Millennial friends — especially the frugal ones — for tips on how to prepare for economic downturn.
First and foremost, learn to create a shopping list that prioritizes healthy yet inexpensive foods that stay good for a long time and offer versatility in how they can be prepared. Romero is a big fan of canned tuna for precisely this reason. On your trip to Costco to snap up these foods, she also wants you to stock up on items for a first aid kit, since many individual items are more expensive at stores like CVS. (Plus, it’s just smart to have a first aid kit at home.)
Romero also recommends connecting and saving with friends. You can compare notes about which subscription services to cut and explore whether sharing services can help lower costs. For instance, Romero shares a Hulu subscription with one friend, while another friend provides access Disney+.
Community-building can offer diverse ways to save money. Worried about not using up things you buy in bulk? Share the goods — and the price — with friends and neighbors.
Be Flexible About How You Make Money
“Do not ever belittle anyone for how they make money,” said TikToker YapTrapped, whose Millennial bona fides include graduating from high school in 2007 and college in 2011. “Be open to ways that are maybe not the conventional ways to make money.”
She told new graduates not to get so attached to the idea of a dream job, or a job linked to their degree, that they miss out on real opportunities to support themselves while also building financial independence.
Let’s say you’ve got a degree in accounting. If you’re having a hard time finding a job that matches your direct expertise, what’s stopping you from taking a position at Costco in the meantime? Not only is it income, but employee discounts and benefits can offer real value. At the end of the day, having a steady paycheck beats no paycheck.
“Sometimes our dreams become our side hustles while we build,” she said.
Build Up That Emergency Fund (No, Really)
Financially savvy accounts like the brilliantly named Rach to Riches (@itsrachey) are weighing in with practical strategies for Gen Z. While the idea of scraping by paycheck to paycheck and being hit with a sudden financial blow haunts many Zoomers, this creator stresses a powerful, proactive step: Start an emergency fund.
Rachelle Biennestin, the creator behind Rach to Riches, wants her followers to build an emergency fund with anywhere between three to six months of living expenses. To get your stockpile, well, stocked, she recommends cutting out those unnecessary subscriptions and reducing impulse spending — yes, that includes Target runs.
She wants you to focus on three core categories: housing, groceries and bills. Those are your financial nonnegotiables during lean times. Everything else can wait.
Bottom Line
Preparing for a potential recession is scary — no cap (at least, that’s what the kids say). But with some careful planning and a willingness to be flexible and build community, you can weather it. And that’s far from cringe.
More From GOBankingRates
Source:
- Itzett Romero, itzettromero
- YapTrapped, YapTrapped
- Rachelle Biennestin, Rach to Riches
