Why Millennials Are Facing the Biggest Financial Crisis Since the Great Depression

Millennials are changing the way the world works — we’re starting multiple side hustles, aggressively pursuing the gig economy, and choosing travel and a flexible work schedule over buying property, getting married, and starting a family. Unfortunately, being a millennial also comes with significant financial burdens. To illustrate why this generation is facing the biggest financial crisis of any since the Great Depression, HuffPost Highline recently released an in-depth report that details how millennials might be the first generation in American history to end up poorer than their parents. Looking at all the pillars of financial well-being, including housing, income, debt, retirement, and health care, here’s the lowdown on what this frightening new report had to say about the millennial financial crisis.

To Buy a House or Not To Buy a House: It’s Almost Out of the Question

If you’ve read anything on the internet about millennials in the past five years, it’s probably that they’re living with their parents longer than almost every other previous generation. Citing the US Census, the report’s author Michael Hobbes notes that millennials are half as likely to own a home as young adults were in 1975. This is partly, if not exclusively, due to the fact in the 40 years leading up to the recession, rent increased at more than twice the rate of income. So instead of being able to invest in property, the majority of millennials are renting one-bedroom apartments, living with a handful of roommates, or staying with Mom and Dad longer simply because of the financial burden of buying a home.

“Falling homeownership rates, on their own, aren’t necessarily a catastrophe,” writes Hobbes. “But our country has contrived an entire Game of Life sequence that hinges on being able to buy a home. You rent for a while to save up for a down payment, then you buy a starter home with your partner, then you move into a larger place and raise a family. Once you pay off the mortgage, your house is either an asset to sell or a cheap place to live in retirement.” While this model worked well for our parents’ generation, it isn’t a sustainable model based on millennials earnings.

“The crisis of our generation cannot be separated from the crisis of affordable housing,” Hobbes says. Ever since the 1970s, fewer new buildings are being built in the United States. “Cities kept adding jobs and people. But they didn’t add more housing. And that’s when prices started to climb,” says Hobbes. “The entire system is structured to produce expensive housing when we desperately need the opposite.”

Because of the hike in home prices close to urban hubs, millennials who do want to invest in affordable housing are forced to find a place further and further from city centers, where high-paying jobs are more plentiful. “For most of the twentieth century, the way many workers improved their financial fortunes was to move closer to opportunities. Rents were higher in the boomtowns, but so were wages.” Since the Great Depression, high-salary jobs have become more and more concentrated in cities — in fact, America’s 100 largest metropolises have added six million jobs since then, while rural areas still have fewer jobs than they did in 2007. “For young people trying to find work, moving to a major city is not an indulgence. It is a virtual necessity. But the soaring rents in big cities are now canceling out the higher wages,” says Hobbes. Citing a Harvard study, Hobbes notes that in 1970, an unskilled worker who moved from a low-income state to a high-income state kept 79 percent of his increased wages after he paid for housing. In 2010, that same worker would keep just 36 percent. “This leaves young people, especially those without a college degree, with an impossible choice. They can move to a city where there are good jobs but insane rents. Or they can move somewhere with low rents but few jobs that pay above the minimum wage.”

Income, Debt, and the Depressed Millennial

Why can’t millennials afford to buy a starter home? Prior to getting their proverbial dream job, most millennials choose to get a college education — a feat that’s extremely expensive these days. According to the National Center for Education Statistics, while just 306 hours of minimum wage work were needed to pay for four years of public college for Baby Boomers, millennials need 4,459 hours of minimum wage work for the same degree. This means that millennials are taking out more college loans than the previous generation. Citing The College Board, Hobbes notes that millennials have taken on at least 300 percent more debt than their parents.

Okay, but what about after we get our diploma? “A lot of workers were just 18 at the wrong time,” says William Spriggs, an economics professor at Howard University and an assistant secretary for policy at the Department of Labor during the Obama administration. According to a recent study by University of Illinois economics expert Eliza Forsythe, “Younger workers are less likely to be hired during recessions and, when they are hired, they tend to find lower-quality jobs and earn lower wages.” In 2007, more than 50 percent of college graduates had a job offer lined up. For the class of 2009, fewer than 20 percent did. It’s an even more dismal situation for those who didn’t go to college. “Since 2010, the economy has added 11.6 million jobs — and 11.5 million of them have gone to workers with at least some college education,” Hobbes writes.

Combine this with the rise of contracting, self-employment, and new expensive barriers to skilled occupations like plumbing and hairdressers, and you get a pretty depressing picture. “[It] adds up to an economy that has deliberately shifted the risk of economic recession and industry disruption away from companies and onto individuals. For our parents, a job was a guarantee of a secure adulthood. For us, it is a gamble. And if we suffer a setback along the way, there’s so little to keep us from sliding into disaster.”

Medical Benefits and Retirement Age

Health care is a bit of a double-edged sword for today’s millennials. Younger millennials with affluent parents are seemingly at an advantage, as they can now stay on their parents’ health care plans as dependents until the age of 26. However, older millennials aren’t so lucky. “The cohort right afterward, 26- to 34-year-olds, has the highest uninsured rate in the country, and millennials — alarmingly — have more collective medical debt than the boomers,” says Hobbes. “Even Obamacare, one of the few expansions of the safety net since man walked on the moon, still leaves us out in the open. Millennials who can afford to buy plans on the exchanges face premiums (next year mine will be $388 a month), deductibles ($850) and out-of-pocket limits ($5,000) that, for many young people, are too high to absorb without help.”

Based on all the information above, you can probably guess that it doesn’t look like millennials will be retiring any time soon — in fact, based on current trends, many of us won’t be able to retire until we’re 75. “Despite all the stories you read about flighty millennials refusing to plan for retirement (as if our grandparents were obsessing over the details of their pension plans when they were 25), the biggest problem we face is not financial illiteracy. It is compound interest,” says Hobbes. Even if you’ve already started investing in a 401(k), the returns on 401(k) plans are expected to fall by half in the coming decades. “According to an analysis by the Employee Benefit Research Institute, a drop in stock market returns of just two percentage points means a 25-year-old would have to contribute more than double the amount to her retirement savings that a boomer did. Oh, and she’ll have to do it on lower wages. This scenario gets even more dire when you consider what’s going to happen to Social Security by the time we make it to 65. There, too, it seems inevitable that we’re going to get screwed by demography: In 1950, there were 17 American workers to support each retiree. When millennials retire, there will be just two.”

Where do we go from here? 

When we break down the financial hurdles facing modern millennials, the current situation seems too negative to even begin to find a solution. But there is good news brewing, thanks to local activism. Many states are beginning to raise the minimum wage, more states are instituting guaranteed sick leave, and scheduling reform is on the rise. Furthermore, class-action lawsuits are reprimanding companies that misclassify their workers as contractors, and cities like Portland and Denver are tackling the housing crisis by speeding up approvals and streamlining new building permits.

So where do we go from here? According to Hobbes, the answer lies in participating in the democratic process and fighting for voting rights. “The fact is, it’s simply harder for us to vote. Consider that nearly half of millennials are minorities and that voter suppression efforts are laser-focused on blacks and Latinos. Or that the states with the simplest registration procedures have youth turnout rates significantly higher than the national average. (In Oregon it’s automatic, in Idaho you can do it the same day you vote, and in North Dakota you don’t have to register at all.) Adopting voting rights as a cause — forcing politicians to listen to us like they do to the boomers — is the only way we’re ever going to get a shot at creating our own New Deal.”

What do you think about the millennial financial crisis? Tweet us by mentioning @BritandCo.

(Photo via Getty)

Move over expensive MAC haul — I've discovered the best drugstore lipstick that rivals my $20+ purchases. I love finding dupes for my beauty lovers who can't continuously drop a huge amount of money on new products that eventually expire. Since I'm 100% against using old makeup, I'd rather chat your eat off about the affordable drugstore finds I'm using consistently these days.

IMO, the best drugstore lipstick is the Maybelline Super Stay Matte Ink Lipstick! Coming from one of the OG beauty brands, it's formula was surprising because I almost expected it to fail. It sounds silly, but trying drugstore brands used to be a hit or miss before social media started demanding that all makeup products stop being subpar.

Since this lipstick passed the test, here's everything you need to know about it — including why I l keep buying it and all the other best drugstore lipsticks I love!

What is Maybelline Superstay Matte Ink used for?

Jasmine Williams

Anyone can say that their lipstick is THE BEST, but that's not always true. So, what's the tea on the Super Stay Matte Ink formula? According to the brand's notes on Amazon, here's what you can expect to this lipstick to do:

  • Glide on easily because of the "unique arrow application"
  • Provide a "perfectly matte" finish
  • Remain "smudge-free" for up to "16 hours"

It sounds like a lot of fluff if you've never tried the formula before, so I scrolled through the comment section to see what other customers think.

What are other customers saying about it?

Maybelline

Most of the customer reviews I read through on Amazon are extremely thorough so here are the ones that stood out the most:

  • "I am really hooked on this lipstick! It's very long wearing and it's super gentle on my lips...Let me address some common complaints among other reviewers and why I think they're wrong...Oil takes this stuff off quite easily, so do some makeup wipes...Secondly, I do agree that this product is very sticky. I have found that I can put my Mac lipgloss on over top and now it's not sticky anymore!"
  • "I’ve purchased this longevity wand type lipstick a few times and I like the texture and staying power. Sometimes I put another glossy lipstick over if it seems drying however it stays very nicely for the day."
  • "This is my first time purchasing this brand. When I say it last all day, it doesn't come off until you take it off! Some might see this as bothersome, but having it stay on until I need it off is the greatest thing."
  • My Favorite Review: "I put it on at around 3:30 pm and fell asleep with it on cause it was a busy night, it was still on the next morning. I had to use multiple makeup remover wipes and wash my face with a good makeup remover to get it off."

My Review For Maybelline Superstay Matte Ink Lipstick

Jasmine Williams

I used to be terrified of wearing 'nude' lip colors because I thought they would be too much of a contrast against my complexion, but watching a few YouTube tutorials nipped my fear in the bud. I make the 'Seductress' shade work for me by lining my lips with a dark brown liner. Once I did that, I immediately fell for the way it looks on me. It's to the point where I actually can't stop wearing lip combo — it's so easy to apply and takes less than two minutes to set!

How long does Maybelline Superstay Matte Ink Lipstick last?

Before I started applying gloss over my nude lip combo, I wanted to test two very important things:

  1. If this matte lipstick could pass the smudge-proof test. I've tried other brands, and they haven't always stayed in place — especially when eating or drinking something — so I was skeptical.
  2. How long it actually lasts, smudge-proof or not. I mean, who among us hasn't gotten home after an evening out to find their lipstick basically nonexistent?

Like one of the customer reviews suggests, this lipstick has come off a little while eating things like pasta or pizza, so it's not 100% "smudge-free." Given that, I only had to reapply this lipstick once throughout an 8-hour day — which isn't a huge deal to me because it takes less than 30 seconds to reapply it. The best way I get it to stay put is by applying lip gloss and a teeny amount of setting spray over it.

Target

Maybelline Super Stay Matte Ink Lipstick

Lately, I've even been adding the Maybelline Lifter Gloss in the shade 'Stone' as a way to truly lock in the color. It highlights the 'Seductress' shade of the Maybelline Super Stay Matte Ink Lipstick which is a huge plus for me.

For less than $12, I think it's absolutely worth buying multiple times!

More Best Drugstore Lipsticks

Target

The Lip Bar Vegan Matte Liquid Lipstick

When I'm in the mood for a universal red lipstick that has the best color payoff, I always turn to The Lip Bar's 'Bawse Lady.' She's a gorgeous blue-red that highlights all undertones without making anyone looked washed out.

Target

Revlon Colorstay Limitless Matte Lipstick

I discovered Revlon's Colorstay formula while browsing for a deeper lipstick for fall and it does not disappoint! It's another vegan product that has triple hyaluronic acid and upcycled cranberry extract in it so it literally feels like you're not wearing anything on your lips!

Target

Milani Color Fetish Matte Lipstick

The word 'Fetish' may be off-putting, but don't write this lipstick off because of the name — ha! I typically wear this when I don't want to wait for a liquid lipstick to dry. It's super velvety and also contains hyaluronic acid in it to help keep lips moisturized.

Target

Nyx Professional Makeup Smooth Whip Matte Lip Cream

Last but not least, Nyx has never let me down in the lip department before. If I'm truly shopping on a budget, I'll reach for the Smooth Whip Matte Lip Cream because it glides on my lips like butter. That's not to say I know what it feels like to rub butter all over my lips, but you get what I mean! It's soft and has a gorgeous color payoff that makes me feel like it's comparable to the best lipstick I swear by.

Have you tried Maybelline's Super Stay Matte Ink lipstick before? Let us know in the comments and subscribe to our newsletter for more beauty finds!

Brit + Co may at times use affiliate links to promote products sold by others, but always offers genuine editorial recommendations.

Tom Holland and Zendaya are the "it" couple right now, and they're both at the top of their game. Tom Holland took a recent break from acting and has been doing phenomenal charity work with his Brothers Trust foundation, while Zendaya's had hit after hit with Euphoria, Dune 2, and Challengers. And it looks like the couple, who met doing Spider-Man: Homecoming, could be doing another new Marvel movie. Here's everything we know about Spider-Man 4.

When is Spider-Man 4 coming out?

Matt Kennedy/Sony/Marvel

Spider-Man 4 (which remains untitled) will hit theaters on July 24, 2026. Shang-Chi and the Legend of the Ten Ringsdirector Destin Daniel Cretton will take over from Jon Watts, who directed the first three movies.

One important thing to note about this release date is that it comes after Avengers: Doomsday, which a lot of fans are hoping will see Peter Parker come face-to-face with Robert Downey Jr.'s Doctor Doom. Will the Avengers (and MJ) finally remember Peter? Will he be able to help the Fantastic 4 defeat Doom? Will this movie start a whole new trilogy? Tune in next July to find out!!!

Is Tom Holland's Spider-Man 4 coming?

Emma McIntyre/Getty Images

Yes, we're getting a Spider-Man 4! Tom Holland finally confirmed the news during an October 22 appearance on The Tonight Show, and in true Tom fashion, already revealed a huge piece of news: the movie will start shooting next summer. "Everything’s good to go — we’re nearly there,” he said. “Super exciting. I can’t wait!”

Before the movie was confirmed, producer Amy Pascal told Variety (when asked if they're making a fourth film), “Of course, we are."

It might feel like a new movie conflicts with the fact Spider-Man: No Way Home set up an MCU without Tom Holland's Peter Parker, especially since Tom said he needed to take a break from acting after The Crowded Room "broke" him. ("I’m now taking a year off, and that is a result of how difficult this show was," he tells Extra.)

However, Tom's also been very vocal about how much Spider-Man means to him, and how much he loves the movies. He also told Variety at The Crowded Room premiere in 2023 that he was already “having meetings” about the next installment.

“The simple answer is that I’ll always want to do Spider-Man films,” Tom tells Deadline at the Sands Film Festival. “We have the best in the business working toward whatever the story might be. But until we’ve cracked it, we have a legacy to protect...The third movie was so special in so many ways that we need to make sure we do the right thing.”

What has Tom Holland said about returning as Peter Parker?

Jay Maidment/Sony Pictures/Marvel

Tom Holland recently revealed that he's actually already read a script for Spider-Man 4 — and that he loved it! “We have a creative and we have a pitch and a draft, which is excellent,” he tells the Rich Roll Podcast (via Variety). “It needs work, but the writers are doing a great job. I read it three weeks ago and it really lit a fire in me. Zendaya and I sat down and read it together and we, at times, were bouncing around the living room like this is a real movie worthy of the fans’ respect.”

“One of the things is that, with Marvel, your film is a small cog in a large machine,” he continues. “That machine has got to keep running. You have to make sure you can fit into that timeline at the right time to benefit the bigger picture. That’s one of the challenges we’re facing. The time in which we need to get that done is a tall order but definitely achievable with the people we have working on it now.”

Peter Parker is one character fans take very seriously, and I know that with Tom and Zendaya at the front, this movie is going to be just as special as Spider-Man: No Way Home!

Will Zendaya be in Spider-Man 4?

JoJo Whilden/Sony Pictures/Marvel

Considering Euphoria season 3 starts filming in January (and based on the season 2 filming schedule could wrap by the summer), it's totally safe to assume Zendaya will return for Spider-Man 4. And fans are hoping for even more characters they love! "Hopefully Kingpin, Scorpion, Daredevil and Black Cat," says one Reddit user.

Forbes has also recently reported Sydney Sweeney could be joining the cast of Spider-Man 4. Sydney was in Madame Web earlier this year, and after rumors she booked the role thinking she was joining the MCU, this newest Tom Holland film would give her the opportunity to do just that. We could see her as Gwen Stacy, or as Felicia Hardy/Black Cat. Considering we've already gotten an extensive plotline surrounding Peter and Gwen in Andrew Garfield and Emma Stone's universe, I'm hoping we'd see her as Felicia!

Has Spider-Man 4 started filming?

Columbia Pictures/Sony Pictures/Marvel

Spider-Man 4 will start filming in "next summer" according to Tom Holland, which we're taking to mean the summer of 2025.

What will be the title of Spider-Man 4?

Columbia Pictures/Sony Pictures/Marvel

We don't have an official name for Spider-Man 4 yet, but fans are already coming up with new ideas. Some fan titles include The Spectacular Spider-Man,Spider-Man: Homeless, and Spider-Man: Home Again. I'd love for Spider-Man 4 to continue with the "home" theme, but switching things up with a brand new title would provide a fresh feel we haven't gotten before. I'm excited to see what Marvel goes with!

What are the Tom Holland Spider-Man movies in order?

Columbia Pictures/Sony Pictures/Marvel

Tom Holland has three Spider-Man movies, but he also shows up in some other MCU titles. If you want to watch all the movies Tom Holland plays Peter Parker, here's how you should watch them:

  • Captain America: Civil War
  • Spider-Man: Homecoming
  • Avengers: Infinity War
  • Avengers: Endgame
  • Spider-Man: Far From Home
  • Spider-Man: No Way Home

What do you want to see in Tom Holland and Zendaya's Spider-Man 4? Let us know in the comments!

This post has been updated.

If you’ve ever turned on a TV around Halloween time, I’m sure you’ve seen the best witch movie of all time — Hocus Pocus. These quirky witches were brought back on earth for one night and spent the rest of the movie trying to win back their lives in the mortal world. Not only are they a hilarious bunch, but they also have some of the most colorful, iconic, and creative costumes ever. So naturally, we had to make them for ourselves!

In honor of Hocus Pocus 2 (which you can now stream on Disney+), help these sisters out by giving them the life they always wanted — grab your main betches witches and turn the Sanderson sisters into the most epic girl group costume.

Walt Disney Pictures/Buena Vista Pictures/Brit + Co

I teamed up with our former HMU stylist Misty Spinney to create these looks. A special thanks to Farah, Brenda, and Katie for bringing their A game to this shoot. They blew all of us away with their commitment to their characters — they may or may not have kept these outfits on all day to scare our other co-workers. FYI, if you and your besties aren’t a brunette, red head, and blonde, don’t worry. Head over to Amazon to pick up wigs for these looks.

Brit + Co

“Oh look, another glorious morning. Makes me SICK!” — Winifred Sanderson

Brit + Co

(True fact: This film takes place in Salem, Massachusetts, and there is nothing more beautiful than a dewy fall morning in New England.)

As a sister of three, I can relate to these witches. Each of us is different but we all have the same goal — to stay alive by sucking the lives out of the children of Salem. I mean, JK — that is just the goal of the Sanderson sisters, not the Bryden girl gang. ;)

Winifred "Hocus Pocus" Costume

Brit + Co

The main difference between these three characters is the color scheme of the outfits. Bette Midler’s character wears deep shades of green and purple and a lot of intricate textures. Head to your local thrift store and find about 3-5 skirts to cut at different lengths and layer around your waist. Or follow Blake Lively's advice and grab some trim, lace, and overlay to add detail and texture!

Top the costume off with a lace-up corset and a structured green jacket.

Brit + Co

To get her wild hair, you can curl your hair randomly and then back-comb throughout. Separate into pigtail-esque high messy buns and secure with elastics and bobby pins. For her makeup, do a highly exaggerated smokey eye and brush pink blush on the apples of your cheeks. To recreate this tooth-pucker, start off by using concealer to cancel out your lips. Then create the heart shaped lip pucker with red lipstick. To make her teeth, use a white cream makeup and a fine paint brush to paint on the teeth and set with a translucent powder.

Sarah "Hocus Pocus" Costume

Brit + Co

Sarah Jessica Parker’s character is a bit salacious, but we love her anyways. Her costume is mainly pinks and a bit more girly. Let’s just say, to really get into this character, you will want to pull your corset extra tight and really lift up those ta-tas.

Brit + Co

Go with a heavily lined smokey eye, rusty red lips and lots of pale foundation to channel SJP’s character!

Mary "Hocus Pocus" Costume

Brit + Co

Kathy Najimy’s character Mary is the sister that is always forgotten. So forgotten that she didn’t even get a broom and was stuck with a vacuum. For this costume, stick to deeper fall colors and a billowy orange top. Top this costume off with the most forgotten-about witch cape you can find. ;)

Brit + Co

This hair style looks more challenging than it actually is. Start off by prepping the hair by backcombing every strand for a nest-like mess. Then take your hair and pull it into a high “loose” ponytail. Next add small elastics every couple inches or so to the remaining hair in the ponytail so you can make it stick up. Pull out a few strands and re-pin them into the mix to hide the ponytail elastics.

Brit + Co

“I put a spell on you, and now you’re mine.”

Tag us with your Hocus Pocus costumes on Instagram, or let us know what you're dressing up as in the comments below! You can also check out our Halloween Spotify Playlist to get in the spooky spirit.

This post has been updated.