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economy

Millennials have already been through one. Could another be on the way?

Social media is teeming with theories that a recession similar to 2008 is upon us. For millennials specifically, this time period helped give them the nickname of “the unluckiest generation” as it affected student loan debt, the impossible feat of buying a home and starting a family, and the lack of available jobs—especially ones worthy of those expensive degrees.

And yet, Jenna Rohlfing, 39, argues that people get "millennial culture” during this time, really, really wrong. Why> Primarily because people don’t take into account how a lack of social media actually made a lot of the struggle much easier to navigate, which could be concerning news for Gen Zers.

In a video posted to her TikTok, Rohlfing first depicted the scene for many millennials during 2008. Yes, they had to provide their own health insurance (or go without health insurance and hope for the best), as well as pay for their rent, but what they weren’t buying were cosmetic procedures, high end hair products, skincare and makeup…i.e. the things that are marketed to Gen Zers on a daily basis.



“If you had ‘nice’ makeup, you might have gotten it at Clinique but your mom was buying it for you,” she said.

In an interview with Newsweek, Rohlfing expanded on this idea, saying that millennials, most of whom only made around $40K at the time, “didn't have large-scale social media to influence us into purchases or compare our lives to other people,” whereas Gen Zers, who grew up fully immersed by technology and influencer culture, “face a lot more pressure both socially and economically to keep up."

Judging by the comments, Rohlfing is certainly not alone in her thinking.

“Millennial culture was less status obsessed.”

“Real. ‘How did you survive?’ Maybe because there was no influencer culture and we could be poor in peace.”



“We weren’t being influenced to buy something new everyday.”

“I think one of the best things about the 08 recession was we didn't realize what we were missing. No social media to rub it in our faces.”

Furthermore, what was considered healthy during 2008 was drastically different than today, Rohlfing argued. Back in her day, noshing on cheap “Lean Cuisines” was perfectly acceptable, whereas today there is more pressure to buy organic produce.

“We had a real $1.00 menu. THat’s how we survived lol,” one millennial quipped.



“No pilates, no group exercise classes, you had a DVD of some cardio nonsense and maybe a $30/month gym membership and no cute workout sets!” another said.

Still another recalled, “I remember once paying for a McDouble and a McChicken with a Ziploc bag of dimes. DIMES.”

In essence, Rohlfing seems to be saying that, by and large, millennials weren’t up against the same levels of consumerism that many Gen Zers face today, making whatever possible recession looms already a different animal altogether.

According to some experts, the recent tariff announcements and escalating tensions between the U.S. and trade partners indicate not the return of a recession, but of stagflation, which is a combination of two undesirable economic conditions—high inflation + slow economic growth. You can also add high unemployment rates to the mix. This is also a different factor from 2008's situation.

But, really, now that we are all in a social media driven world full of pop-up ads everywhere you look, every generation can probably benefit from really aligning purchases with their priorities during this time. For millennials, those priorities probably align with some kind of Disney memorabilia.

An Old Navy Retail store.

Recent shake-ups in U.S. trade policy have caused many to fear that the United States economy may fall into a recession this year after remaining surprisingly resilient after the COVID-19 pandemic. Recently, J.P. Morgan research raised the probability of a global recession to 40%. On March 19, Federal Reserve Chair Jerome Powell said the chance of an upcoming recession is rising, but the probability is still not high.

Is the economy headed for a recession?

A recession occurs when the economy slows down for two consecutive quarters. The last time the U.S. economy hit a recession was a brief period from February to April 2020 because of the COVID-19 pandemic. Even though the U.S. economy has yet to cross the line into recession, two savvy shoppers at Old Navy believe that the signs are all there when it comes to new clothing on the shelves.

TikToker Zoe (@zoezoezoezand) made her case in a viral video with over 790,000 views. “We're at Old Navy and we're pretty sure that they've got some recession predictors out here, so I'm gonna show you what we're talking about,” she said before pointing out that a frock was giving her Hunger Games vibes.

@zoezoezoezand

Old Navy wants us back in the factories y’all #oldnavy #recessioncore #recessionindicator #recession

“We're starting fresh with our District 12 frock, it's made out of a nice uh rough material that's what you want, it's a nice oatmeal color just like you want it,” Zoe jokes. For those of you who aren’t familiar with the Hunger Games series of books and films, District 12, located in Appalachia, was the smallest and poorest of the 13 districts.

Zoe added that another vintage-looking pair of pants was a sign that people will have to quit their cushy service jobs and return to working with their hands soon. “I know what you're thinking, those little pants aren't that bad, and they're not. I actually think they're kinda cute,” she said. “But what do they make you think of? Right, a sailor or perhaps Rosie the Riveter. They're trying to get us prepared to get back out to work.”

welders, female workers, 1940s, us history, steel, factory workers, alloy steel,A team of welders at the Tubular Alloy Steel Corporation. via M. Marshall/Wikimedia Commons

What is the Hemline Index?

While shopping at your local Old Navy may not give you the best economic indicators, there has been a correlation between women’s attire and the economy in American history. The “Hemline Index,” a theory that suggests hemlines get higher when the economy is good and lower when it turns sour.

InStyle notes that hemlines rose in the 1920s before the stock market crash that helped lead to the Great Depression in 1929. They rose again during the wartime boom of the 1940s and dropped again during the recession of 1949. A slow and steadily growing economy led to the creation of the mini shirt in the late ‘60s, which once again became longer after the 1987 crash.


Hopefully, the U.S. economy doesn’t go into a recession so that Americans and our friends worldwide don’t have to suffer through the belt-tightening that comes from a downturn. But, interestingly, history shows how today’s styles might indicate tomorrow’s economic signals. Because, as Zoe’s video shows, economies aren’t just random numbers on stock tickers and forecasts but actual indicators of how people think, feel, and behave.

A UPS driver on a phone call.

Certain professions have an inside look at the economy because they’re on the ground floor and see things change firsthand. For example, the advertising business knows that a recession is coming six months ahead of time, and realtors often get a good idea of how the economy is changing before the shock hits everyone else.

Delivery drivers are another group of people who can get a good idea of how the average person is doing. They have more packages to deliver when the economy is doing well and fewer when things take a turn for the worse. That’s why a TikTok by UPS driver Donate McCauley (@dontaymccauley) has so many views. After delivering Christmas packages, he thinks things are going well for most people at the end of 2024.

“I thought everybody was broke. I thought we were trending towards a recession, and y’all been complaining all year about finances, and y'all say that until Christmas,” the UPS driver said in a video with over 100,000 views.

@dontaymccauley

credit card debt going crazy. #ups #peakseason #Texas #foryoupage

“I see y'all actually do got money. And y'all making us pay, for every house got, like, 3, 4 packages. I'm loaded up,” McCauley continued. “Every day I'm going out with 400 packages on this truck, and y'all killing us, man, give us a break. But I thought you ain't have no money, though?”

Is the U.S. economy good or bad in 2024?

The post received many comments; some said they are having difficulty getting by this year, while others say they are doing pretty well these days. It’s another example of the lukewarm way that people have viewed the U.S. economy since the COVID-19 pandemic subsided.

“Broke as in it costing me a whole helluva lot more to live than it should. I will always have money for Christmas one way or another,” Lisa Marie wrote. “We’re using After Pay. I did LOL,” Juanita added.

“I have been saying this ALL YEAR. Every restaurant, every tourist attraction, special event, and retail store is PACKED most of the time in my small ‘poor’ city,” SteelersGirl wrote. “I said this to my husband a few weeks ago. Everywhere I go, people are buying stuff. Car dealership was packed last week, too. The economy seems ok,” Wiat What wrote.

Another delivery driver chimed in, and she felt the same way as McCauley. “USPS here. I have been saying this for the last year,” ChicagoGirl wrote.



Are Americans spending more during holiday seasons?

The confused delivery driver who says that people are saying one thing but spending in another tracks a pre-election poll. A survey taken in September 2024 found that 62% of respondents said the economy was weak, while 38% said it was strong.

Regardless of how individuals feel about the economy, the numbers don’t lie. 2024 was a strong holiday season for retailers. Visa says that spending is up this holiday season 4.8% over 2023. "This holiday shopping season, we’re seeing increasing consumer confidence as people sought out in-store experiences – and went online – to purchase gifts and celebrate the holidays with friends and family,” Wayne Best, chief economist at Visa, said in a statement. “This spending growth demonstrates the adaptability of both consumers and retailers and the overall strength of the economy.”

This article originally appeared last year.

Education

11 old-timey frugal living habits younger generations need to bring back ASAP

"A penny saved is a penny earned" hits harder in economically uncertain times.

Photo by Jimmy Dean on Unsplash

Learning to cook can save a lot over eating out.

Though people can't seem to agree on what makes the American economy "good" or "bad" (with people's perceptions being heavily influenced by who sits in the White House at any given time), there's no question that economic uncertainty is on many people's minds. Middle-agers who lived through the Great Recession of 2008 and the COVID-19 pandemic of the early 2020s know how fast economic stability can falter, and youngsters have started their adult lives with unaffordable housing and education as well as post-COVID inflation driving up the cost of everyday living.

With a major upheaval of the U.S. government unfolding in early 2025, uncertainty seems to be the theme of the day. When financial instability hits, it's time to take measures to mitigate it however we can, and thankfully, we can learn a thing or two from our elders who lived through the money struggles of two world wars and the Great Depression. Frugality was a way of life for our grandparents and great-grandparents, and though times have changed—a lot—many of those wise ways to save money still stand. And the good news is that many of them are good for the environment and our health as well as our wallet, so

Here are some of the easiest, best frugal living habits we can take from previous generations:

couple cooking togetherCooking can be fun and a money saver. Photo by Jimmy Dean on Unsplash

Cook from scratch

Even with the cost of groceries being higher than they were, it's almost always significantly cheaper to eat at home than it is to eat out. Learning to cook is a useful and enjoyable (for many) hobby that can also save you money, as long as you're not trying to cook something overly fancy. Cooking doesn't have to be complicated, and it's never been easier to find simple recipes. There are even sites that will come up with a menu and recipes for you based on what you already have in your pantry. Stock up on basic ingredients, keep it simple, and find some favorite meals that you can whip up quickly and easily.

Less meat, more beans

Meat is pricey—especially good quality meat—and with animal-borne diseases becoming more of a concern, animal products in general are getting more expensive. Perhaps now would be a good time to transition to more of a plant-based lifestyle, making more use of cheaper protein sources like beans. Canned beans are generally quite affordable, but dried beans are even cheaper if you don't mind taking the time to soak and cook them. If you have an Instant Pot, it's super easy to batch cook dry beans, which you can then store cooked in the freezer for quick reheating.

stainless steel bowls of spicesBulk spices are often a fraction of the price of jarred. Photo by Jason Leung on Unsplash

Buy herbs and spices in bulk

Spices in jars are stupidly expensive sometimes, and you might assume that's just what they cost. But if you've never shopped in the bulk spice section at a store—even at an expensive health food store—you might be surprised by how much cheaper it is. Leafy herbs like oregano, thyme, basil, and sage weigh almost nothing, so even if they cost $20/lb, a jar's worth is often pennies to the dollar cheaper than buying them already packaged. (Just beware heavier spices, as sometimes those can be just as expensive as jarred. Definitely worth comparing, though.)

Borrow and barter

When times are tough, getting by becomes a community effort, but there's no reason we have to wait for an actual economic depression to help one another out or scratch one another's backs. We all have things that sit around not being used much of the time that others might like to borrow, from tools to books. Trading services can be an excellent way to save money in a win-win way.

hands in a gardenGrowing your own food can save a bunch in the long run. Photo by Sandie Clarke on Unsplash

Grow a garden

During the pandemic, many people started growing WWII-style "victory gardens" simply because they could, but gardening can be a great way to save on produce and herbs. If you can start early in the spring and grow from seed, even better. Though learning to keep a garden thriving can be a little trickier than it looks, the savings can be impressive. For instance, one tomato plant can harvest 10 to 20 pounds of tomatoes, so even if you spend $5 on a starter plant, you can save a ton compared to produce section prices at the store. No yard? Gardening in containers works, too.

Clean with vinegar and baking soda

It may seem like a small thing, but lots of small things like cleaning products add up. Buying vinegar in bulk and diluting it 50/50 with water makes a great basic cleaner, and baking soda in bulk can help you scour surfaces as well. Vinegar smell doesn't last long, but you can always add a little essential oil to the mix to add some scent. You might need a stronger disinfectant for certain cleaning jobs, but for a basic cleanser, vinegar gets the job done.

Reuse or reutilize containers

So many foods we buy come in jars or containers, most which get tossed or recycled. Then we go out and buy containers for storing leftovers or other things. Aesthetically, I get it. But practically and financially, reusing or reutilizing containers makes more sense, even if you just use them once or twice and then toss or recycle. Plus, if you reuse jars or containers you're not planning to keep, you can write on them with a Sharpie without feeling like you ruined it.

woman riding white bikeBike more. Photo by Murillo de Paula on Unsplash

Drive less

Americans love to drive and many of us do it far more often than we need to, spending more on gas than necessary. And even though gas prices have come down most places, it still isn't cheap. Combining trips or making a once a week "errand day" can help us cut down on driving. So can carpooling or biking or walking more.

Buy used

Thrift store shopping can save a ton of money, especially if you shop around to various thrift shops to find the ones that actually have good stuff at low prices. Clothes especially can be a much better deal used than new, and no one will ever know the difference. Furniture is also a fraction of the cost used vs. new, and often older furniture is better quality anyway. Check Facebook Marketplace, Craigslist and other online markets for used items before running to the store or buying something new online.

person wearing black and gray jacket in front of bookshelfLibraries usually have a lot more to offer than just books. Photo by matthew Feeney on Unsplash

Utilize your public library

Public libraries are treasure troves of free stuff, and not enough people take full advantage of them. Not only can you get books, but many libraries have huge collections of movies or other entertainment. Some have art collections you can check out, others have tools and household items you can borrow. There are also free book clubs, lectures, classes and other activities that can add to your social calendar without spending anything.

Make do with what you have

This might sound like a no-brainer, but many of us have gotten into the habit of buying whatever we think we need simply because it's convenient. Amazon has created some habitual buying habits that we might want to rethink if we're trying to save money. Do you really need a new jacket or is the one you have still perfectly usable? Is there still some life left in that pair of shoes? Even holding off on buying things for a month or two and making do with what you have can help you save money and see that you don't need as much as you might think.

Lots of small savings can add up, so don't assume that a few cents or a dollar here and there don't matter. Once you get into these habits, you may even find that frugal living to be a preferred way of life, regardless of your financial situation. It certainly can't hurt to try it.