We can all agree that many things have changed since the pandemic. Most businesses closed up while others skyrocketed. Even the idea of a white-collar job got its share as freelancing became the newest hotcake.
Many people willingly left their jobs during the pandemic to pursue better possibilities. The economic phenomenon known as “the great resignation” has given rise to similar trends, such as quiet resigning or quitting, in which workers show up for work but don’t put in much effort.
The great resignation, in other words, walked so quietly that quitting could run. However, why are the younger generations adopting these trends and saying “F it”? Shouldn’t you just go college, earn a degree, and find a solid job with the financial security you need to purchase a house with a white picket fence and live the American Dream?
It’s common for older generations to think that younger people are not being realistic and look down on them. However, one individual argues that “careers are dead” and defends the recent tendency of younger generations to retire quietly.
Background Story
In a now-viral video, Average Joe (@averagejoegam3), a TikToker, talks about his and his wife’s challenging living situation.
The footage on TikTok, which has amassed a whopping 1.5 million likes and over 10 million views, shows him saying, “My wife and I have been married together for seven years. We suffered for a long time. And we only recently reached the stage where we no longer live paycheck to paycheck after struggling and making sacrifices.
He continues by saying that they will probably have $40,000 saved up for the deposit on a home after saving. He claims that despite their savings and credit accumulation, the only house that fit their budget was a tiny, run-down hut resembling something from a horror film.
“Average Joe” then begins to criticize what older individuals might advise, such as returning to college or finding an additional job.
“Has it always been that way?” he queries. “Did acquiring a decent house require you to be a doctor, lawyer, architect, or engineer?”
What’s The Context?
It’s unclear from the video exactly what city Average Joe resides in. In Anniston, Alabama, $120,000 will get you considerably different things than in Los Angeles, California.
To make matters worse, Average even mentions that his parents had a much easier life. He talks about how his father worked at a printing press and his mother worked at Michaels, allowing them to purchase a house that would now fetch $600,000. At the age of 23, they were able to buy a property thanks to their minimum wage earnings.
Is It That Hard?
In a nutshell, yes. In 1993, the average US home cost approximately $121,500, according to GOBankingRates. According to the U.S. Census Bureau, the average income for a household in 1993 was $31,241. That would have meant paying $24,300 for a 1993 20% down payment on a house.
After thirty years, the National Association of Realtors estimates that the average cost of a home in the United States is currently $375,700. According to the Census Bureau, American households earn roughly $71,000 annually. This would require a down payment of $75,140, more than your yearly household income, as opposed to the more affordable 78% of household income in 1993.
Where Quiet Quitting Kicks In
Quitting quietly is a response to receiving minimum wage and being unable to pay it, as several video commenters have argued. This is the logic behind it: Something has to “give” if young Americans put in a lot of effort yet cannot purchase a home.
Moreover, younger generations may keep searching for jobs with better benefits, higher compensation, and possibly even cheaper locations.
It’s Not A Simple Solution
The Stanford Social Innovation Review argues that federal, state, and municipal regulatory hurdles must be reduced to facilitate the construction of more affordable homes.
Employers can assist in breaking the quiet-quitting cycle for the time being. Improved work-life balance can result in more passionate employees, which can help achieve this goal. Companies wanting to retain talent may want to consider providing options for working from home. For many Americans, this alone can save hundreds of dollars in commuting transportation costs.
Speak with your boss about a pay raise or a strategy to help you reach higher income levels if your current income isn’t enough to buy a house or you’re struggling to make ends meet. And perhaps “quiet quitting” should become outright quitting if they’re not open to it. Delaying what you will eventually do is useless, especially when you have not seen any change in prospects.
American businesses may need to adopt these policies soon or risk falling behind as employers are pressured to meet higher employment standards.
