Millennial money mania
John Gawryk, an administrator and lecturer in Finance, co-authored a book focusing on Millennials' spending habits’ effect on the economy
John Gawryk was highlighted in the 18th Annual Book Recognition Event for the book he co-authored, Vanishing Assets of the Young Professional: Where it is Going and What it Means for the Economy. Gawryk is an administrator in finance for facilities management and a lecturer in the Department of Finance and Law. His book focuses on solutions and repercussions of the spending habits of Millennials regarding loans, health insurance, and declining wages compared to previous generations.
Gawryk became interested in this subject years ago when the Millennial generation became the largest generation to date, outnumbering the Baby Boomers. He was interested to know what impact this generation would have on the economy, specifically because Millennials' outlook on their future and career is vastly different compared to the two previous generations, Baby Boomers and Generation X.
Millennials do not have the resources to consume goods and services at the same rate as previous generations. They are also delaying larger purchases, such as buying a home, and pushing back the age at which they decide to get married and start a family, which plays another large role in the consumption of goods and services.
In the 1970’s, the U.S. transitioned from being a manufacturing-based economy to a consumption-based economy, which means the economy can only move forward with the consumption of goods and services. Gawryk explains, “With the Baby Boomers retiring, their consumption ability will contract. So, the thought was that the Millennial generation will make up for the decrease in consumption. [However] if Millennials do not have the recourse to consume this isn’t going to happen.” This would lead to a recession or depression in the U.S. economy.
Gawryk hopes that the main takeaway from his book is to help readers understand why the Millennial generation is not consuming like the generations before them. Vanishing Assets of the Young Professional: Where it is Going and What it Means for the Economy is available for purchase at Barnes & Noble, Amazon, Walmart, and other outlets. The book is also available in seven languages.