The article from Kathimerini delves into the challenges faced by the millennial generation in Greece, particularly those turning 40. This generation, approximately 320,000 strong, is entering middle age having spent their most productive years in a state of perpetual crisis. These older millennials, born in the early 1980s, matured during the dot-com bubble and the Greek stock market crash, and later faced the global crash of 2008 and the Greek debt crisis during their career-building years. Their struggles were compounded by the pandemic, the war in Ukraine, and recent economic crises.
The article highlights how the millennial generation is the first not to live better than their parents, with American research showing they earn significantly less than previous generations. In Greece, they have almost entirely spent their adult lives in crisis, with long-term income implications. The economic situation in Greece, worsened by a nearly 25% shrinkage in GDP during the debt crisis, has delayed recovery and affected average wages, which are about a quarter lower than they were 12 years ago.
The profile of a 40-year-old in Greece today includes a significant number who have emigrated, a trend towards delayed marriage and childbearing, and a high likelihood of living with parents due to economic constraints. These factors hinder their transition to full adulthood, with many Greeks leaving their parents’ home much later than the European average and facing challenges in owning a home due to the recent surge in real estate prices.
