17 Things Our Grandparents Enjoyed That Millennials Now Struggle to Afford

The cost of living has skyrocketed, leaving many millennials feeling financially strained in ways their grandparents never experienced. Millennials face financial challenges across various aspects of life, from health care to housing, and the gap is widening.

For example, today’s college tuition is nearly 1,200% higher than it was in the 1970s, making education an increasingly burdensome investment​. If left unaddressed, these rising costs could create even more barriers for future generations. 

In this article, we’ll explore the key areas where our grandparents enjoyed financial ease, but millennials struggle. We’ll break down how costs have risen, and the lasting impact on millennials’ ability to build the same wealth that previous generations once took for granted.

Are you finding it harder to afford the same things your grandparents took for granted? Let’s get into why that is.

Weddings

Our grandparents often had simpler, more affordable weddings compared to the elaborate events that are common today. Weddings were more about the celebration of love and less about putting on a lavish show. 

Couples before could plan a wedding without incurring significant debt or draining their savings. Millennials, on the other hand, are facing much higher costs for weddings. Venue prices, catering, and even basic services like photography have all become more expensive. 

The average cost of a wedding in 2022 is around $30,000, significantly more than previous generations spent. This leads some couples to take out loans or delay getting married until they can afford the wedding of their dreams.

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Large Family Homes

Generations ago, families often lived in spacious homes with multiple bedrooms and large yards. These homes were designed to accommodate larger families and provided plenty of room for children, grandparents, and other relatives to live under one roof. 

For many, owning a large family home wasn’t a financial stretch, and it was often considered a norm for growing families. Today, large family homes come with hefty price tags, especially in desirable areas. 

The average home price in the U.S. has risen by 118% from 1965 to 2021, while household income has only increased by 15%. This makes it extremely difficult for millennials to afford the same kind of lifestyle. 

With housing prices climbing, many millennials are forced to settle for smaller homes or apartments that lack the space their grandparents took for granted.

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College Education

Our grandparents could attend college at a fraction of the cost it is today. Back then, college tuition was affordable, and many students could pay their way through school with part-time jobs. 

Attending university was a reasonable investment that didn’t leave students drowning in debt for decades. Millennials face a very different reality when it comes to higher education. The cost of tuition has skyrocketed, leaving many students burdened with massive student loans. 

Even with financial aid, scholarships, and working through college, many millennials find themselves facing years of debt repayment after graduation. The financial burden of education is far heavier than it was for previous generations.

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Health Care

Health care is another major area where the affordability gap has widened significantly between generations. For many of our grandparents, health insurance was affordable, and medical costs were manageable even without insurance.

A visit to the doctor, dental care, and even hospitalization didn’t lead to financial ruin. Today, health care costs are a significant concern for millennials. High premiums, deductibles, and out-of-pocket expenses make medical care a financial strain for many. 

Even with insurance, the costs can be overwhelming, leading some millennials to forgo necessary treatments or routine care simply because they can’t afford it.

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Cars

Owning a car used to be a relatively simple and affordable endeavor. For our grandparents, purchasing a vehicle didn’t involve complex financing or massive monthly payments. Cars were built to last, and maintaining them was much cheaper. 

A good car could last for years with minimal repair costs, and gas prices were far more affordable. In contrast, millennials are often burdened with high car payments, rising insurance costs, and expensive repairs. New cars come with steep price tags, and the cost of maintaining them has increased. 

Also, gas prices have fluctuated, often adding an unpredictable expense to owning a vehicle. For many, owning a car is a financial burden rather than a symbol of freedom.

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Family Vacations

Family vacations were once a regular part of life for many of our grandparents. Travel costs were lower, and families could take vacations without breaking the bank. Road trips, beach vacations, and even international travel were attainable for the average family. 

Today, vacations are often seen as a luxury. Airline tickets, hotel stays, and the overall cost of travel have increased dramatically. 

Many millennials find it difficult to afford the kinds of vacations their grandparents once took for granted, opting instead for staycations or cutting back on travel altogether to save money.

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Retirement Security

Our grandparents likely had more confidence in their ability to retire comfortably. Pension plans were common, and many workers could rely on Social Security and their employer-sponsored retirement plans to provide a stable income in retirement. 

The cost of living in retirement was also much lower, making it easier to stretch savings over time. Millennials are facing a much bleaker retirement outlook. Pensions are rare, and the responsibility for retirement savings has shifted to individuals through 401(k) plans and IRAs. 

The cost of living continues to rise, and many millennials are concerned about if Social Security will still be around when they retire. Saving for retirement is a significant challenge for a generation already burdened with student loans and high housing costs.

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Childcare

For many of our grandparents, childcare wasn’t the massive expense it is today. Many families were able to get by with one parent staying home, while the other worked. Even for families where both parents worked, childcare costs were much lower, and it wasn’t uncommon for extended family members to step in and help out with children.

The average cost of child care in the U.S. represents 20% of a household’s income, while it was 2% for previous generations. It has become 10 times more financially difficult to bring up a child. The lack of affordable childcare options has become a major financial stressor for many families.

This may be a significant factor in why many younger couples choose to delay starting a family, with some even opting for pets as their primary source of companionship.

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Furniture and Appliances

In our grandparents’ time, furniture and appliances were built to last. People bought quality items that they expected to keep for decades. Things like refrigerators, stoves, and couches were investments that didn’t need to be replaced frequently, and repair costs were reasonable.

Today, furniture and appliances are often more expensive, and they tend to wear out more quickly. Planned obsolescence has led to products that aren’t built to last, and repairs can be just as expensive as buying a replacement. 

This has led to higher costs for millennials, who find themselves replacing major appliances or furniture far more often than their grandparents did.

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Life Insurance Policies

For many of our grandparents, life insurance policies were affordable and a common part of financial planning. Employers often provided coverage as part of a benefits package, and independent policies were reasonably priced. 

The coverage offered was substantial enough to provide a safety net for families without draining finances. Today, the cost of life insurance policies has increased significantly, especially for those who don’t receive coverage through their jobs. 

Millennials often find themselves choosing between basic life insurance with minimal coverage or opting out entirely due to high premiums. This means that providing financial security for loved ones has become more expensive and difficult for many younger adults.

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Vacant Land and Farming

In the past, buying a plot of land or starting a small farm was something many people could do. Our grandparents could purchase affordable land in rural areas, sometimes with the goal of building a home or starting a family farm. 

This connection to the land allowed many to grow their own food or even run small-scale agricultural businesses. Today, land prices have surged, making it difficult for millennials to purchase vacant land or start their own farms. 

Agricultural land, in particular, is now often priced out of reach for most younger generations, especially those in urban areas. The idea of owning land and cultivating it for personal or commercial use feels like a distant dream for many millennials, who face higher costs and more limited opportunities.

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Full-Time Domestic Help

For our grandparents, hiring full-time domestic help was much more affordable. Many families could afford to have a housekeeper, nanny, or even a gardener, which allowed them to maintain their homes and care for children without the burden of doing it all themselves. 

Domestic help was a common luxury that didn’t break the bank. Today, hiring full-time domestic help is often seen as a luxury reserved for the wealthy. The cost of nannies, housekeepers, and other household help has risen dramatically, making it difficult for the average millennial family to afford such services. 

With childcare and household costs already high, many millennials must manage without the support that previous generations enjoyed.

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Utilities and Energy Costs

Back in the day, the cost of utilities such as water, electricity, and heating was much more manageable. Many of our grandparents lived in smaller homes that were easier and cheaper to heat and cool. 

Energy costs were lower, and utility bills didn’t take up a large portion of the monthly budget. Today, electricity prices have increased by 64% from 2000 to 2020, outpacing wage growth. Larger homes, modern appliances, and increasing energy demands have all contributed to the rise in costs. 

Also, concerns about climate change have led to initiatives that may further increase energy prices, making it even harder for millennials to afford basic utilities.

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Concert and Event Tickets

Back in the day, attending a concert or major event was an affordable treat. Ticket prices were reasonable, and people didn’t have to spend a large portion of their income just to see their favorite performers or attend a sports event. 

Many of our grandparents enjoyed live music and entertainment regularly without breaking the bank. Today, the cost of concert and event tickets has skyrocketed, especially for popular artists or large-scale events. 

Ticket prices are often inflated by fees, and resale markets drive up costs even further. For millennials, attending a concert or sporting event is now a significant financial investment, making it harder to enjoy live entertainment as regularly as previous generations did.

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Quality Public Transportation

Our grandparents often lived in cities with reliable, affordable public transportation. Streetcars, buses, and trains provided easy access to work, school, and leisure activities without the need for a personal vehicle. 

Public transportation was dependable, efficient, and a cost-effective way to navigate urban areas. For millennials, public transportation has become less accessible and less affordable in many places. Budget cuts, rising fares, and inconsistent service have made it more difficult to rely on public transit as a primary means of transportation.

In some areas, public transportation has deteriorated to the point where owning a car is necessary, even though it adds to the financial strain many millennials already face.

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Employer-Sponsored Pension Benefits

For our grandparents, employer-sponsored pension benefits were a standard part of working life. Many companies offered defined-benefit pensions, ensuring employees could retire with a stable income. 

Workers could count on these pensions after years of service, making retirement planning less stressful and more predictable. Today, pension benefits have become increasingly rare, with many companies phasing them out in favor of 401(k) plans or similar savings options.

The burden of retirement savings now falls heavily on employees, who must manage their own investments. This shift leaves many millennials unsure if they will have enough saved by the time they’re ready to retire, creating an added layer of financial uncertainty.

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Clear Work Boundaries

In previous generations, work was confined to strict hours and locations. Once the workday ended, employees could leave their jobs behind, spending evenings and weekends with family or pursuing hobbies. 

The idea of work-life balance was built into the culture, with clear boundaries between professional and personal time. Today, the rise of technology has blurred these lines, making it harder for millennials to disconnect from work. 

Emails, messages, and tasks can follow them home, keeping them connected to their jobs well outside normal business hours. The constant availability expected in many professions has added stress to modern workers, who struggle to maintain a balance that was once the norm for their grandparents.

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Millennials Face New Financial Realities 

The financial landscape has drastically changed, with millennials contending with much higher costs across nearly every aspect of life compared to their grandparents. 

Starting with soaring education and healthcare costs to rising housing prices and childcare expenses, millennials are navigating an economic reality that often feels unattainable.

 While previous generations could count on pensions, affordable college, and reasonable home prices, today’s young adults must carefully budget and prioritize just to make ends meet. 

This new financial reality highlights the importance of proactive financial planning and a critical understanding of how costs may continue to rise in the future. As the world evolves, so too must our strategies for handling these challenges.

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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.