Stock Market Declines Fracture Generational Economic Outlooks

April 10, 2025 Stock Market Declines Fracture Generational Economic Outlooks  image

Key Takeaways

  • Trump’s controversial tariff policies are sparking generational disagreements about the economy and the stock market.
  • Younger Americans rebuke and even mock boomer concerns about the falling stock market and consequences for their 401ks.
  • Millennials and Gen Z say their financial prospects are very different compared to their parents, and they’re split in half on whether to support Trump’s tariff strategy. 

Our Methodology

Demographics

All Voters

Sample Size

10,000

Geographical Breakdown

National

Time Period

2 Days

MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article. 

As tariff policies return to the national spotlight, other social sore spots are revealed in online discussion. While legacy political debates around trade, inflation, and fiscal restraint dominate, younger Americans are increasingly vocal about how the economic system itself is failing them. Millennials and Gen Z are questioning the entire architecture of wealth creation that boomers relied on to retire with stability.

The Generational Split

The financial conversations online reveal a stark divide between younger and older Americans. Millennials and Gen Z consistently express pessimism, frustration, and even open mockery of boomer-era assumptions.

  • 60% of millennial commenters scold boomer economic concerns as outdated, arguing the conditions under which their parents succeeded—low housing costs, stable employment, affordable education—no longer exist.
  • 35% openly mock the "old money mindset" that assumes stability will return with enough hard work.
  • 45% deride the nostalgia expressed by older voters as detached from reality.
  • 55% compare their current financial conditions to those of their parents at the same age, often with dismay.

These younger voices describe a landscape dominated by skyrocketing rent and housing prices, stagnant or declining wages, and shrinking investment opportunities. Many point to the instability of the gig economy and a job market defined by precariousness rather than promise. For them, romanticizing the past only adds insult to injury.

Boomers largely emphasize patience, preservation, and faith in legacy systems—pensions, Social Security, and long-term investments. They recall an era of low inflation and government policies that incentivized asset accumulation. Younger voters are not impressed. They see a rigged system that subsidized the past while sacrificing the future.

Several young commenters highlight how even once-stable tools like retirement accounts—401(k)s and IRAs—are no longer reliable. Many express disbelief that, in a country where the fundamentals of saving for retirement are key, many can’t even afford to contribute to a retirement plan.

Tariffs a Policy Flashpoint

Trump’s new reciprocal tariffs are reigniting a debate that cuts both generationally and partisanly.

  • 45% of younger commenters express acute financial anxiety over tariffs, citing immediate price hikes and 401(k) volatility.
  • 10% outright support tariffs unconditionally.
  • 30% voice cautious optimism that tariffs might eventually rebalance trade—but they remain worried about near-term impacts.

Younger voters are split almost half and half. But there is also a partisan divide where many liberals and some conservatives are critical of Trump’s tariff strategy. Supporters tend to be younger people and solidly in the MAGA base.

The Boomer Economy vs. the Millennial Reality

The disparity in economic experiences is central to this generational divide. Young people accuse boomers of building wealth in an environment of affordable housing, stable employment, and reliable pensions. Young people believe they are now operating in a different reality. They assert things like:

  • Housing: Down payments now consume a larger share of income than at any point in the post-war period.
  • Debt: Student loans and high-interest consumer credit erode savings potential.
  • Wages: Adjusted for inflation, wage growth remains stagnant for entry- and mid-level workers.
  • Jobs: The rise of the gig economy has replaced stability with volatility.

Many younger Americans argue what had once been a system of upward mobility has now been replaced by a rigged financial structure designed to extract value from the people. They highlight dramatic increases in living expenses—from healthcare and education to grocery bills and housing. They say their boomer parents built careers and accumulated wealth on modest incomes, but the economic deck is now stacked against them.

The myth of upward mobility—earn more, save more, retire comfortably—feels like fiction to younger Americans. Even for those whose wages slowly claw upward, expenses easily outpace income growth. They say policy should reflect today’s conditions, not yesterday’s assumptions.

Stock Market Sentiment and Lost Trust

One of the most telling indicators of the generational break is how differently each group views the stock market. Many Boomers still trust it—having long-term investments they expect to weather volatility. But millennials and Gen Z are losing confidence.

They watch their retirement accounts shrink, their buying power fall, and their cost of living rise—then hear policymakers cite the S&P as proof of recovery. It doesn’t track. Younger Americans no longer view market gains as indicators of personal progress. They want accessible housing, debt relief, and small business capital.

Political Implications for the Right

This growing divide presents both a risk and an opportunity for conservatives.

Younger Americans are not ideologically hardwired to the left. They’re disillusioned with broken promises and elite privilege—targets well-suited to populist conservatism. But defaulting to traditional GOP talking points about tax cuts and bootstraps won’t cut it. The “work hard, save smart” model promises a stability young people don’t believe in.

To earn the trust of younger voters, the right should:

  • Reject corporate welfare and regulatory favoritism for large institutions.
  • Prioritize housing and education reform that reduces barriers to entry.
  • Tie tariffs to domestic reinvestment, not abstract nationalism.
  • Recast capitalism as a fair game again, not one reserved for those who started decades earlier.

Done right, this becomes a generational coalition built on opportunity and realism. Done poorly, and the right risks becoming a party of legacy interests—defending systems that no longer serve the next generation.

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