Many young people are not saving for retirement for a simple reason, apparently: They believe it’s a poor use of their money because the world as they know it won’t exist anyway, due to “climate change.”
MarketWatch reported some 88 percent of millennials accept that climate change is happening, and 69 percent say it will impact them in their lifetimes.
Meanwhile, two-thirds of millennials — born between 1981 and 1996 — have nothing saved for retirement, according to the National Institute on Retirement Security.
“I want to hope for the best and plan for a future that is stable and secure, but, when I look at current events and at the world we are predicting, I do not see how things could not be chaotic in 50 years,” Lori Rodriguez, a 27-year-old communications professional in New York City, told MarketWatch.
“The weather systems are already off, and I don’t think it’s hyperbolic to be a little apocalyptic.”
Rodriguez undoubtedly is influenced by reports such as the recent “Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services, or IPBES, which contends nature “is declining globally at rates unprecedented in human history — and the rate of species extinctions is accelerating, with grave impacts on people around the world now likely.
But many young people apparently are unaware of the evidence presented by skeptics such as Greenpeace co-founder and ecologist Patrick Moore, who demonstrates how the latest “species extinction” scare is merely a recycling of the failed claims of “Population Bomb” author Paul Ehrlich more than 50 years ago.
In his 1968 book, Ehrlich, warning that millions soon would starve due to overpopulation, called on the U.S. government to take “whatever steps are necessary to establish a reasonable population size,” including through taxing children, mass sterilization and abortion.
Significantly, as WND reported Thursday, a leading climatologist is warning that nearly all of the computer simulations at the heart of the predictions of catastrophic, man-made global warming cannot be trusted with respect to a key measure.
Many other scientists have pointed to failed predictions based on the models, noting a “pause” for the past two decades in the rise of average global temperatures.
Scientists who promote the theory of anthropogenic climate change contend a rise in the level of carbon dioxide in the atmosphere due to human activity is causing catastrophic warming.
But a new scientific study found that the current CO2 levels of 410 parts per million were last seen on Earth 3 million years ago. Researchers at the Potsdam Institute for Climate Impact Research concluded that temperatures were up to 7 degrees Fahrenheit warmer globally and sea levels were 65 feet higher.
MarketWatch also found a connection between fears of climate change, or “eco-anxiety,” and a significant increase in mental-health issues among adolescents over the past decade.
A study published in March in the Journal of Abnormal Psychology found the number of individuals between the ages of 18 and 25 reporting symptoms of major depression increased 52 percent from 2005 to 2017.
During the same period, older adults did not experience any increase in psychological stress and some age groups even saw decreases.
Matt Fellowes, chief executive officer of United Income, an online retirement investment platform based in Washington, D.C., told MarketWatch that while most millennials say they are not saving because they can’t afford to, others say they may not have a future.
“There is a certain fatalism in this population relative to more recent generations,” Fellowes said. “Psychologically, this population has had more shocks to expectations about their futures than past generations. From a perception point of view, I hear a lot of cynicism about the ability to build retirement savings or whether they will be able to retire at all.”
MarketWatch also noted the number of millennials who view capitalism positively fell from 68 percent in 2010 to only 45 percent in 2017.