by Oscar Davies | Thrifty Home & Family
The transition to adulthood has always been a difficult time, but Gen Z is claiming it’s much more complicated now than in their parent’s time. Have a look at what has changed and see if you agree!
A Generation in Transition
As the torchbearers of the future, Gen Z grapples with distinct challenges that set them apart from previous generations on their journey to adulthood.
A staggering number of Gen Z individuals find traditional milestones such as homeownership, securing a job, and earning promotions much more challenging than their parents did.
Gen Z is confronted with a shifting job market where the conventional concept of job security is not a priority as temporary and contract work defines their professions.
The Weight of Student Loan Debt
High levels of student loan debt cast a long shadow over Gen Z’s financial outlook, influencing major life decisions. Starting a family, purchasing a home, or pursuing advanced education are all impacted.
Despite these formidable challenges, Gen Z exhibits remarkable resilience and determination. They refuse to be discouraged and continue to pursue their dreams and ambitions.
Inflation has contributed to Gen Z’s financial anxieties. Rising prices for essential items such as groceries, fuel, and housing contribute to these concerns.
Distrust in the Stock Market
A significant portion of young investors harbor skepticism toward the stock market. This skepticism stems from past economic shocks, particularly the 2008 financial crisis.
The 2008 financial crisis left a lasting impression on Gen Z. Many witnessed their parents grappling with job losses and housing foreclosures, instilling concerns about their own financial security.
Cryptocurrency has emerged as an enticing alternative for Gen Z. Its potential for financial independence and unique investment opportunities has reshaped their financial decision-making.
Determination Amid Financial Challenges
The rising costs of housing, education, and daily expenses pose formidable obstacles to Gen Z’s pursuit of traditional life milestones.
One study asked 1039 Gen Zers about their experiences in the professional world, giving striking results.
According to the study, 55% of Gen Z found it “much harder” to buy a house, whereas 44% admitted finding a job is harder.
“This is purely a snapshot of what young people perceive their lives to be like compared to their parents,” said the founder of Generation Lab, who founded the data.
Both promise and uncertainty mark the future for Gen Z, but do you agree they have it harder than ever before?
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Featured Image Credit: Shutterstock / Perfect Wave
by Oscar Davies | Your Money
One young student is questioning how his $50,000 salary job only leaves him with $10 to spend on personal items. Has the cost of living crisis gone too far?
Video Sparks Financial Discourse
Image Credit: Shutterstock / fizkes
A student’s revelation triggered a widespread conversation about the ongoing challenges associated with the cost of living crisis.
Responding to Life’s Financial Struggles
Image Credit: Shutterstock / Suriyawut Suriya
In reaction to a video questioning financial management, the student delved into his own monetary challenges, shedding light on the broader economic difficulties.
Salary Not as Comfortable as It Should Be
Image Credit: Shutterstock / Andrii Yalanskyi
Firstly, the student shared that his job assures him a relatively comfortable $50,000 a year, but he’s revealed, in this day and age, that salary is anything but comfortable.
Financial Breakdown Exposed
Image Credit: Shutterstock / Pranithan Chorruangsak
Offering a transparent breakdown, the student detailed essential expenses, rent, utilities, car payments, electricity, and pet insurance, amounting to a significant $2,100.
Limited Budget for Essentials
Image Credit: Shutterstock / NVS my world
After factoring in essential payments, the student claimed to be left with a mere $300 for groceries, gas, and pet supplies, resulting in a scant $10 remaining for personal use.
Voicing Budgeting Struggles
Image Credit: Shutterstock / Andy Dean Photography
Expressing frustration, the student challenged the advice from older generations, or “boomers,” to “budget better,” asserting that his financial plan represents the bare minimum.
Calling Out The “Boomers”
Image Credit: Shutterstock / fizkes
“I don’t really understand how all these boomers and these older people are telling you, ‘Just budget better, just do this, this and this,'” he said.
Revealing The Struggle
Image Credit: Shutterstock / Anatoliy Karlyuk
“I’m like, ‘This is already my bare minimum budget,'” he said before admitting he doesn’t “buy a coffee every day” or anything else that could drain the bank.
Financial Hurdles Impacting Future Goals
Image Credit: Shutterstock / Cast Of Thousands
Revealing his aspiration to buy a house, the student questioned the feasibility of only $10 left each month, showing the impact of the cost of living crisis on young people’s long-term goals.
Shared Struggles
Image Credit: Shutterstock / AYO Production
The reaction to the video became a space of shared experiences, showing a sense of solidarity among young people grappling with similar financial challenges.
Survival on Credit and Hope
Image Credit: Shutterstock / Mangostar
Reactions from other people struggling revealed that many young people survive on credit and pin hopes on tax refunds to alleviate their financial burdens.
Global Financial Struggles
Image Credit: Shutterstock / Foxy burrow
One person who viewed the video outside the U.S. showed how financial challenges have taken a toll on young people across the globe.
Desperate Measures Amid Crisis
Image Credit: Shutterstock / fizkes
Reports emerged of individuals resorting to unconventional measures, such as sleeping in strangers’ beds, to alleviate the strain of high rents in the face of the cost of living crisis.
Emotional Toll of Financial Stress
Image Credit: Shutterstock / kitzcorner
The severity of the situation became evident as one young person shared the constant stress and anxiety resulting from the struggle to find a peaceful place for study and relaxation.
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The post Viral Video Highlights Global Financial Struggles of Youth, Emotional Toll, and Desperate Measures Amid Cost of Living Crisis first appeared on Thrifty Guardian.
Featured Image Credit: Shutterstock / fizkes. The people shown in the images are for illustrative purposes only, not the actual people featured in the story.
