How Gen Z Ended Up in So Much Debt
November 2, 2024
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11:31Now PlayingHow Gen Z Ended Up in So Much Debt
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as posted by the channelYounger Americans face a financial crisis. Their growing debt burden has far outpaced that of older generations, and it’s only getting worse. Generation Z is being hit the hardest, thanks to lower income and the rising cost of everything from food to housing. Bloomberg takes a look at the roots of this problem, and whether anything can be done.
Read moreHow Gen Z Ended Up in So Much Debt 👉
Young Americans today face a serious debt crisis. And it’s making the American Dream seem more like an illusion.
Both Gen Zers and younger millennials were hit by a nasty one-two punch — the Covid-19 pandemic and then the worst inflation in decades — at critical points in their financial journeys. Now, those aged 18 to 29 are carrying $1.12 trillion of debt, according to the Federal Reserve Bank of New York. While that only makes up 6.3% of the total $17.8 trillion in US consumer debt, it’s still a huge burden to carry at an early point in their financial development.
Such an enormous debt burden has contributed to financial pessimism among young adults that’s changing how they work and spend money, key shifts that may have implications for not just their future finances, but also the broader US economy.
#Debt #Economy #Business
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