Gen Z may be worse off than millennials, thanks to inflation and debt
How much more is Gen Z spending on housing compared to millennials?
Gen Z is spending 31% more on housing than millennials did at their age, after adjusting for inflation. On average, Gen Zers are expected to spend about $145,000 on rent by the time they turn 30, compared to the $126,000 spent by millennials at the same age3.
What percentage of Gen Zers are maxed out on their credit cards?
Roughly 1 in 7 Gen Zers, or about 15%, are maxed out on their credit cards, according to the New York Fed. This is a higher proportion compared to other generations, with 4.8% of baby boomers and 9.6% of Gen Xers having maxed out their credit cards.
Why are recent college grads from Gen Z struggling to find employment?
Recent college grads from Gen Z are struggling to find employment due to a combination of factors, including a lack of professional readiness, a disrupted education and social development experience during the COVID-19 pandemic, and high expectations for work-life balance and mental health accommodations. Additionally, they face competition from older, more experienced workers and are sometimes perceived as unprepared or entitled by potential employers.