Why are Gen Z Broke? | The Stream
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- Опубликовано: 23 май 2024
- Gen Z are struggling financially. A 2023 survey of Gen Z in 44 countries suggested that around half of them were living paycheck to paycheck and almost half needed a side job. So why are Gen Z broke?
“Gen Z spends all their money on avocado toast and coffee and all they do is sit on social media and they don't wanna work” - or such is the perception of the financial woes afflicting Gen Z. Studies show that Gen Z are the generation least likely to have savings or a plan for the future when it comes to money - but the "doomers" also report very little hope in the future.
Presenter: Myriam Francois
Guests:
Grace Blakeley - Author and economics commentator
Anushka Rathod - Finance content creator
Max Lu - RUclipsr
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The destruction of the single-income middle-class over these last 40-50 years pretty much put all the nails into the coffin for 90% of the working class.
the fact the job can be done for a cheaper price, was done for a cheaper price, with more people wanting or needing to work than ever, you can expect the trend to continue..
@@jfern6673 When did you stop having principles? I would like to know. Because this cynicism isn't a neutral or realistic standpoint. Outsourcing labor is not the destiny of the working world just because it is the interior logic of the corporate model.
Feminism destroyed the family.
And Boomers held the political power during that time and they still have it are now leading us into WW3. What a wonderful generation🙄
@matthewcaldwell8100 Businesses have to adapt to survive. They must evolve with the times. Time will not stand still to accommodate to your principles.
We don’t call it broke anymore, it’s financially embarrassed
😂😂😂best meme
What's embarrassing is the fact that people keep voting for the major establishment parties. We need a NEW party. One that is SERIOUS about taxing the super-rich out of existence. The Dems only PRETEND to want that. They never actually DO IT.
Another gen z skill, all we dont know is the fact, gen z have super power survival skill 😂😂
Don't be silly. It is due to Ronald Reagan - your God.
The summary of this Documentary. hehe
I'm not spending because of targeted ads, I'm spending on food and a roof over my head.
100% I got paid 4 days ago and all I have left is $120 until the 15th. Luckily al bills paid. Now I have to skip meals just to make sure my wife and son can eat until payday. Keep in mind I make 65k. Year
The questions is what did your boomer parents do with all their money!? They didn’t leave it to their kids because they also live paycheck to paycheck!
I was thinking the same during her shpeal about saving more then spending on avocado toast. I earn what would be considered a high income and still 80%+ of my bills go to regular expenses. I also own a home and the home maintenance is ontop of the other expenses. Like you said, it's not that we choose to buy first then save, it's that there's nothing left at the end to save. No expense car I'm leasing, home mortgage is 35% of gross income, yet not able to save yet.
@@Honestcitizennnnnn65K a year I'm making nothing in my country
The situation is worse here they say after graduation there are no jobs
@@Honestcitizennnnnn what are you spending 65K on?
It definitely has gotten harder for the younger generation. When I graduated in 2003, my starting salary was $45k and I was paying $800 for rent in my area. Now kids are starting at 80k but rent is $2800. I could buy a Big Mac combo back then for $5 and now it’s $15. It was also easier to get a job as I could interview once and be done. When I interviewed for my job last year it required 4 rounds spread across multiple days with 15 different people and I had to present an idea for an hour to all of them. I was picked from hundreds of candidates compared to my first job I was picked from 3 other candidates.
This is why most fast food chains are upgrading the look of their stores. They are making it look more elegant like you're eating at a gourmet restaurant.
Really? It's possible to fill out a job application from a $100 Smartphone. Filling out an application in the 80's was a 5 hour process for me that included a "name that odor" bus ride.
You think they’re hiring most new grads at 80k?
What? Kids are starting at 80k? What kind of jobs are those?
In 2019 I started at $50k
Millennials still have not recovered from Great Recession.
U mean 2008 lol
Millennials should be thriving right now if they learned anything from 2008.
Dude, most millennials were graduating high school in 2008, it didn't effect them as much. It was almost 20 years ago.
@@XsoloXela1989you’re joking, right? We’ve lost years of job skills because no one would hire us plus got into student debt - again because no one would hire us. Now the insane cost of living is eating most of our higher income that we have finally achieved.
We are MAD!
@TravisPluss man, 20 years later and still playing the victim huh?
18 dollar fast food, 2k rent, 750k houses, 8 dollar coffee. Record profits for all corps... record interest rates... stagnant wages... but yeah... blame their behavior...
Make your coffee at home, eat fresh fruits and less fast food. Live healthy and minimalistically. Save whatever you have invest. You don't need to always best the system but pivot away from it
@mrrattrap1488 you seen the price of fruit and fresh meat nowadays ? That's not even an option nowadays. Rent prices over the last 4 years doubled it seems so anybody who has become an adult post 2020 21 had no chance. Just an air mattress and roof. If you were adult before that had a shot to save for a few years.
Price is the same for ALL last time I checked.
Its more about prio, you dont need an BMW M3, travel with plane on 2 weeks vacation, brand new PC or rent a apartment for 2K/ month.
@@CarlosMorales-lj4pc stay with your parents / family if you have a chance. Privacy comes with a cost. There is no shame in doing so.
Take a weekend and check what expenses can be reduced. And if your friends/family are matured enough, have these conversations with them as well.
I may live in another part of the world, but the basics are the same everywhere.
@@mrrattrap1488fruit and vegetables are very expensive. Head of lettuce is 8 dollars.
40 hours a week isn’t enough. I’ve been working 75-80 hour weeks for the past decade. ONLY now can I sit back and relax a little bit. I only ever got Christmas Day off.
I don’t wish that type of lifestyle on anyone. We can’t live to work.
Exactly. And see the difference with Gen z'ers is that we are starting to recognize that a lot sooner than older generations and we're not falling for the working scam.
You work as much as a doctor
"live to work"..that's so true😢. I feel it. I basically live to work. Just paycheck to paycheck.
So.....? @@agsols-2449
Screw the system
I weep for the young. No security of any kind. This country is circling the drain. They are our future - they should be thriving.
Not only U.S buddy even Asian countries like India is also suffering with same issue.
Here only Ambani & Adani can start any sort of Business.
@@whiteclouds618 Therefore, what?
a short while back it was shouting of the roof that genera millennials and gen z are ssoo computer savvy. Growing up in this digital age they are and will adapt as the best people at the workplace and are welcoming because they are digital natives....so you will be ok,all of you and your parents. I will definitely not worry about whatever is saying here.
Yet all boomers who sell their homes ask for max profit. They care about us but refuse any discount to help anyone else. Greed is how they'll be known when they die off
Yup and the elders choice was to hinder them purposely then they're the same o as day The Youth are the Future
Boomers have been the most successful generation at running office (without term age limits) and creating policies that benefit their own generational wealth
Exactly
@@Kinsale101 that is true...
I have never created a policy.
Bingo! It’s been labeled Generational theft.
Its so obvious
It's goal isn't really being "rich" - it's that "rich" is pathway to being viable to having a home and a family. A regular job is pointless if it doesn't lead to being "economically viable" to attract a wife and having a family. No one talks about what it REALLY IS.
The only people who think wealth is its own end are the already wealthy and grindset psychopaths.
My mom often tells me that no matter how much one makes, if I waste it on useless things, I'll still never have enough. People want to be rich but not learn how they stay rich. The rich spend less money than most of us because they can buy quality things that lasts a long time. That's the only way to save money. Longterm thinking.
@@ToudaHell Great stuff, thanks for that.
@@Z28videogates😂😂😂😂😂
@@ToudaHell This is what middle class people think rich people do, not what rich people do. They’re not all amazing savers. They are more profligate than your mother could have imagined.
As a banker, I’ll give the same advice I give everyone that feels broke. Stop financing expensive cars. Anything over $20k is expensive. Get a cheap car. I stare at credit bureaus for a living. Omg, the car notes I see people pay are ridiculous. Car + insurance shouldn’t be $1,000+ of your monthly expenses. Vehicles are a depreciating asset.
yeah and getting into debt to get the newest iphone😂
Good point. That’s something I never thought of. Phones are expensive now days. I remember when they were free. I also regularly stay several generations behind the latest model. I think mine is an 8. Not sure what version is out now.
@@scott2228 What? I can get a good phone for like 300€. Most people pay more than twice that in rent every month.
@@eggsistentialdread yeah, €300 there another €300 on a watch, $100 on shoes. The point is gen zs have horrible spending habits.
All cars are expensive
Sitting here as a Millenial feeling like ppl don't even see us anymore. My generation has been suffering with this for MUCH longer than GenZ. I'm almost 30 and still work 2 jobs plus gig work just to scrape by.
True. Forgotten generation
@@user-ll2je4kc4f Ok Boomer 😆
Zoomers are the squeaky wheel. We millennials just deal
Totally right! No one is talking about our generation or addressing the main problems we are having! It’s really infuriating!
Look at china same thing 996 just ridiculous.
As mother of a GenZ I know that rent is the biggest chunk of my son’s income. He’s lucky as he has a good profession but still struggles. Thanks for your interesting angle.
Tell him to get a roommate and share expenses; just like "we" did!!!!!!
Boomers: "why aren't they chasing the pot of Gold at the end of the rainbow", Dr K....."well you removed the pot of gold"
More like the Boomers already claims that Pot of Gold then ask us to pay with extra interest to go at the end of the rainbow
thats funny.. i thought the exact same at 20 years of age.. now at 40 i live comfortable.. and think completely differently.. the opportunities are here and all around you, its just very hard to see through the fog at 20 years of age..
The boomers' only mistake is that they didn't use birth control. Now there are so many of you that you can't afford to live well because, well, the planet 's the same size it's always been. Do the math.
@@jfern6673 Good for you, that doesn't change anything for everyone else. Prices keep going up, wages aren't moving, lobbying continues to tip the power in favor of the rich, and being poor is costing more money with each passing decade.
@indigo098765 And who owns these corporations? Exactly....
Paycheck-to-paycheck is the goal of the late stage capitalism system.
Corporations don’t want you to have savings. You are supposed to give them all of your money AND need to work for these corporations for lower and lower wages.
Right and they give people just enough to get back
It's not the boomers fault.
It's the billionaires fault.
Don't let them fool into getting mad at someone else.
Bingo! Like Boomers aren't out here in retirement ages working minimum wage jobs or the fact the unreal amount of homeless Boomers.
@@PA-zt6xu That's kind of weird to be boomer age and not be able to retire though.. If you literally owned any assets for the past half century you should be doing amazingly.. They printed the dollar to infinity. If you owned a basic house and some money in the stock market (which should be basic financial planning) then you're set. They'll get little pity from me
Boomers established and voted for the structure we live in. A few billionaires couldn't get away with it without a huge cohort supporting it.
No voting doesn't matter, there is no democracy @@AsianMuscleFans
@@AsianMuscleFans Its a two party system. Who the heck were they going to vote for? So can I extend this thinking to Zoomers as the right wingers are slowly taking over politics and eroding away citizens rights?
So are you ready for the conversation with Alphas on why Zoomers sat on their behinds as the reason all the rights that once existed are no longer, because right wingers took them away during the zoomers ages of 18 thru 30 when they could have stopped it by exercising their votes?
The biggest issue Gen Z is facing is that rents are now more than the average wages, unlike we’ve never seen before. Prior to 2020, people were making more in wages than the average rent. Nowadays is the opposite, and Gen Z can’t possibly save any money for anything and much less purchase a house 😢
Only Gen z facing rent issues? Everyone faces it. Some survive. They need to control their spending addiction. Gen Z spend, spend and spend and come complain here. Hoping government will help them out.
@@MrNsoe- Cool Propaganda, Story Bro. Your comment is straight up, an extremist right wing (Fascist) talking point.
@@heidi9547 He obviously never struggled a day in his life.
@@nunyadambusiness3530 so far, i have not struggled yet. Good luck if you don’t think you are the reason that you are broke. Because it will get worse and you will be on street one day if you keep it up.
@@heidi9547 you have something to say?
My English is bad, but I can make better points than the Indian girl. All that Anushka got to say was speculative analysis based on her observation of 5% upper middle class metro city living upper caste youth. The fact of the matter is 60% of under 25 youth with a graduate degree are unemployed in India. Overall, under 25 unemployment rate in India is 35 %, according to Periodic Labour Force Survey (PLFS) data. Now, tell me where on earth would you get money to recklessly spend it? Gen Z in India is broke because we are unemployed and don't make enough money to live a decent life (even for those without temptations)
She should be ashamed of herself
USA here....the caste system in India has to stop (Brahman/Singh/Patel/etc....) and it's up to the young to change that/vote in political change!
@@CadillacSlick The caste system is India's implementation of Jim Crow and segregation but without the American obsession with "whiteness". We would be the pot calling the kettle black if we tried to change this before we implement meaningful change/reparations to indigenous and black Americans.
@@mr.dracegamingchannel2007 Exactly, she talks about savings when a significant number of Indians live on less than $1 a day. How can you save when you are barely able to eat. This shopping in pyjamas is something that less than even 1% of Indians are able to do.
Seems like you are deaf because she had a lot to say.
The death of unions & the elimination of pensions. This is why life is harder for Gen Anybody. PERIOD.
Exactly
"Trickle down"
You can usually get a higher return controlling your own 401k vs depending on the returns from a pension.
@@tw8464 Pee down, hoover up.
Not hardly. The unions have become coporate behemoths. Look at what its dont to the school system. In my state, the department of education gets ONE THIRD OF THE GROSS STATE BUDGET and ironically, one third of students now cant pass the SAT exam. That happened after the dept of education with its leftist ideology forced core curriculum on us.
Gen Z guy here, and I can attest to what was covered here in this video as being true, because I have been out of a job since May of 2023, and will be reaching a full year of unemployment by the end of May in 2024. I have less than $1,000 with no savings left at all, and am forced to live at my parents' place. It's frustrating to keep applying for jobs and either not hear back from them, or receive rejection emails even after I finish having an interview. The jobs I applied to, but was rejected by before, keeping showing up in my email feed, which remind me of my past failures to be able to make my own living. I know there's no point in trying again and again, but what can I do? It makes me wonder if there was anyone who knew how to turn them off or take them down. There is almost nothing I can do about it, and that's that.
Wait tables, wash up, garden, get a labouring job to tide you over. No excuse.
Right back at you.
It seems your job search is in a specified area or industry. If you’ve been unemployed for this long and need money you need to take any job at this point. It’s temporary until you get that job you’re searching for. It’s easier to get a job when you have a job.
We all been there and done that ! I experienced similar life situation few years ago where I went from making 6 figures to Lowe’s lawn and gardening part time (and unemployment) while retooling my skills for a year ! We all know it suck, the difference is that we know this is part of life (which sucks) and we push forward ! Not saying you are to blame or have any controls, but still buying into the modern social media and peer narratives as if this is something entirely new and worse for just Gen Z.
What job are you looking for ?
I live in California and have only one question: if people can come to America from India, learn English, work hard, start business, and BUY homes, THEN WHY CANT SOMEONE WHO WAS BORN IN AMERICA ❓️❓️❓️🤷♂️
Ok! 😂😂👍
I'm so sick of all this disgusting corporate greed
All I can say I'm born in 1971 and also can't afford living on what I make, this is not generational, it's the economy that is broken.
I work 12 hours shifts, 7 days a week as independent contractor and still can't afford house rent and live in a car.
That's too much work for me , I only like to work 6-8 hrs a day,
its can happen to any era...is not the time to blame. is you
You’re either lying or not telling us something very important. Also, what kind of business can you run successfully while living in a car? I’m truly curious
You should just work part time and earn $300/week max if you are living in a car and cant afford anything anyway. The economy is really bad right now, and Im struggling myself with high rent and low income, but what you are saying is either a lie or you are being ripped off big time.
That's awesome👍👍👍, are you from meurica
None of them mentioned the falling proportion of corporate tax. Corporate tax used to be about a third of governments' tax income; now it's under a tenth. As a result, we have to pay more tax as individuals to make up the corporate-tax shortfall.
Republicans president gave corporations tax cuts
@@ethanhall6965 You need to reread my comment. You do see that, don't you?
Higher corporate taxes would just mean higher product prices or less room for a good salary.
Very true
@lhzsdgsfbvv they pay the bare minimum wages anyway. The proce to products as high as possible already anyway. Nothing would change. Just less profits for them, but they would contribute more for society. A thing that got forgotten a long time ago. Everyone and every company fighting for itself at the moment. Thats the wrong way
Ai will complete nails in the coffin
Stop buying the products of company who use AI to replace jobs. When they don't need us let us reject their products
Ai will create more jobs for those competent enough to operate it
@@oscard9429Seems like you dont understand ai at all... Soon ai will be smarter then humans and autonomous... Why would a superior intelligence need to be operated by dumb lazy humans?
@@oscard9429 well it looks like you'll be out of a job then lol 😅
@@oscard9429 everyone behind a computer screen will get screwed
If gen Z is so good at cancelling everyone why won’t they cancel all those greedy corporations?
👏 we 👏 don’t 👏 have 👏 enough 👏 to 👏 save 👏
Cause you spent it all? Maybe you’re money grow wings and fly off.
@@user-ll2je4kc4f projection
Even my idiot 19-year-old roommate has enough brain to save some money. Stop making excuses Gen Z! 😠
@@Vincent_de_Paul 👋Look👋at👋the👋data👋Boomer👋
@@Vincent_de_Paul
*R o o m m a t e*
“Freedom in capitalist society always remains about the same as it was in ancient Greek republics: Freedom for slave owners.”
― Vladimir Lenin
Maybe you don’t know how to be free? Someone need to make you a slave to help you manage you’re own money?
Lenin was a psychopathic madman. His opinions are irrelevant
Right, because his ideas worked out so well in practice 😏
@@myleskgallaghercapitalism has been around for 300 years and already ruined the planet to the point of no return. Very few places have been under socialist influence, let alone for at least 50 years to properly work, leading to its main goal.
But you can try harder 🥴
The problem is the cadre who controlled the Bolsheviks and Red Armies weren't genuinely interested in freeing the slaves. Just like the fascists weren't (the fascists backed $$$ by the aristocrats were just more open about it like the old monarchists). Just like the sectarian fundamentalists aren't genuinely interested in God. How to ultimately defeat man's lies and corruption often making the "new" boss a million times worse than the "old" boss? Actually none of the underlying problems with human nature leading to WWI and WWII have been solved. The fundamental problem of slavery, serfdom and no limits at-all-costs self-serving greed hasn't been solved. Bolshevik speeches and propaganda didn't solve it either.
I'm 40 years old, work 11 hrs a day, and take whatever overtime comes my way. My weekly work bours have can be in the 60's and 70's during certain times of the year. This being said, the only reason why I do OK (it's just ok) is because I live in my deceased father's house that he was kind enough to will to me, because I'm his youngest child and only son.
Right now i'm having a new engine put in my truck, because it's cheaper than buying new, but it took a huge chunk out of my bank account. Im also faced with the problem of fixing up his estate, which I do all I can myself, but have to defer to tge pros many times. I also keep the grass mowed in the spring. I'm blessed to have assets, but it's absolutely exhausting to keep it up, sometimes I just say no and let things go.
I work for my local school district and my heart goes out to the young people graduating.
I like you inherit a tiny home alone I not spoilt I work pre inheritance and still work 7 to 14 days a month as little permanent my parents and grandparents really worked hard and saved. I hold on to my house no matter what. I don't want a lodger I do gardening myself. Paint Bath and radiator s and clean window doors myself. I have separate accounts
Pension
Emergency
Bills
House renovation
Trips
Social
Car
Pet care
When go to a booked job inam early and conscientious
I look after car, new washing machine. I careful so can enjoy I
Grow on windows or garden potatoes, mint, cherry tomatoes etc. I go bed early to save light electricity I don't drink alcohol unless on a trip
A bus is cheaper than a car to the town and no parking fees
I walk
They all think they will inherit some will but not all, I was a carer to help mum pre her dying to sacrifice
Boomers sacrificed
@@Greensunglasses23 Your really organized with your expenses.
I used to have a garden, but I gave that up last year, because my knee had arthritis that I've been able to get under control through natural medicine like turmeric. I live in a rural area and all the grass mowing left me little energy to garden.
I also had a small cattle herd, but I gave that up after the market dropped and I was getting disappointed at the lack of profit after round ups and taking calf's to sale. They only want premium Angus beef in my area and mine were too mixed to bring in high profit.
What other expenses do you have? Do you have a large family?
@@AngelVasquez-nw8zf All the normal life expenses, except family, but I care for my aged mom who needs financial assistance. I have a nephew who has three kids, he works two jobs, but he's heavily dependent on public assistance and generosity from his local church group to get by. He doesn't have any luxury expenses at all.
I'm going on vacation this Saturday to Cozumel, which is my first travel experience outside of the country, and I have not done much traveling in my life.
Financial education is key. But schools won't teach that because then the debt monetary system would fall
Call me a conspiracy theorist but I have felt for a long time that the questionable absence of financial literacy prior to HS graduation is very very fishy. Seems intentional to me.
@@mr.kilpatrick2991get the education you need
The fact that none though increasing the housing prices would screw over their own children is bizarre. It’s so obvious.
How can you stop the rich pumping their ill gotten gains into housing even if you noticed?
One other factor not many people talk about is solo households. The percent of solo households have more than tripled over the last century.
The percentage of solo dwellings has tripled also, that's what happens when populace areas get more dense. So in a per capita living space, should still be same price. But is it?
@@DonnyThaDealer not sure where you got numbers for solo dwellings. What is a solo dwelling anyway? Number of 1-bedroom houses?
@@dquan731 one bedroom houses, apartments. Over the last century dwellings went from houses that could fit a whole family to lot more single person dwellings.
@@DonnyThaDealer the problem is, even one bedroom house or apartments can be shared by a couple. When more and more people choose to be single and live alone vs with a partner, demand outstrips supply, thereby contributing to this shortage of housing problem. I wonder how much of the shortage is real vs manufactured due to society’s changing way of life?
@@dquan731 demand didn't outstrip supply, a bunch of people who only had to do 1/4 the work timewise to own a house had a much easier time obtaining a home early and then buying one or two investment homes.
The problem is turning homes into a commodity like that. Giving out ridiculously low interest rates and even financial incentives tax wise to help people do that rather than keeping the supply of homes available to first home buyers by putting in regulations against using homes as investment. That would have kept houses at what they are worth rather than overinflated.
We all know what happens when a property bubble bursts, the USA already had The GFC did you learn nothing?
In just 4 yrs, my college town had an amazing burrito place that cost 6$ per massive burrito, I went back this week, 11.99 for the same burrito!!! What the flipppp
Fiat games, fiat prices.
Gen Z don’t know what a hard day’s work is.
Big corporations are the reason.
They are accumulating wealth at a few single points.
The more the money circulates, the better it is.
Avocado toast is a millennial thing not gen z
That's what i was thinking.
Eating out is a luxury for special occasions. Saving is not popular for a lot of gen z's for some reason.
I am a millenial and never ate avocado toast before. Maybe thats why i have good savings
I am a millennial and never had avocado toast. And live with mom because she can't afford a home, I consider it a blessing, as I am getting a 200k+ house for under 30k
It's a White people thing.
The US Federal Student Loan Program is directly to blame for the tuition increase.
That and the upscale dorms and student amenities that didn't exist at many colleges a few decades ago.
Yeah and they use that bs as a reason to increase tuition every single year@@muwgrad1987
100%
Depends on which Gen Zs you're talking about. In Russia and China for example, Millenials and Gen Zs will live a far better life than their predecessors.
this is not true, let me introduce u to this concept: laying flat in china
lol…guess you don’t know that 25% of Chinese graduates are jobless? What’s the unemployment rate in the US? Hint: less than 25%
@@jenkins5265They choose to be unemployed in China, cause most of their parents are millionaires
In china they refuse to be underemployed and become house child and in russia a lot of their highly skilled entered a plane
They rejected Victorian Major General years ago. Too clever to accept discipline.
These days, if you only have a normal 9 to 17 job.
YOU ARE BROKE.
Or about to be.
Gen Z also likes to blame Boomers for all their issues. Like ok, maybe they did, but at some point you gotta stop blaming other people. No one told you to vote the way you are, DoorDash yourself into debt, & spend $200k on a degree you don’t need either 😂
I have a degree I need, make decent money and I'm still broke because of my debt. I wouldn't be able to afford a decent house unless I marry a woman who makes the same amount of money as me lol
LOL, the older generations (Gen X) perpetuated the idea of "Get a degree, or you'll fail." All throughout high school, we were told, "If you don't go to college, you'll be flipping burgers and basically be broke".
It's so apparent how out of touch the older folks are when you ask them, "So you think I can buy a house? Do me a favor, pull up a mortgage calculator. Put in your current house price that you own, and tell me with a straight face that it's doable".
I own my own company and work full time. I've lived with roommates in cheap apartments, and I don't partake in any trends like fast fashion, etc. The biggest problem is once again, how many excuses are thrown at Gen Z like "Just live with your parents and save money." or "Don't buy takeout". So many empty, thoughtless suggestions ignore the major glaring problem.
The best part is that you don't have to believe us. You can do the math yourself. Literally, look up the median house cost and the median household income as of today. Figure out the multiple (income to cost of house), as well as the numbers from when you started working. Feel free to look up the acceptance rate of colleges and the cost of education, then the acceptance rate of graduates who would get a job. It's not hard to do any of these things, but it's really rich coming from people who are so out of touch and ignore facts they can look at right in front of their own eyes. I know it's been tough for the older generations to comprehend this, and it's very telling because of how much Millenials and Gen Z are blamed. Here's the vast majority of "advice" in this very comment section: "Just do X because you're dumb and clearly don't know what you're talking about". Sure, not word for word, but the idea of "You're clearly doing something wrong and it's your own fault" is not helping at all and shows your character more than anything.
@@Qwerty.240bingo! The federal reserve bank is our economic system, not capitalism. Interest creates debt and debt creates poverty. Our economic system is interest, debt and credit.
REPEAL the federal income tax AMENDMENT and the FEDERAL RESERVE BANK ACT.
If you all want to revolt, minimize consumer spending so we can go into deflation. Then, we can all see rich people getting poorer.
Smart man
🎉❤
We can’t, the necessary stuff like heating, car insurance and food is from them, and we need them to live
@@ningerminger6975Eliminate vice and entertainment spending. Choose the cheapest housing and get roommates. Buy clothes and furniture used. Buy cheaper brand food or grow your own.
I’ll keep consuming and let someone else do that.
The thing for the older generation is inflation is out stripping their pensions and it’s not like they can go back to work.
I'm glad I came across this video. I am a 22 year old student who's struggling heavily financially. Most of it is my own doing though, such as getting a 0 mileage car for 30K when I was 19 (although it was 0% APR) and having to pay for very expensive insurance, paying rent along with credit card debt, and all these subscriptions that really do add up! Then you throw the higher costs of living than normal. I'm forced to skip meals regularly because of grocery costs, gas, etc. Luckily I don't drink or party much but I do smoke weed often and that itself has been an entire bill. In the end I've decided to end my lease, move back in with family at the cost of my mental health and try to clear as much debt as possible before moving out again while I still have the flexibility to do so. I've learned a lot over the course of the past few years but I won't be completely financially free until I finish this car note.
Watch a few videos of Dave Ramsey and you will get some good pointers. You seem like a guy who takes accountability and responsibility for his actions and Dave's plan will give you the structure you need. You still got time being young but you need to keep going at it now, don't delay not even 1 year. After 35-40 it will get even harder.
At least you recognize your responsibility, identify the problem and are committed to solve it. Thats the most important thing.
Get rid of the car, stop all credit cards but one. Dont worry about bad credit.
Literally every generation was called lazy by the older generations. Gen X, Millennials used to be the ones getting hazed.
The problem is someone who bought a house for a $100,000 brand new 30 years ago want to sell it used for $200,000 today. Now if that isn’t a rip off I don’t know what is.
Someone who bought a house for 100k 30 yrs ago , is selling it for 1 million
200k is a valueble deal for 30 years of inflation and investment if its priced 100k 30 years ago, you mean 2m.
I don't think you understand real estate appreciation.
What? Thats a deal! 😂
Financial education and good money spending habits passed down to Gen Z's from their parents (Gen Xs) can make a huge difference. If you have grown up in a household of spenders but no savers, you will only learn to spend your money. I did not learn the value of money, so I was a spender until 30 years old. Looking back, fast cars, parties, smoking, expensive gfs, university student loans, all of these things made me poor. It was my poor lifestyle choices and terrible spending habits that made me poorer. It is still not too late, start re-educate yourself on the true value of money in your situation and make wise spending choices. Also, stop blaming society and others, you have be ready to take responsibility of your lifestyle decisions. Good luck to all.
There are less jobs
There are less permanent
There are temp
There are 1000s applying
Many not work benefits
My parents where boomers. They just sucked it up and worked. they didnt have their first holiday until their 40's. I'm Gen X... I house shared until i was in my mid 30's and only resently had enough money to buy my first new car...... tricks to getting ahead; avoid the debt cycle and lower your expectations, you dont need new things.... In-fact you don't need much to live at all, and the outer suburbs are fine to start out for a first house. Everyone would love a million dollar sports car and a mansion, but its wasted resources.
High rent. $16 a hour yet rent is $2400 due to greedy landlords.
650 to 800 for 1 bedroom in a shared house in the uk. a nice room yes.. but still 1 room in some boomers house. crazy times!
It’s Gen Y that made avocado toast famous not Gen Z
Gen Z is not to blame! Once we all got sucked into these Western fads, there is no coming back. Just glitter, glam, over worked, divorces, suicides and escapism.
Those are symptom, not the disease.
Never realized suicide was a "western fad" 🤔
Build public housing for teachers, firefighters, police and nurses like they did in Paris. This will free up some of the housing on the market and AirBnB needs to be heavily regulated by municipalities.
Or maybe just set rent caps so ALL working class people can afford a home 🤔
@@myleskgallagherbut this to is getting bypassed by so called furnished homes
Both those ideas are dumb. The problem is corporations buying houses. And inflation 2% compounding since 1970.
I’m 45 & by the time I was 25 (2004) I had worked for 6/7 years as a motorcycle courier and brought two flats in London so it was easier back then to get a start
I haven’t worked in almost 10 years
I just rent the flats out and live in a cheaper country
This is so. I am 2x as old as Gen Z. I live in Switzerland 🇨🇭.
Despite being the most educated in my family in STEM, I cannot reach the income of my father from 30 years ago (except the peak salary). The flat rents and living costs have exploded in the last over 20 years since I’ve finished university. No family, no house.
IT in Switzerland sucks if you are a developer, if you look at it in long term.
Swiss sama
I don’t see any boomers in this news segment. Progress!
Typical aljazeera fairness
6:00 she nailed one huge thing: not only is marketing insanely good now, friction in shopping is gone (one button push purchases), and think of all the buy-now-pay-later apps/services there are! Affirm, Klarna, Shopay, etc. all these merchants offer some type of buy-now-pay-later service. Even Target, Walmart, Amazon and some grocery stores offer a BNPL option! Insane. Way too many Gen Z kids are living on credit or paying later for things to keep up appearances on social media.
It is not only Gen Z everyone else. Inflation, war , corporate greediness, consumerism, over pricing housing and government policies affect our lives.
Our parents lived simple lives and they didn't have all the marketing influencers telling us what we needed to buy to be happy.
Also no social media, no validation online and selling their souls online during days of our parents.
I'm 56, I've never known my parents to buy a sandwich, takeaway meal or coffee out ...
Great discussion.
Thanks for having me on the episode, it is a great and fun experience!!
My grand parents born in the 1920s worked so hard. Counted their pennies and saved up. They didn't spend on unessary things. They didn't go to restaurants. They had friends that spend more for new furnitures and new cars etc.. well their friends had no money when they retired and lost their homes. My grand parents had a very good retirement. Traveled and had a nice quality life. Today, people spend for coffees at Starbucks, they eat out many times a week. Travel and put this on credit cards.... it's obvious that people today want to copy the life of rich and famous but they dont have the money to do so!
Millennial here, born and raised in NYC.
I've been working since I was 15 making minimum wage which was like $7 back then.
I had no college debt because I went to community college and applied for every loan I could. College became free and I got money back. I lived at home and commuted to school everyday. It's fine to go to a private university, but why do you need to be there for 4 years. Take 2 years at a community college, knock out all the prereqs then transfer to a private university. Pick a good paying degree instead of some garbage degree that has no use. Trade school is also an option.
My starting salary in 2012 was $15/h. I lived with my parents, contributed to bills then saved/invested whatever I could. I only socialized with very close friends instead of every person I know. Cooked my own meals instead of eating out.
Now I make $40/h. It's not much but enough for me because I have no debt. I don't own a car and I take public transport and live outside NYC with 40 min commute. $2600 for 2 beds which I split with my gf. If you are going to move out, then move in with a roommate. 2 beds is only a few hundred more than studio/1 bed but your rent is now half.
Most importantly, I have self-control. I don't feel the need to imitate the lifestyle of some random person online or buy whatever garbage they are endorsing. I don't need some keyboard warrior or random person at work to acknowledge my existence by buying the latest tech every year.
Only expensive thing I do is 1 international trip a year.
Thank you!....My point exactly also a millenial here...btw some of this guys are earning more than us but are the loudest in whinging and would never listen to advice or adjust their spending habits!
@@BensleyDRAKEUsually the richest people complain about money the most... Also the unemployed think they're the busiest 😂
It’s gov fiscal policy that is to blame
Yep. But its easier for young people to just blame some group of people...its the booooooommmmmmerrrsss....ooohhhh its the white people....LOL Then they can't figure out why noone takes them seriously.
I'm a millenial, my spouse and I both work full time, I have a union job, we have still managed to save up $4k we struggle to make ends meet in the city. We are both making the most money we've ever made but we are living in both the most expensive and smallest apartment we've ever lived in.
In the UK, the average salary in 1980 was £6k and the average house price was £23k. Last year, those figures were £30k and £290k.
Ive adopted a work mindset of quiet quitting. I will do the bare minimum of for me to keep my job and stop working extra shifts. I was working previously more than what I was required to do and it effectively burnt me out while exacerbating my health issues. My salary at the moment is enough to live within my means and be able to save 20% every month since I live frugally. But not in my wildest dream could I afford a house or maybe have a family. I dont see the situation getting any better so I would opt to just enjoy the rest of my life.
Investors destroyed the housing. Market like they did the used car market. Balloons pop after the damage is done ✔️
Working full time while going to school. Two or three roommates in order to afford rent. Not enough money to afford gas. Romaine noodles for lunch. Those are some of my boomer memories 😊
as a Genx the biggest change i have seen is housing move from place to live to commodity to invest in causing prices to sky rocket. Supply demand economics dictates you need to increase supply to get prices down, but the vested interests of developers, real estate industry want to keep prices inflated, so they keep making large profits. We need to vote in governments that will break this cycle.
here in mexico gen z is dealing with the past's bad choices and of course older people are to blame, they screwed their children's future.
I dont get it. Is avocado on toast expensive? Why do they keep saying that?
Because all they have against us is gaslighting.
Im gen z, not broke... the opportunity is everywhere in this global economy if you know where to look at
Both perspectives are true. Spending is a bit out of hand, but the general cost of living and stagnant wages in my opinion are bigger culprits to younger generations not being able to live a life of financial independence.
In America, the Minimum Wage was literally meant for adults to have one job where they could support themselves and live independently. That means apartment, car, food, expenses. Now it's pretty much a joke. No one in America can survive off of 1 minimum wage job. And a lot of Americans are so focused on suriving that this issue is rarely brought up to our state and federal governments.
Lets not forget that a lot of boomers are also broke, but yes we all bought into the corporate lies and have allowed corporations to finance and control politics for their own advantage.
This is what happens when your laws treat corporations as people. They aren’t people. They’re vampires.
It's good
Anushka is definitely on point when saying Gen Z has tremendous social media challenges for living a certain lifestyle. I’m a boomer and keeping up with the Joneses was definitely a thing for us. The difference is the Joneses were our work mates or our neighbors, most of whom were similar to us in socioeconomic status. These younger generations are seeing people from across the world. They’re being shown a 2 minute segment of someone “living their best lives”. More than likely what is being shown is not true to life but trying to compete or live up to that is much harder.
My advice for Gen Z. Don’t give up. Times are very hard right now but that doesn’t mean that’ll always be the case. If home ownership is currently out of reach, try to resist doom spending. Invest what you can. Be ready when things improve to take advantage of your opportunity.
Believe it or not, times were super challenging in the early 80s, but they did improve.
My grandfather could afford to let people build a house for his family 21 years old.
School in the old day's were not as demanding as today, cost has gotten higher. Hard to find a spouse that has the qualification to raise a healthy family.
Accessibility of palatable foods and marketing strategy's use our vulnerability against us both on social media and in the environment doesn't help.
Also working more makes it harder to save money by cooking food and buy food out instead.
Feeling bad and stressed increases also consumption.
Older generation wants to withhold the abuse in the society and gen Z values don't align with them. Gen Z and younger generation have to participate in voting.
12:34 gen z arent lazy. The corporate work culture is toxic AF. It’s not enough to do your job well and strive to have health and have time for friends, hobbies, family. Why?
Voting for same Partie$ and expecting different result is the definition of Insanity!
She is talking about Generation Z without inviting anyone from the USA and Canada where both economies are equal to almost 30 trillion dollars. Does the host really understand what she is doing?
This show is plainly stupid
Gen Z assuming average age being 19-24; pay check to pay check sounds about right. I was exact similar right out of college and working hard in a growing career.
Government print money to pay off debt and provide services beyond tax revenue, money supply increases which leads to inflation of supply restricted things. This is simple stuff people
My point is;
If we are hitting NASDAQ highs year after year, the workers are there.
It doesn't matter if you're a Boomer working at Lowe's because you "weren't smart with your life" or a "Gen Z" the work is obviously getting done.
However, private corporations can do whatever they want. Besides minimum wage (which is a joke of a wage) you get paid what your employer decides you get paid. He takes majority share and only pays you what he's obligated. All the rest is his. There is no place for the proletariat!
We have no voice with our labor.
They bought that too lol
😂😂😂😂😂😂😂😂😂
The world they inherited is terrible and also why many women are hesitant to have children....why would we bring a baby into a bad society and gloomy situation?
Youre right
They trying to counter it with anti abortion laws.
@@Filipp81but WHO votes blue? The same people who complain are blaming a whole generation instead of looking at the problems and fixing them. They want to maintain everything that causes problems. They hold tightly to drmicrst/ leftist ideologies. Upholding those is more important than admitting truth and correcting problems.
It's simple, our government has been hijacked by mega corporations. Congress is ruled by lobby money. We are officially a fascist oligarchy.
Same people who complain about being broke were all for covid lockdowns which destroyed small businesses and the middle class, all for immigration even though its simple logic that more people mean less job availability, lower wages and competion for housing.
Since Obama we've had 50 million immigrants, not counting illegals. Thats a huge increase in people . They all use water, look for jobs or get social services, and take up housing. , and lower wages, higher taxes and less housing with increased costs because of demand are a few of the results.
I'd say we've really had about 100 million immigrants since 2016 with illegals. That's a HUGE population increase, and most are young adults looking for welfare or jobs.
Lol
That neither gonna resolve the matter rather it would led to destruction
Anushka is so focused on Gen Z changing their mindset to save, while also admitting that most people are working just for survival (and thus not able to save) while Max uses about 15 sentences to complete one thought. Grace just completely carried the entire panel, next time please just have her on!
I'm a millennial. I make slightly over 100k, which was an aspiration at one time. Now this isn't even enough to pay a $350k mortgage due to prices and interest rates.
There has been an incredible wealth transfer from middle-low income to the richest. We nearly reached to the slavery era again
Puchong, Malaysia? I live in this township and I have no idea who he is. What is his RUclips channel?
Whiteobsidian
They want us to hate each other with this
Gen x are broke too we have two jobs and still broke
Did someone understood what the Indian Gypsy girl Said ?
She probably migrated to U.S to make movie with Johnny Sins
no!
You are racist and yes, she has no idea what she's bluberring.
Nope. Just a bunch of rich girl bullshit clichés. She should shut up
That's Mia
It’s a lack of financial education.
Yes! Fiat money requires debt. They need our debt to retire. It’s only going to get worse.
In my final year of university, I started thinking about my finances after graduation. I realized I needed to be more resourceful and build a sustainable lifestyle. So, I took a proactive approach and adjusted my spending habits to better match my projected income. This meant letting go of some luxuries and favorite brands for a while, but it was a worthwhile investment in my future security.
I also focused on finding ways to increase my income. It wasn't always easy, but I embraced the challenge and learned to value hard work and saving. This newfound focus paid off tremendously. By my mid-thirties, I've achieved the incredible milestone of putting a down payment on a big home for my family , all thanks to the financial responsibility I instilled in myself during those early years. It was a journey that transformed my perspective on finances, and I'm grateful for the security and sense of accomplishment it brought.
Fascism 101 🎯🎯🎯
Good topic
Avg. salary 1960: 5600. House: 12,000.
Avg. salary 2024: 56,000. House: 350,000.
About 2.5x salary in 1960
About 6.3x salary in 2024
not so clear cut as you kinda forgot about interest rates which have been as high as 15% ...plus that was 64 years ago...what does that prove...inflation? Why not go back to 1940 and get even cheaper...everyone knows cost of living has not kept up with wages...its hardly a new thing or a Gen Z thing...or even a Millenial thing
Being the son of a single mom who raised three kids on her own I had no choice but to get a job at 14. If I wanted decent clothes or money to go out I needed to earn it.
Learn to manage high school and a job
Continue working through University and apply for any grants or bursaries available. Choose a career that makes money and you’re interested in. The world does not need 1000 new graphic designers each year. Trades are in demand but most don’t want to work them.
Don’t spend 5-10 a day on Starbucks and then another 10-15 in lunch. Make a coffee or tea a home for less than a dollar and 2/3 for lunch.
Stop paying for 15 different services. Figure out what is important to you and pair it down.
If your parents allow you the opportunity to stay at home do so and save for a deposit for your first home.
Cars typically are one of the worst investments, unless it frees up time and helps you make more take public transit or use a bike.
Sounds like we’re bleep. Where to start, as a whole, we need to stop purchasing from big box stores.
Feed the money together back into the local community. No ordering from Amazon, as the takes money out of the system.
Think back to Italian neighbourhoods in NYE, who only shopped in their local. The money stayed circulating there.
When you purchase online, the money leaves you, and everyone there.
We need more financial education