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 😂😂
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?
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 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
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?
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....
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.
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
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
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.
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.
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?
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?
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.
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 ?
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!
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.
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
@@mr.dracegamingchannel2007 Because I am talking to you?
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.
👏 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*
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.
“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.
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.
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.
I work 12 hours shifts, 7 days a week as independent contractor and still can't afford house rent and live in a car.
Then what you are doing is not working. What you do for work is a life choice. If you don’t see the contractor job growing, pick a different path. If you are working 12 hours a day you have the ability.
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
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.
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
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
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
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.
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.
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.
I don’t see any boomers in this news segment. Progress!
Typical aljazeera fairness
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.
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.
I have a full time job, $35/hr and a part time job,$32/hr. Both manufacturing jobs with 12-hr shifts. I have no debt. I also have a lot of $ in stocks and cash in CD high yields. Some of my young friends always complain they are broke and poor. I said I can help them get manufacturing jobs, but they all say No. People are just lazy and overspending. Then, blame for everything.
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" 🤔
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?
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
I dont get it. Is avocado on toast expensive? Why do they keep saying that?
Literally every generation was called lazy by the older generations. Gen X, Millennials used to be the ones getting hazed.
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.
It’s Gen Y that made avocado toast famous not Gen Z
It is not only Gen Z everyone else. Inflation, war , corporate greediness, consumerism, over pricing housing and government policies affect our lives.
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.
Great discussion.
Investors destroyed the housing. Market like they did the used car market. Balloons pop after the damage is done ✔️
These days, if you only have a normal 9 to 17 job.
YOU ARE BROKE.
Or about to be.
I have lots of friends from Gen Z, I'm millennial. We all work hard, we all pay loads in rent and stuff. But most of them has brand new phone every year, paying stupid contracts, then all the subscriptions, youtube, amazon prime and so on and on and on.
I use my phone for at least 5 years, never take contract for a phone. I watch ads cause it saves money. If you sum every subscription, habits like smoking, coffee from coffee shops and snacks, they end up in debt after paying rent. They don't have sense how to save, they want to have luxury life with 0 effort. "I do 40hours a week in mc...." bit*h please, I do 60-70hours in construction a week.
Life is a struggle, you can't have everything without sacrificing something.
Why should you have to give up 40 hours a week just to get by, let alone 60-70? I’ma enjoy my time now, rather than some imaginary promise of retirement, we all die someday and no one promise you that you’ll have tomorrow.
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
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.
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.
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!
Puchong, Malaysia? I live in this township and I have no idea who he is. What is his RUclips channel?
The Indian lady is not understanding the questions we don’t have the money to spend in the first place. You should have invited an American we can speak for ourselves 😂😂😂😂😂
I stopped the vid at the Indian Lady and I'm gonna watch something else
Grace was the only one speaking sense on that panel.
She could read an American better than they can read themselves. Typical
Another reason people have more than 1 job is because so many places refuse to hire full time workers so they dont have to pay any benefits , so many people are working 2-3 jobs 50-80 hrs a week struggling to survive and without any benefits .
An extended family member straight up told me it's a privilege to live with your parents, knowing she looks down on it. It also cuts you out of the dating (life partner) market, due to how superficial many people have become, on top of looking for suiters because of the terrible standards of living. Additionally, staying at home as an adult caused me to feel very restricted, and I still had to pay RENT. Also, being forced to stay home is NOT a privilege. So, I pay this 2k rent every month, so I don't feel like I'm slaving at a job for no reason.
What is this BS? I’m gen x but when I was at the current gen z’s age, I was broke as well and couldn’t afford to live on my own. I just finished my grad school and my salary was meek. I mean that’s the course of your life.
Im also shocked, Im 34 and when I went to college, nobody could afford living alone and many had a job to help with the tuition fee, and before was nothing online, I had classes Monday to Friday, that was 2009/10, now I was my friend place, he lives with two uni students, at a point I had the need of a pen to take notes, and none of them had one, a student house without a pen, brilliant
Voting for same Partie$ and expecting different result is the definition of Insanity!
😢 no job. No money. So I can't spend. Just watching this video with free wifi. 😂😂
Gen x are broke too we have two jobs and still broke
There has been an incredible wealth transfer from middle-low income to the richest. We nearly reached to the slavery era again
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.
The indian lady is absolutely right. Our parents did save all there life and didnt went out as often etc.
I really don't get this online validation thing? Do so many people really care about random internet strangers opinion and praise? This is literally another "Don't believe everything you see on TV" moment but on a much larger scale.
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
😂😂😂😂😂😂😂😂😂
Gen Z'ers should add up what they spend (& have spent) on tattoos, devices & electronics, brand name fashion clothing, & on services that support them being lazy - like ride services, meal prep, food delivery, etc. Then sit down with a Boomer & compare what their expenses were at the same age, & even now.
There are plenty Gen Z'ers who followed the same path to financial independence that Boomers did ... Interview them & they will tell you about the sacrifices they made, instead of just reckless spending on things that have no inherent value.
🤡🤡🤡🤡🤡🤡
@@Mcdowells Your response tells me I'm 100% correct about you.
I’m a GenXer who recently moved to Mexico, sold my car and all my possessions. Since I work from home and only go out about once a week, Uber is actually much cheaper than owning a car. $400/month payment, gas, repairs, car insurance. Nah. Now I spend about $100/month or less on transportation when I was spending about $600/month.
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.
I feel bad for the Gen-Z generation and the messed up world we gave them. The barrier to entry into home ownership is unrealistically high. I understand why some just say F it and live their best lives.
American late boomer. Lived at home while I worked and went to community college then transferred to my cities 4 year. No debt. Millennial daughter did the same. No debt. Didn’t use a CC during those years, accept to buy gas for my 10 yo. used car. during those college years. I think coming into your twenties with the burden of college debt is a big mistake. If you can’t get your education without borrowing then it’s best you get a trade. I have witnessed the difference in consumption between generations. In my twenties my peers were not walking around with a Starbucks in their hand, or a cell phone pushing consumption of rich lifestyle products and services. Marketing is a powerful drug that young and old are falling prey to. Everything is designed to part you from your money. Easy credit is your foe. Things will be very difficult once you are ensnared. In order to be successfully secure Gen Z is going to have to build the will to resist the trap.
Ok Boomer. Same old diatribe to try and dismiss the suffering Boomers have caused.
Yup, out of touch boomer. Your experience is in no way a reflection of today's reality. Things have changed considerably even in the last 5 years. Covid, job market, housing, etc
@@outofoblivionproductions4015same old let’s find someone to blame. Let’s be serious. Between ‘08-‘19, homes in the US were pretty affordable. Loan rates were low and prices reasonable. Plenty of millennials bought during this timeframe and are doing just fine. Once the pandemic hit, trillions were dumped into the economy and rates went even lower. This increased demand and with supply chain problems, supply was even more challenged. What of that phenomena is the boomers fault? Wait, did we create the pandemic? Did I spend your stimulus check? I think not. And if your beef is your student loan debt, you had other options. Community college, the military, going to school part time and college part time. I will grant you that times are challenging right now but you best believe, this is not the first time things have been tough.
okay so only already established rich people can go to higher ed and get higher positions such as doctors, lawyers, managerial class, beaurocractic positions, etc... while the poor only go into trades. sounds like a GREAT way to organize a society (obvious sarcasm if you can't tell. we are just de-evolving to how unfair societies used to be honestly) and will only exacerbate the issues we are already facing. also, there's more middle/lower class people than rich, there is not enough upper class people to fill all the demand of jobs that require higher ed. literally makes no sense arguing this. also, the notoriously overpriced higher ed in the US will only further hurt us as a society. how many young people/students who could potentially be excellent engineers, doctors, politicians, etc will just give up and not pursue further due to being locked out due to costs? it will COST US ALL as a nation and will have us fall behind other nations. also, increasingly higher debt will cause less spending on goods, which will not be great for the economy or businesses. the downward cycle will continue until we end up in a huge depression. we have to think about it as a community issue, and not be selfish. we don't live in a bubble away from everyone else. unless you are literally a mountain man cut off from society, these things effect us all, even if you like to imagine it doesn't.
@@vatefairefoutre0 no one said that only the rich should go to college. Do I think that taking on tons of debt for a degree that won’t get you a good roi is a bad idea? Yes. Do the rich have advantages others don’t? Yes, always have, always will. Do the poor have to be more creative in paying for school? They should. What’s wrong with knocking out some credits via community college? Or attending night school while working during the day? I did this and while it took me 7 years to get my BS, it got done. Or taking advantage of the benefits the military offers. Yes, life isn’t fair. Not everyone can or should just attend college and rack up astronomical debt.
I'm a boomer in the USA with $75000 in student debt working a parttime minimum wage job in the industry that my degree supports. My boss would have me working fulltime but our company doesn't have the cashflow to support it. There ws no free college for me or my generation unless it was gained by military service through the G I Bill. I will be 63 in july and expect to work until I'm in my 80s just to pay rent. It was my dad's generation that had the good union jobs in the USA.
Is that a parent plus loan ?
@@cutthechicken194 Nope... my parents couldn't afford to help me go to college.
@catherineleslie-faye4302 Parent Plus Loans is whn parents take out money for their kids. Not the other way around. The question was, did you borrow money to pay for your kids' college ?
@@cutthechicken194 no kids.... I couldn't afford to have kids.
You made poor financial choices.
British lady (Grace Blakeley): Lack of affordable housing and high rent, high cost of education, slow wage growth
Indian lady (Anushka Rathod): Consumerism, lack of investing culture and lack of wage growth
Max Lu (Malaysia): High unemployment among Gen Z due to AI/automation
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.
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.
When I was working as a taxi driver I was told by many different generations to get a life. Now I'm sitting pretty in retirement.
It's not a coffee or avacado toast. It's meant to represent frivolous spending. That being said I think better metrics would be average income to average home price ratios. Same for vehicles and food cost. Compare each decade.
It’s funny how these videos like to ignore that gen x is having a hard time too. It is not boomers the gen z. There is x and millennials all struggling too. Gen z is not the lone generation out here struggling.
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
Short answer: Politicians
Long answer: Fiat money
Outcome: Inflation...
In 1976 one year public university, room, board, tuition, books, about $4000 to $5000
Great content Myriam. Keep it coming.
Good topic
My husband and I worked 2 jobs to afford our first house and had a loan with an interest of 8.25%. Everything jumped up during and after covid. I am not going to take the blame for the fact that everyone thinks the Boomers ruined everything. You can not seriously say that Gen-Z would have been anydifferent during the same time. I for one am getting sick of being blamed for it. Prices and wages are not at the same levels and that is a huge problem.
Boomers in fact ruined everything. Why do you think that’s not the case? Boomer voted for the government that ruined everything. Boomer consumed in a way that was unsustainable. Booker never built a system to cultivate the flourishing of the next generation. Yes boomers are the most selfish generation by far, they deserve most of the blame
Yep that Boomer caused this is a stupid hot take especially when you take into account how boomers fought for rides that Xers, Millennials and Gen Z benefit from. Heck I would argue Xers, Millennials and Gen Z haven't held up their in with fighting for to keep the rights that Boomers fought for as you see the rights slowly eroding away under the younger generations noses. All because its not cool to vote or fight for your rights.
I am 75, at 28 I borrowed to buy my unit, interest rates 17% and over. We boomers had difficulties. It is tough to get a unit or house.
How much did your college education cost?
@@nychris2258 I didn't finish my degree because my mother ran out of money. My husband finished with some scholarships and his own money. Education costs are out of control and the loan system is predatory. Both of my kids had college funds set up for them by my father and we paid some. My daughter who is older paid her loans and was able to save for her advanced degree. My son paid off his bachelors degree but had to take out government loans for his advanced degree. We helped as much as we could but his field requires a masters degree to make any sort of living. So I am well aware of the cost of higher education and I know what it is doing to kids futures. It has to be fixed. Got any suggestions?
Avocado toast wouldn’t be so expensive if the coffee shop didn’t have to pay such high rents. Also our parents had cigarettes instead of avocado toast. So what. We also need to live a little. Not hoard money until 65.
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.
Fascism 101 🎯🎯🎯
blame your government not boomers ..I think your anger is misplaced.
In the case of the US, the two are synonymous
I agree, In the UK the majority of Politicians are not boomers!
@@b_olson542 If you go back to Reagan you will find that the people who created the world we live in today weren't Baby Boomers. I live in New Zealand and Generation-X has been running the country for the last six and a half years and the problems have got a lot worse. The cost of housing is the biggest problem in my country.
Haha the government are majority boomers. But getting more millenials for sure
30 years ago, there is no iPhone, iPad, Mac and its expensive accessories.
Avocado toast gets a really bad rap. An avocado, fresh from the market, not purchased at a premium from the supermarket, now costs as much as a can of beans, seeing as beans, formerly a staple for the poor, have increased a great deal more in price over the past few years, along with everything else. You're really in trouble with feeding yourself, never mind paying for everything else you need, if you can't even afford beans on toast.
I'm a boomer, I couldn't live on my own and when I got married all our wages went on the mortgage we never went out for tea or holidays, we never got child payments or child care or paid time off to have a baby, no new cars no new furniture WTF, I had to stay with my parents to save for a deposit for a house.
45 years at my job afternoons weekends nights. P.S made my own coffee to take to work, stop moaning and sit down and budget, budget, budget.
Jenny South Australia
This is a bit of "I had it rough, so should everybody else." Although I do get your point, I'd hope conditions would improve for younger generations, no need for everyone to struggle.
@@Marilyn236A little less of “we suffered and so should you” and more times have been tough before and there were challenges for Boomers as well. Sure, it’d be great if each successive generation had an easier time, but sadly that doesn’t always happen.
I find this interesting because many young people aren’t having children and still aren’t able to go out or save for a mortgage. The whole working class is being squeezed. Having bought a house 20 years ago makes it a lot easier.
So, you don’t want future generations to have it better than you did? OK.
@@down-to-earth-mystery-school Sure, I’d love for each successive generation to have an easier time. However, these discussions are usually about how much easier prior generations had it, and how they “stole” from future generations. Unquestionably, housing is a difficult issue, right now. That doesn’t mean it always will be. I mean, just look at the market in ‘04-05. Everything was outrageously priced. Then it all dropped and homes were quite affordable until 2020. We’re living in the fallout of a once in a hundred year event (pandemic). Trillions were spent and wfh enabled high earners to move to lower cost areas, driving those prices up. Who’s to say that once this inflationary period subsides that we won’t enter into better times.
Think 1st thing to do is not to own mobile phone like my generation. No fast food, only local cheap food and drinks. Why are you spending so much and yet claim no money?
No one is spending on fast food anymore. Rent & groceries are unregulated and continuing to grow, but wages aren't moving.
7:37-7:53 she referenced the cost of tuition in 1970. Was the $394.00 befit or after calculating for inflation? The USD has had a 708.1% increase from 1970-2024 which makes it equivalent to $3183.97. This is very important for an accurate context.
So gen z are 12 to 26 year olds ?
Was not able to start saving until 27 didn’t have school debt though.
Every generation blames the one before.
And all their frustrations come beating on your door
@@rory38584 And if you don't give up and don't give in you may just be okay.
@computer-training-for-seniors 😫 SAY IT LOUD, SAY IT CLEAR!!
it actually comes down to the fact that our currency has been debased through non-stop printing. secondly, the gen z spends a higher % of their disposable income on luxuries. Gen z spends more than any other generation of the same age in terms of disposable income on travel/experiences. Gen z has access to music festivals, music/video/game subscription, online shopping, $6 coffees, budget airlines for travel, social media pressure to flex,. This breadth of consumables were never available before. So Gen z are making less in terms of currency value to spending power, and spending a higher % of their disposable income.
I’d actually say we don’t . We’re priced out of the music festivals because the prices are so high , and it’s not really a choice to go to these things . A lot of what we’re spending our money on is rent and food and other bills we have to have , such a phone , car , internet ( for work ) etc. I personally don’t even go to anything or have any subscriptions and don’t travel much unless I have to because I literally can’t afford anything else besides the basics. And the basics such as food and rent are so high there’s no room for anything else
But I do agree that the power is the US dollar is deflated and I grew up on making money stretch , but today I can barely do that because the money isnt worth much and can’t do much or go very far
You’re so right! The only extra money I spent when I was younger was a maybe pair of sneakers once every few months (this was abnormal in my group, most of my friends had 3 pair of shoes) and I had to get them on my one day off every week. I had to take the train downtown when I wanted to go to a good sneaker store. One day a month I would get my nails done, which again had to be on a Monday- my only day off. That’s really the only extra expense I had. We ate Ramen noodles and were happy with that, maybe also some Cheetos, and a 2 liter of coke. We drank water from the sink. I can’t tell you how much I spend today on bottled water. None of my friends had health insurance in my 20’s and we’re all alive and well. This I believe is a relatively new thing for everyone to have some kind of healthcare. I have Amazon, online shopping, etc at my fingertips. We didn’t wear 300 dollar dresses in my 20’s or designer clothes and shoes like the younger generations today. The guys wore plain white tees by hanes that they bought in packs and were happy. I have too many subscriptions on my phone and laptop. We didn’t get new cars with a loan from the dealership, we saved a few thousand bucks and bought used. You’re so right! So much has changed in a matter of 10, 15 years and you’re so right. I never made much but didn’t need much.
The big problem is when there are more pensioners to working age people and they can't afford pensions social security etc then it will hit the fan
Great panel and spot on. I'm a millennial without an education but have had the luck of building a career because of luck and opportunities given to me by my previous and current employees, however, when I retire, I will have little to no safety net and it's a daily concern and worry.
Nice to hear I'm not alone.
Thanks for a great discussion. I can't wait to see more from these three clearly intelligent and experienced panalisists.