And "responsible" (really submissive) adults are happy with the way student debt cannot be discharged through bankruptcy. Boomers and GenX are wondering why Millenials and GenZ arent living the way they did, well minimum wage isn't $38 an hour, like it was in 1965. Adjusted for inflation.
The fatalist view feels off to me. Thinking that youth spend much of their money because they don't consider their future important misses a larger development. Today we have access to more entertainment value than ever before. Access to easy travel, streaming platforms, holiday options, diverse clothing, activities, video games, nightlife, etc. etc. We hardly talk about how people were able to save for a home - because they had little else to spend it on. We've built an insane dopamine driven casino for ourselves and have convinced ourselves to believe we need it.
I attended a local university and only ended up with 30k of debt after i got my degree. High schools need to educate their students better about choosing the correct university. 90k per year is insane.
Interviewing a LCSW (a very low paying career), living in the highest cost of living city in the US, who also attended one of the highest tuition schools on the east coast (NYU, an $80k/yr+ school) is an edge case at best. Shahem's life decisions put him in this financial position - Career choice? School choice? Where to live? Probably not the most optimal life decisions
That's why the subjective reality is backed by objective numbers in the video. Objective numbers are there to demonstrate that no matter how you stack up the life decisions, young people are much poorer than the previous generations. Individualism wont help the fact that we are bringing children to increasingly cut throat environment and being surprised they don't have children, have no place of their own, are unable to plan and build up the future for themselves and the country inevitably turns feudal.
We have public and community colleges that are quiet affordable; are loans perfect? No, but with Fafsa these are cheap options, it's the massive use of private schools that people take 0 personal accountability over... Shaheem went to NYU why not CUNY? He went for a luxury private education instead. We cannot recreate 1950s growth or 1950s circumstances that is constantly referred to here.
Student loans ensure that society runs effective, smart people will do jobs that require higher capacity at the same time they maintain the status quo. Poor will stay poor. Its a logical way of setting up things from the perspective of those at the top of the food chain. Not a conspiracy but a result of many natural incremental effects in a closed system, an obvious direction, just as gravitation and flow of water.
@@dsdsdsds88888 Most of these younger adults realized they can try saving all they want but will get no where, so most give in spend on such items which cost significantly less.Think about how many Iphones one must buy to equal in value to house. Lets be clear the wealthy elites get the govt to pay for their stuff with subsidies. The best way for them to get back at the older generations is to target Social Security.
It makes no sense to take out that amount of student debt unless your guaranteed a correspondingly high income after graduation..do shorter/cheaper courses and learn on the job..college degrees are a racket..
Why dun the builders make smaller homes like cheaper ones for first timers? Homes under $250k, it may not be big, maybe like a 1 or 2 bedroom home. not everyone need a LANDED home with a garden and 4 or 5 rooms and a garage.
Regulations, infrastructure, price for the land. And lastly as my father taught me; "air is cheap" increasing the size of a apartment is fairly cheap, compared to dividing it into two apartments. As two apartments means double the work and cost of bathrooms/kitchens. And lastly market conditions, developers would want to earn as much as possible as a safeguard against the risks of the investment. And if that means heavy competition with other developers for the same clients, then so be it. Its the same reason there are skyscrapers that are "empty".
We should have a lot more mixed use zoning also but NIMBY’s will always vote that down. NIMBY’s are by far the biggest problem but most people don’t wanna admit it.
It will quickly cause overpopulation of area so the people living in this zone will vote it down. The problem is bigger than "just remove requirements", it's the people themselves want to preserve their comfort out there and challenged to accept reality that there will be more around them what will in result also depreciate their own investment in assets there, and so on - infinity loop.
Regulation. Zoning. NIMBYs. Return on Investment. Many places you can’t build anything but single family homes instead of multi-unit buildings because of regulation, zoning laws/codes, and NIMBYs straight up being pieces of 💩 and blocking any development. In many places, it’s not worth the return to build single family homes since they don’t return as much money to build versus multi-unit buildings; but remember you can’t build them.
I think university is really missold. If you are thinking about going to university as an investment, yes, the more specialised you are the more you make on avarage, but it has to be an area with real world/industry application. 7:37 Dude got a degree in Political science and Women's & Gender Studies. Can't make this up I'm not a degree "purist", it's ok to get a Genders Studies Degree if its a field they are interested on, but don't expect it to make financial returns.
Yes people have bad spending habits, but a critical problem is that it is WAY too easy for ppl to get credit and debt. Everywhere you go you're being solicited for a credit card or buy now pay later. Governments need to take some ownership for enabling bad behaviour and need to start restricting credit and BNPL. A person making less than $50K should not be able to have 10s of thousands of dollars in consumer debt by their mid 20s..or ever.
College enrollment honestly needs to drop. We need more trades people. School can only teach you so much about the trades, then it's all application. We also have too many people working in positions of power. Or people at least try to get into those positions, most nowadays with no success. We need a real efficient an accurate way of estimating what we need 5 to 10 years down the line when a person is about to graduate.. that way the person can start work immediately, pay off their debts immediately... And about that, debt.... We need to stop handing out credit cards like cotton f****** candy. As a person who works at Rogers, and Rogers has a MasterCard..? What the f***? Too big. Way too big.
there's definitely room for more people in trades work but there's a limit. Too many people and then trade workers would get paid less (supply and demand). Also, there is a finite amount of work to be done in trades. Cities only need so many plumbers, electricians, etc. Lastly, what makes countries rich is not trade work but advanced skills and products (e.g. tech; see japan and taiwan). If US loses its edge on advanced products , our economy will shrink, which will mean less money going around - and less demand for trade work.
to me, the scariest part is how the situation is causing people to abandon higher education. if this election cycle has shown anything, it's how desperately americans need more education and critical thinking skills
"Why Young People Are in So Much Debt?" - We got suckered into going into college. - We have to rent everything. Since buying is insanely high. - Both of those previous things have countless payment fees and interest that make it very hard to pay off. - And most of us can't even get a job with that useless piece of paper we spent $25,000 to $400,000 in loan money on. - Internet and phone bills aren't really a luxury anymore. - The price of living is WAY higher than when we grew up. Meaning even though we're getting paid WAY more than our parents and our grandparents we actually have less money. - Companies love to sucker us into a contract every single day, and every single hour of each day. - And all of our favorite pleasure activities are subscription-based. In Short: Gen-X and Baby Boomers had it MUCH easier than us young folk. What with being able to get a house with ease, starting a business taking less effort than getting a job, being able to walk into a business anytime you wanted for an interview, and everything being cut and dry.
It's not just young people. The majority of people including the entire country as a whole is in debt. And that's because "the wealthy" own the majority of assets in the country and overcharge us into debt to use those assets. The solution is a wealth tax on the assets they own whether those assets are sold or not. This would solve the majority of debt issues and let more regular people own stuff without the huge debt.
So, gen a median income declined 6%, but their debt went up 15%. They do this to maintain their lifestyle…the most irresponsible thing I’ve heard. Cut your spending, increase your earnings. Doom spending is idiotic.
"Doom Spending" makes sense when you feed an entire generation wit the idea that they're owed a certain lifestyle (through social media and much). That will only lead to some massive economic adjustments, and disappointments.
Spending money you don't have is one issue, but it will get worst. Automation is driving wages down. It is company greed and materialism. Thinks about 40 years ago and what was available to buy and how we bought. Mall and cash vs card and online shopping.
I've accepted the fact I'll never move out of my folks' house. I'd be on the streets with pay I receive at nearly 30. I go home and go right to sleep to avoid spending money
Buying a Nissan Sentra was the worst mistake i ever made financially. It ate all of my savings and put me so deep in debt needing to constantly repair the thing. Eventually interest payments on my credit card exceeded what i could save and it snow balled further.
2:38 Why are 15 year olds being lumped in with 24 year olds? In my state, a 15 year old can't eve work more than 3 hours on a school day. Their earnings and opportunities aren't comparable to 24 year olds.
Important to note, the one woman who says at 3:32 "maintain the lifestyles they've always had". Gen Z hasn't been taught to pull back spending on non-necessities. Where in previous generations who have lived through recessions and even worse, depressions, learned and figured out how to reduce spending and life meagerly. That's called 'entitlement'. Recessions and high-rate environments are not new cycles. They've occurred before and they'll happen again.
Low Income - ok problematic for sure, but most still choose to not pursue high paying fields Housing Cost - ok, but move further out, commute more (public transportations). Cant live in gentrified Brooklyn and then complain. (I know bc im from bk) Student Loans - stop dorming, stop going to private unis. State college thats commutable is fine Doom spending - this is a silly concept. Soceity cant save you from you. Thats personal responsibility
Anywhere else you want to copy and paste this comment? At least could you explain what the federal debt has to do with rising debt in millennials/gen z?
@@patrickhannen4832 The way banking works today debt-money, makes indentured slaves of us all. The more the main banks can extend new credit in exchange for our promises to repay, the more interest they can rake in, but the harder we have to work to service that debt. Rising house prices mean the more money the banks can create, out of nothing, and the more enslaved the populace becomes as it labours to pay the bank’s mortgage, or the landlord’s rent, or mortgage (obtained from the bank), or face eviction. We are shackled by this system. But it does not have to be this way. Money is a social construct. We can change money and change the world.
I get you have to treat yourself every now and then to reward yourself and relieve yourself from the stress from everyday life and to enjoy life here and there. I know life is difficult but there's also another thing where people are just being too irresponsible. People just want the positives and no negatives. They are just splurging without thinking twice and being too impulsive with purchases and then saying that they have no money. There needs to be a balance.
Bloomberg going the cnbc route of putting out videos with a problem in the title, and only talking about the problem never actually talking about what causes the problem
A lot of these comments show how little critical thinking skills many of you have. You all are giving your anecdotal opinion even after this very video provided data to explain why things are a certain way.
7:37 political science and women & gender studies. I'm not questioning your work ethnic. But I will question you for your choice of major in college. 😂
Student loan only makes sense when the underlying degree is worth it ! I know of people in debt of USD 90,000 for a history degree that doesn’t even pay minimum wages !
are you suggesting that coastal cities shouldn't have social workers? Or that coastal cities (and I'd say, all cities) should make it easier for people to live there?
And how much is the US government in debt? The $35 trillion (and growing) .....shopping , spending , travelling and taking photos on iPhone 16 Pro Maxxxxxx
There have been huge gains in the amount of stuff produced.From A. Women joining the workforce B. Technological innovation The lions share of this extra output has gone to a CHOSEN few asset owners. It's by design, for example taxes on salary being higher than stocks. Life should be easier for each generation because of technology
Our wants and desires were by far less and limited … I’m worried about my kids too, their asks and demands are sometimes way over .. worried about their future
@@geoms6263 that itself gives you a real picture - when the national debt is so high, it’s all hollow in the core which is why consumer spending and inflation is so high
Honestly Apprenticeships are the way to go i csnt belive more people dont do them. Its not just construction workers that can do apprenticeships anyone can in any discipkine or ymin the UK you can. Big 4 accounting firms offer them in all their different disciplines
Exactly. That’s my argument too and I’m dying on that hill. My parents never ate out every weekend, traveled every 6 months , had the latest car, the latest anything. They didn’t see what John Jones was doing half way around the world and wanted to copy. They lived a simple life. That’s the policy I’m adopting and it has reaped great rewards. I’m off of social media, so I don’t know or care what my friends from high school or college is up to, I don’t care what my workmates are up to..I focus on what me and my wife are doing with our lives. If I buy or take a trip it’s for me, it’s not to post on the socials to try to impress a soul.
But yeah young people today have so much upportunity to do fun and cool stuff… during my childhood I travelled abroad twice with my parents. My kids get abroad every year… life is better
I think doom spending will cause the next financial crash much like housing dod in 2008. Every company is offering it now and those that arent are certainly looking into im interested to know who the risk ultimately lies with when people can't pay
I took a huge loan and maxed out my credit cards to put money into crypto, lost everything unfortunately, il have to repay my debt for the next 5 years unfortunately.
@@geoms6263 still a gamble, at least put it in the stock market indexfund or spread your gamble. Nvidia did a lot better than bitcoin though should've gambled on that.
Hilarious! The licensed therapist has a B.S. in political science and women's and gender studies, a master's in social work, and $160k in debt. He should have started at a community college, considered online and CLEP/Dantes exams for college credit, stuck to one bachelor's, and if a master's was needed for his job, should have picked a less expensive college. On top of that, why didn't he seek out scholarships? Why didn't he move to a less expensive metro area like Detroit, Cleveland, Pittsburgh, or Buffalo? Funny and unbelievable at the same time. Educated, but lacks common sense.
Reality is that the Western dream is over. The developing economise can out produce us, and lower prices and we buy all their cheap stuff. It was nice whilst it lasted but the western lifestyle was an indulgence, afforded only because we could out perform other countries. If you want a higher standard of living, then you need a higher GDP/ Capita which really means you need to reduce your population, and invest in more productivity tools. Fewer jobs, but more productive and leading higher living standards for the smaller population it is not rocket science.
@NirvanaFan5000 I've been working as a programmer since 1998..I initially did a business/finance degree which was useless and then a one year post grad in programming.. enough to learn the fundamentals..every else I learned on the job or taught myself ..you can learn plsql,java, reporting tools at home now with a miriad of online resources..and the post grad was funded by the E.U..thankfully in Ireland college fees are nothing like the U.S
All these people talking about "I did all the things they said to do, etc." I'm a Gen-X, at the age of 30, nothing was guaranteed to my generation either. You had to save money for a house, no one was entitled to anything at 30. And by 35, most in my age could afford a home. For this generation, the goalpost has simply moved a little further. Not saying it is right, just saying that it isn't unattainable. You just have to adopt a more long term mindset.
you're not wrong, but to me the point is, instead of requiring each generation to adjust to harder levels of work, lower wages, and higher prices, that maybe we should try to make the economy work better for everyone instead of the richest people on the planet
Older people in the workforce would retire and make way for younger workers if there was a universal healthcare system in the US. So many of my coworkers want to retire between 55-60 but stay until 65 or longer depending on their family health needs.
Just wait until the red team wins and tries to increase the age of retirement to over 70. The goal is to keep as many people in the workforce as possible so wages stay down.
Cause genz and millennials are also buying their first home and cars and are paying for edu. Other generations have either paid if off are are too young and depend on the said groups.
Yo, history is full of people who faced tough times and came out on top. These days, it seems like some generations think they're the only ones who've ever had it rough. They act all entitled and like the world owes them something.
In my opinion, student loans are massively missold. You are selling a huge loan to a young adult who doesnt understand the life long conseqeunces
And "responsible" (really submissive) adults are happy with the way student debt cannot be discharged through bankruptcy. Boomers and GenX are wondering why Millenials and GenZ arent living the way they did, well minimum wage isn't $38 an hour, like it was in 1965. Adjusted for inflation.
feels like these sorts of predatory loans should be taught in high school
@@SirHouseFlyschool is the first predator
@@Yaddysgeijutsu as in do not get a formal education whatsoever or?
@@SirHouseFly let me ask you something is you are against child labour are not??
Yearly tuition of 90k is insane... I can't even imagine paying that much for any degree
Yup these kids are paying 90k a year for a degree that earns them a few dollars more an hour than fast food workers.
Become an electrician. No school loans, decent living
She must be going out of state. There’s something she isn’t saying.
The fatalist view feels off to me. Thinking that youth spend much of their money because they don't consider their future important misses a larger development.
Today we have access to more entertainment value than ever before. Access to easy travel, streaming platforms, holiday options, diverse clothing, activities, video games, nightlife, etc. etc. We hardly talk about how people were able to save for a home - because they had little else to spend it on.
We've built an insane dopamine driven casino for ourselves and have convinced ourselves to believe we need it.
Well said
5:48 - Tuition is $90,000 a year at her school!?!?!! Go someplace else!! 😱
This therapist looks like he needs therapy
Facts
Therapists feel everyone needs a therapy, Why not include themselves
@@VK-oc2bx lol🤣🤣
You joke but that poor guy must be incredibly mentally strong, I don’t know how I’d handle that.
@jimbojimbo6873 definitely
This video is missing the part about the jerks who are underpaying everyone.
Well, this is what happens when countries don't have unions and universal healthcare
😂
@@firstpostcommenter8078 Those countries tax eat all there money
I attended a local university and only ended up with 30k of debt after i got my degree. High schools need to educate their students better about choosing the correct university. 90k per year is insane.
When did you graduate?
Better title: Why Young AMERICAN People are in So Much Debt
are you telling me the world is more than just the USA?
From an American perspective the world is theirs only and no other human alive anywhere else.
universities should spend money for education and not for sports teams and stadiums
Your comment lacks research.
i hate capitalism but those sports teams and stadiums are often a huge portion of their profits
@rampaginwalrus Those are private universities run by trust
Interviewing a LCSW (a very low paying career), living in the highest cost of living city in the US, who also attended one of the highest tuition schools on the east coast (NYU, an $80k/yr+ school) is an edge case at best. Shahem's life decisions put him in this financial position - Career choice? School choice? Where to live? Probably not the most optimal life decisions
That's why the subjective reality is backed by objective numbers in the video. Objective numbers are there to demonstrate that no matter how you stack up the life decisions, young people are much poorer than the previous generations. Individualism wont help the fact that we are bringing children to increasingly cut throat environment and being surprised they don't have children, have no place of their own, are unable to plan and build up the future for themselves and the country inevitably turns feudal.
Well... This is the landscape and not just in the US... Worldwide
It’s US
Still doesn’t make it right, but i agree all developed nations are seeing roughly the same issues
“Older people don’t understand “. Heard this every generation.
8:25 doom spending is like retail therapy with a fatalist twist
i will never understand student loans. what a broken system the US have. my condolences. capitalism went out of hand.
We have public and community colleges that are quiet affordable; are loans perfect? No, but with Fafsa these are cheap options, it's the massive use of private schools that people take 0 personal accountability over...
Shaheem went to NYU why not CUNY? He went for a luxury private education instead.
We cannot recreate 1950s growth or 1950s circumstances that is constantly referred to here.
Student loans ensure that society runs effective, smart people will do jobs that require higher capacity at the same time they maintain the status quo. Poor will stay poor. Its a logical way of setting up things from the perspective of those at the top of the food chain. Not a conspiracy but a result of many natural incremental effects in a closed system, an obvious direction, just as gravitation and flow of water.
education is an investment, most school that want loans are pvt, state schools are cheaper after aid
Dude went into 150k debt for a Women's and Gender Studies degree 🤣
The guy in the beginning stating that he is very broke while laughing and showing his studded tooth 😂
That’s a basic living spent for this gen you don’t know that … shopping , spending , travelling and taking photos on iPhone 16 Pro Maxxxxxx 😊😊😊😊😊😊
@@dsdsdsds88888 Most of these younger adults realized they can try saving all they want but will get no where, so most give in spend on such items which cost significantly less.Think about how many Iphones one must buy to equal in value to house. Lets be clear the wealthy elites get the govt to pay for their stuff with subsidies. The best way for them to get back at the older generations is to target Social Security.
That's an essential
And manicured hands - look at them nails when he is typing
It makes no sense to take out that amount of student debt unless your guaranteed a correspondingly high income after graduation..do shorter/cheaper courses and learn on the job..college degrees are a racket..
Why dun the builders make smaller homes like cheaper ones for first timers? Homes under $250k, it may not be big, maybe like a 1 or 2 bedroom home.
not everyone need a LANDED home with a garden and 4 or 5 rooms and a garage.
Regulations, infrastructure, price for the land.
And lastly as my father taught me; "air is cheap" increasing the size of a apartment is fairly cheap, compared to dividing it into two apartments. As two apartments means double the work and cost of bathrooms/kitchens.
And lastly market conditions, developers would want to earn as much as possible as a safeguard against the risks of the investment. And if that means heavy competition with other developers for the same clients, then so be it. Its the same reason there are skyscrapers that are "empty".
We should have a lot more mixed use zoning also but NIMBY’s will always vote that down. NIMBY’s are by far the biggest problem but most people don’t wanna admit it.
It will quickly cause overpopulation of area so the people living in this zone will vote it down. The problem is bigger than "just remove requirements", it's the people themselves want to preserve their comfort out there and challenged to accept reality that there will be more around them what will in result also depreciate their own investment in assets there, and so on - infinity loop.
Regulation. Zoning. NIMBYs. Return on Investment.
Many places you can’t build anything but single family homes instead of multi-unit buildings because of regulation, zoning laws/codes, and NIMBYs straight up being pieces of 💩 and blocking any development.
In many places, it’s not worth the return to build single family homes since they don’t return as much money to build versus multi-unit buildings; but remember you can’t build them.
I think university is really missold. If you are thinking about going to university as an investment, yes, the more specialised you are the more you make on avarage, but it has to be an area with real world/industry application.
7:37 Dude got a degree in Political science and Women's & Gender Studies. Can't make this up
I'm not a degree "purist", it's ok to get a Genders Studies Degree if its a field they are interested on, but don't expect it to make financial returns.
It should be a law that people need to graduate from community college before they are allowed to go to a university.
I was thinking when reading the title that hey, I'm not in debt. But then I realized that I'm not even young anymore 😂
Resume without 10 minutes of fluff and repetitive words: Cost of living increases faster than income adjusted for inflation.
Also student debt
Yes people have bad spending habits, but a critical problem is that it is WAY too easy for ppl to get credit and debt. Everywhere you go you're being solicited for a credit card or buy now pay later. Governments need to take some ownership for enabling bad behaviour and need to start restricting credit and BNPL. A person making less than $50K should not be able to have 10s of thousands of dollars in consumer debt by their mid 20s..or ever.
College enrollment honestly needs to drop. We need more trades people. School can only teach you so much about the trades, then it's all application. We also have too many people working in positions of power. Or people at least try to get into those positions, most nowadays with no success. We need a real efficient an accurate way of estimating what we need 5 to 10 years down the line when a person is about to graduate.. that way the person can start work immediately, pay off their debts immediately... And about that, debt.... We need to stop handing out credit cards like cotton f****** candy. As a person who works at Rogers, and Rogers has a MasterCard..? What the f***? Too big. Way too big.
there's definitely room for more people in trades work but there's a limit. Too many people and then trade workers would get paid less (supply and demand). Also, there is a finite amount of work to be done in trades. Cities only need so many plumbers, electricians, etc. Lastly, what makes countries rich is not trade work but advanced skills and products (e.g. tech; see japan and taiwan). If US loses its edge on advanced products , our economy will shrink, which will mean less money going around - and less demand for trade work.
I'm a victim of doom spending because life just sucks right now as a genz..
With that tuition college isnt worth it, in Norway there is only 60 dollar tuition every semester which makes it still worth it here
to me, the scariest part is how the situation is causing people to abandon higher education. if this election cycle has shown anything, it's how desperately americans need more education and critical thinking skills
p.s. the comments here also showing this.
"Why Young People Are in So Much Debt?"
- We got suckered into going into college.
- We have to rent everything. Since buying is insanely high.
- Both of those previous things have countless payment fees and interest that make it very hard to pay off.
- And most of us can't even get a job with that useless piece of paper we spent $25,000 to $400,000 in loan money on.
- Internet and phone bills aren't really a luxury anymore.
- The price of living is WAY higher than when we grew up. Meaning even though we're getting paid WAY more than our parents and our grandparents we actually have less money.
- Companies love to sucker us into a contract every single day, and every single hour of each day.
- And all of our favorite pleasure activities are subscription-based.
In Short: Gen-X and Baby Boomers had it MUCH easier than us young folk. What with being able to get a house with ease, starting a business taking less effort than getting a job, being able to walk into a business anytime you wanted for an interview, and everything being cut and dry.
The future economy NEEDS these younger generations to have disposable income
It's not just young people. The majority of people including the entire country as a whole is in debt. And that's because "the wealthy" own the majority of assets in the country and overcharge us into debt to use those assets. The solution is a wealth tax on the assets they own whether those assets are sold or not. This would solve the majority of debt issues and let more regular people own stuff without the huge debt.
so tax people who did it right and were smart with their money
I'm an older millenial and will also never be able to buy a home. Things are atrocious
So, gen a median income declined 6%, but their debt went up 15%. They do this to maintain their lifestyle…the most irresponsible thing I’ve heard. Cut your spending, increase your earnings. Doom spending is idiotic.
That's why young people don't want to have children
"Doom Spending" makes sense when you feed an entire generation wit the idea that they're owed a certain lifestyle (through social media and much). That will only lead to some massive economic adjustments, and disappointments.
I can relate so much to the content of this video. Thankfully, I read the bible at my lowest point, and now I'm suffering along with Christ.
Spending money you don't have is one issue, but it will get worst. Automation is driving wages down. It is company greed and materialism. Thinks about 40 years ago and what was available to buy and how we bought. Mall and cash vs card and online shopping.
I've accepted the fact I'll never move out of my folks' house. I'd be on the streets with pay I receive at nearly 30. I go home and go right to sleep to avoid spending money
In the late 70s early 80s any credit was near impossible to get. Today you can just swipe away and easily get approved.
Buying a Nissan Sentra was the worst mistake i ever made financially. It ate all of my savings and put me so deep in debt needing to constantly repair the thing. Eventually interest payments on my credit card exceeded what i could save and it snow balled further.
Older gen z here. I have never had debt and we spend our extra money on investments.
2:38 Why are 15 year olds being lumped in with 24 year olds? In my state, a 15 year old can't eve work more than 3 hours on a school day. Their earnings and opportunities aren't comparable to 24 year olds.
18 years old aren't going to make wise decisions about future employment prospects, that's the real problem.
Bloomberg really out here like they don't know they are part of the problem.
Important to note, the one woman who says at 3:32 "maintain the lifestyles they've always had". Gen Z hasn't been taught to pull back spending on non-necessities. Where in previous generations who have lived through recessions and even worse, depressions, learned and figured out how to reduce spending and life meagerly. That's called 'entitlement'. Recessions and high-rate environments are not new cycles. They've occurred before and they'll happen again.
Low Income - ok problematic for sure, but most still choose to not pursue high paying fields
Housing Cost - ok, but move further out, commute more (public transportations). Cant live in gentrified Brooklyn and then complain. (I know bc im from bk)
Student Loans - stop dorming, stop going to private unis. State college thats commutable is fine
Doom spending - this is a silly concept. Soceity cant save you from you. Thats personal responsibility
Housing, childcare etc. 🤦🏻♂️
USA has an issue with lifestyle
Maybe. But pretty sure that our economic system plays a big role. e.g. the video pointed out that people today earn less and things cost more.
Financially irresponsible spending had always existed. Combine it with a victim complex, and you get "doom spending".
And how much is the US government in debt? The $35 trillion (and growing) ...
Anywhere else you want to copy and paste this comment? At least could you explain what the federal debt has to do with rising debt in millennials/gen z?
@@patrickhannen4832 The way banking works today debt-money, makes indentured slaves of us all. The more the main banks can extend new credit in exchange for our promises to repay, the more interest they can rake in, but the harder we have to work to service that debt. Rising house prices mean the more money the banks can create, out of nothing, and the more enslaved the populace becomes as it labours to pay the bank’s mortgage, or the landlord’s rent, or mortgage (obtained from the bank), or face eviction. We are shackled by this system. But it does not have to be this way. Money is a social construct. We can change money and change the world.
@@patrickhannen4832 sustainable debt slavery
That's three whole words you've strung together. That doesn't explain anything.
That's over $105,000. per person.
I get you have to treat yourself every now and then to reward yourself and relieve yourself from the stress from everyday life and to enjoy life here and there. I know life is difficult but there's also another thing where people are just being too irresponsible. People just want the positives and no negatives. They are just splurging without thinking twice and being too impulsive with purchases and then saying that they have no money. There needs to be a balance.
Bloomberg going the cnbc route of putting out videos with a problem in the title, and only talking about the problem never actually talking about what causes the problem
The youth or the future, and if you already given them the bad start what does that say for the future of this country?
If the government does it, why not everyone else?!
A lot of these comments show how little critical thinking skills many of you have.
You all are giving your anecdotal opinion even after this very video provided data to explain why things are a certain way.
7:37 political science and women & gender studies. I'm not questioning your work ethnic. But I will question you for your choice of major in college. 😂
he has a masters in social work (which the gender studies degree helps)
Student loan payments are based on discretionary portion of income, my payment is $40 a month. I am 82 months into my loans. Get the facts straight.
Student loan only makes sense when the underlying degree is worth it ! I know of people in debt of USD 90,000 for a history degree that doesn’t even pay minimum wages !
social science graduates living in coastal cities. That just spells doom from the jump
are you suggesting that coastal cities shouldn't have social workers? Or that coastal cities (and I'd say, all cities) should make it easier for people to live there?
It happens around the world...human are doomed with debt 😢😢😢
1:24 licensed therapists… lol he looks like he needs therapy,no offense tho 😂
A different report shows that Gen Z is doing better financially than any other gen at their age. Huh?!?!?!??!?!?!?
Essentially....people cant control themselves and now looking at govt/society for solutions?
That’s a basic living spent for this gen you don’t know that … shopping , spending , travelling and taking photos on iPhone 16 Pro Maxxxxxx 😊😊😊😊😊😊
are you working for Fed by any chance?
And how much is the US government in debt? The $35 trillion (and growing) .....shopping , spending , travelling and taking photos on iPhone 16 Pro Maxxxxxx
There have been huge gains in the amount of stuff produced.From
A. Women joining the workforce
B. Technological innovation
The lions share of this extra output has gone to a CHOSEN few asset owners. It's by design, for example taxes on salary being higher than stocks.
Life should be easier for each generation because of technology
Our wants and desires were by far less and limited … I’m worried about my kids too, their asks and demands are sometimes way over .. worried about their future
@@geoms6263 that itself gives you a real picture - when the national debt is so high, it’s all hollow in the core which is why consumer spending and inflation is so high
Honestly Apprenticeships are the way to go i csnt belive more people dont do them. Its not just construction workers that can do apprenticeships anyone can in any discipkine or ymin the UK you can. Big 4 accounting firms offer them in all their different disciplines
Older generations did't spend as much as younger ons, that's all: universities, phones, concerts, premium snickers, smartwatchs, videogames, RESTAURANTS, vappers, etc.
Exactly. That’s my argument too and I’m dying on that hill. My parents never ate out every weekend, traveled every 6 months , had the latest car, the latest anything. They didn’t see what John Jones was doing half way around the world and wanted to copy. They lived a simple life.
That’s the policy I’m adopting and it has reaped great rewards. I’m off of social media, so I don’t know or care what my friends from high school or college is up to, I don’t care what my workmates are up to..I focus on what me and my wife are doing with our lives. If I buy or take a trip it’s for me, it’s not to post on the socials to try to impress a soul.
Thats a fact! My grandpa built his house and the basement had dirt floors. As the years rolled by the house was upgraded…
But yeah young people today have so much upportunity to do fun and cool stuff… during my childhood I travelled abroad twice with my parents. My kids get abroad every year… life is better
Living in a desirable cool city is a priority that comes with added costs. Its a choice
I think doom spending will cause the next financial crash much like housing dod in 2008. Every company is offering it now and those that arent are certainly looking into im interested to know who the risk ultimately lies with when people can't pay
What about the inheritances most these people are going to get?
It’s not just young people
Gen X and Boomers also partnered at earlier ages so they weren't buying homes alone.
Doom spending, so it's about avocado toast again
I blame Amazon
You really are asking this question ? Lol😊
How do these 22 to 24 year olds make 50k on median? That's a lot. In Canada, the median income is 20k for 20 year olds
Well, it's for a full time worker. And many states now have a $15 minimum wage so it doesn't surprise me.
Student loans & low wages. 🙄🤷♂️😔💰😶🌫️
No parental advice about debt???
I took a huge loan and maxed out my credit cards to put money into crypto, lost everything unfortunately, il have to repay my debt for the next 5 years unfortunately.
So you borrowed money to gamble
😂
Jesus what a mistake.
Thanks for sharing the story to help others
@@CCP_Operative i did the same and bought bitcoin at 16k. Now is 69 k
@@geoms6263 still a gamble, at least put it in the stock market indexfund or spread your gamble. Nvidia did a lot better than bitcoin though should've gambled on that.
Hilarious! The licensed therapist has a B.S. in political science and women's and gender studies, a master's in social work, and $160k in debt. He should have started at a community college, considered online and CLEP/Dantes exams for college credit, stuck to one bachelor's, and if a master's was needed for his job, should have picked a less expensive college. On top of that, why didn't he seek out scholarships? Why didn't he move to a less expensive metro area like Detroit, Cleveland, Pittsburgh, or Buffalo? Funny and unbelievable at the same time. Educated, but lacks common sense.
how do you know he didn't get a scholarship?
Am sure it is somebody else fault. lol
Becasuse US fed keep printing money to support the economy by not falling into downturns since 2007 financial crisis, which change everything.
That’s me. Gosh. 😮
Reality is that the Western dream is over. The developing economise can out produce us, and lower prices and we buy all their cheap stuff. It was nice whilst it lasted but the western lifestyle was an indulgence, afforded only because we could out perform other countries. If you want a higher standard of living, then you need a higher GDP/ Capita which really means you need to reduce your population, and invest in more productivity tools. Fewer jobs, but more productive and leading higher living standards for the smaller population it is not rocket science.
23yo licensed therapist... lol. no wonder he is broke.
^^^
Beliefs like this are why it's almost impossible to get things changed in society.
@@henrythegreatamerican8136 Beliefs like this are why people are struggling
College is a racket...a lot of courses could be max 2 years long.. particularly tech or computers..
2 years to master modern computing? Maybe in 1950s
@NirvanaFan5000 I've been working as a programmer since 1998..I initially did a business/finance degree which was useless and then a one year post grad in programming.. enough to learn the fundamentals..every else I learned on the job or taught myself ..you can learn plsql,java, reporting tools at home now with a miriad of online resources..and the post grad was funded by the E.U..thankfully in Ireland college fees are nothing like the U.S
It seems the degree is not worth the ROI- there is an opportunity here to undercut the Colleges and deliver the same. Why is no one doing this? 😊
how do you plan to accredit people as doctors or lawyers outside a credentialed university?
@ outside of stem
Seems more like an entitlement trap to me 😮
enjoy the advantages of globalization...
All these people talking about "I did all the things they said to do, etc."
I'm a Gen-X, at the age of 30, nothing was guaranteed to my generation either. You had to save money for a house, no one was entitled to anything at 30. And by 35, most in my age could afford a home. For this generation, the goalpost has simply moved a little further. Not saying it is right, just saying that it isn't unattainable. You just have to adopt a more long term mindset.
you're not wrong, but to me the point is, instead of requiring each generation to adjust to harder levels of work, lower wages, and higher prices, that maybe we should try to make the economy work better for everyone instead of the richest people on the planet
Because they are forced to.
ask FED
Older people in the workforce would retire and make way for younger workers if there was a universal healthcare system in the US. So many of my coworkers want to retire between 55-60 but stay until 65 or longer depending on their family health needs.
Just wait until the red team wins and tries to increase the age of retirement to over 70.
The goal is to keep as many people in the workforce as possible so wages stay down.
tldr: poor choices.
tl;dr: Earnings are lower while prices are higher, esp for education and housing
Learn from Indians living in America. They are saver, invester
Cause genz and millennials are also buying their first home and cars and are paying for edu. Other generations have either paid if off are are too young and depend on the said groups.
Two factors: they earn less, since they are still young. Second, they are not very clever. They invest in cryptos and NFTs!
studies have compared income among the young both today and in the past. Young people today make less than young people in the past. (also, nfts? lol)
Broke is the new wealth, u don’t spend on luxury u don’t fit in , now people put on wealth cash is nolonger the king it’s debt
😂
Broke af
Yo, history is full of people who faced tough times and came out on top. These days, it seems like some generations think they're the only ones who've ever had it rough. They act all entitled and like the world owes them something.
Uuuuhhh inflation duhhh
$7,65.00 in the thumbnail. Nice Bloomberg, nice.