Young people today, particularly Gen Z, are grappling with significant financial challenges that threaten their ability to achieve the lives they envisioned. With rising living costs, student debt, and an unstable job market, many feel that traditional milestones such as homeownership and starting a family are increasingly out of reach. Data shows that Gen Z carries about 30% more credit card debt than millennials did at the same age, leading to a worrying trend of maxed-out credit cards and delinquencies. Surveys reveal that a staggering 79% of those with student loans struggle to save for emergencies or retirement, while 52% feel they cannot afford to buy a home. The pressure of societal expectations, combined with the temptations of digital consumerism, exacerbates their financial woes. However, experts suggest that by budgeting, setting realistic goals, and redefining success, Gen Z can navigate these challenges and work towards fulfilling their dreams on their own terms.
Read the full article here.