Economy Gen Z is making less than millennials made a decade ago at the same age.

[White Whale]

Gen Z Makes Less Than Millennials Did at the Same Age

Gen Z is making less than millennials made a decade ago at the same age.

finance.yahoo.com

Gen Z Makes Less Than Millennials Did at the Same Age

Gen Z is making less than millennials made a decade ago at the same age.

As of the fourth quarter of 2023, Gen Zs aged 22 to 24 were making an average of $45,493. At that same age 10 years ago, adjusted for inflation, millennials were making $51,825, according to a recent study by TransUnion. And the debt-to-income ratio is 4 percentage points higher for Gen Z than millennials, coming in at 16.05% compared with 11.76%, the credit bureau found.

TransUnion attributes this to the fact that Gen Z, which is defined as the generation born between 1995 and 2012, has come of age during a high inflation economy, which has seen a 32% rise in cumulative inflation since 2013.

Inflation peaked in June 2022, when the consumer price index shot up 9.1% year-over-year, its fastest rate of increase in 41 years — just as a sizable portion of Gen Z began entering the job market. And inflation has remained stubbornly high despite the Federal Reserve’s quantitative tightening campaign, with consumer prices excluding food and energy climbing at a 4.5% annualized pace in the first quarter of 2024 — up from 3.3% in the prior quarter.

Gen Z really do have it worse: Those in their early 20s are earning less and have more debt than millennials did at their age

With higher expenses and less money to pay for it all, the report added that 14% of Gen Zers are “extremely stressed out”, compared to just 8% of millennials in 2013.

fortune.com

Gen Z have been relentlessly mocked for spending money they don’t have on avocado toasts, designer bags and luxury holidays—and then complaining that they’ll never be able to save up enough for a house deposit. But in reality, research echoes that the youngest generation of workers really do have it worse financially.

A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than millennials did at their age.

taking a bigger bite out of Gen Z’s earnings than the generation before them: Millennials had around $47,000 of their annual salary left after their mortgage, student loans and other debts were paid. Meanwhile, Gen Zers are left with little over $40,000.

Gen Z is getting screwed by inflation and have no hope for the future so they spend money because they see no point in saving for the future.

 

[HockeyBjj]

Yeah it’s the story of every generation now. And will continue to be.

I don’t think it’s right to pin this solely on housing and inflation. It’s the economy as a whole that is resulting in this. And it’s been doing that since the 80s.

 

[Seano]

A democrat in the white house means working stiffs will struggle as sure as you'll get wet going outside in the rain. Its just a result of that party.

 

[steveflynn]

A democrat in the white house means working stiffs will struggle as sure as you'll get wet going outside in the rain. Its just a result of that party.

Pretty sure if you look at the numbers, the economy does better under democrats than Republicans bud. Also, how does things like supporting right to work laws and cutting funding for the consumer financial protection bureau help the working class ?

 

[Seano]

Pretty sure if you look at the numbers, the economy does better under democrats than Republicans bud. Also, how does things like supporting right to work laws and cutting funding for the consumer financial protection bureau help the working class ?

Its weird how no one's actual experience ever seem to match these #'s.

 

[ferrisjso]

A democrat in the white house means working stiffs will struggle as sure as you'll get wet going outside in the rain. Its just a result of that party.

Both parties are the same in this regard.

Which one is worse....is complicated.

"Nothing will fundamentally change"

-Joe Biden

 

[filthybliss]

Pretty sure if you look at the numbers, the economy does better under democrats than Republicans bud. Also, how does things like supporting right to work laws and cutting funding for the consumer financial protection bureau help the working class ?

they don't care about what the stats say here....its more about what their cousin on facebook says is gods truth.

 

[steveflynn]

Its weird how no one's actual experience ever seem to match these #'s.

Whose experience ? Stock market, gdp growth, income growth all do better under democrats. I think bond returns do better under republicans though. The data is pretty clear

 

[filthybliss]

Its weird how no one's actual experience ever seem to match these #'s.

believe it or not, there is a world beyond your inner bubble

 

[Mr. Shickadance]

Its weird how no one's actual experience ever seem to match these #'s.

So your feelings over facts?

 

[Seano]

lol, all you tards responding with your laugh emoji.... tell me why a house costs you twice (being conservative in my estimate here) what it cost me. Why is my dollar worth so much less? Tell me how the green movement is intended to help the working stiff. Tell me how the attack on domestic oil has benefited me. I can't think of a single thing democrats stand for that helps me. Sorry you don't like that but its the truth.

Don't get me wrong, I get it. For some of you its more important to enforce victim mentality in minorities and fuck shit up for people you hate, I get it. But don't be dishonest about it. Own it. Be proud of who you are.

 

[CantCucktheTuck]

Its weird how no one's actual experience ever seem to match these #'s.

The media is constantly trying to get people to stop believing their own eyes.

 

[HOLA]

Pretty sure if you look at the numbers, the economy does better under democrats than Republicans bud. Also, how does things like supporting right to work laws and cutting funding for the consumer financial protection bureau help the working class ?

Their Dear Orange Leader even says that!

 

[steveflynn]

lol, all you tards responding with your laugh emoji.... tell me why a house costs you twice (being conservative in my estimate here) what it cost me. Why is my dollar worth so much less? Tell me how the green movement is intended to help the working stiff. Tell me how the attack on domestic oil has benefited me. I can't think of a single thing democrats stand for that helps me. Sorry you don't like that but its the truth.

Don't get me wrong, I get it. For some of you its more important to enforce victim mentality in minorities and fuck shit up for people you hate, I get it. But don't be dishonest about it. Own it. Be proud of who you are.

The dollar costs less ? Actually the dollar has and continues to strengthen against foreign currencies and it is worth more and not less now. As for housing prices going up, you do realize that the value of a person’s house is a large portion of their net worth and savings, so housing prices going up is a good thing ? Also, not sure at all what minorities being victims has to do with this. Just seems like you’re angry that a republican isn’t in office because you strongly identify as one

 

[steveflynn]

Their Dear Orange Leader even says that!

Because it hurts their feelings that this is the case. I mean, the data is very easy to find. Stock market, wages, gap, job creation .

 

[The XL]

The arguing over which party fucking you less is hilarious. They're both fucking the American people extremely hard. Our monetary system is a fraudulent house of cards waiting to collapse.

 

[steveflynn]

The arguing over which party fucking you less is hilarious. They're both fucking the American people extremely hard. Our monetary system is a fraudulent house of cards waiting to collapse.

I disagree with this. I think the fed has done a good job handling inflation and employment , especially compared to how other countries’ central banks have handled things

 

[Rob Battisti]

Yeah it’s the story of every generation now. And will continue to be.

I don’t think it’s right to pin this solely on housing and inflation. And the economy as a whole that is resulting in this. And it’s been doing that since the 80s.

Monetary inflation is exactly there to pin this at the start of any explanation.

 

[JudoThrowFiasco]

Gen z incorporates the labour force aged 18-27. Why the fuck would they pick 3 year range of age to do the comparison?

It's also incorrect

Generation Z is unprecedentedly rich

Millennials were poorer at this stage in their lives. So were baby-boomers

www.economist.com

 

[Barteh]

Gen z incorporates the labour force aged 18-27. Why the fuck would they pick 3 year range of age to do the comparison?

Probably to promote a certain narrative. Look at 4-5 different age ranges and pick the one that fits your narrative the best. It's how "news" nowadays works.