The Grim Reality for Gen Z: Navigating Through Economic Turbulence

How has the economy been affecting you or someone you know in Gen Z?
Chris Correa of the Wall Street Money Report dives into the economic challenges currently faced by Generation Z. Amidst a backdrop of rising inflation, stagnant wages, and looming recession fears, Gen Z finds themselves in a precarious financial situation, far grimmer than the generations before them, from soaring debt levels to the perilous rise in "shadow debt" through buy-now-pay-later schemes.
Highlights of the Video:
The Dire Economic Standing of Gen Z: Gen Z is earning less and accumulating more debt compared to Millennials at their age.
The Pandemic's Long-Term Impact: How the COVID-19 pandemic has exacerbated financial struggles for Gen Z, setting them back even as they were beginning to recover.
Staggering Debt Increases: A look into a Transunion study revealing a 40% increase in average debt balance for those aged 22 to 24 since 2013, including rises in auto loans, credit card debt, and mortgage obligations.
The Savings Crisis: The alarming decrease in the American savings rate during the COVID-19 pandemic and its implications for financial health.
Credit Card Dependency: An exploration of Gen Z's rapid adoption of credit cards and the resulting financial distress, including rising delinquencies.
"Shadow Debt" and Buy-Now-Pay-Later: The hidden dangers of buy-now-pay-later schemes contributing to an estimated $700 billion in unaccounted debt.
The Real-World Impact: Observations on how mounting debt levels are affecting consumer behavior and sales across industries, with examples from Walmart and fast-food chains.
The Sustainability of Government Assistance: Long-term viability of government bailouts and the potential consequences for Gen Z's financial future.
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Keywords: Financial Wealth, Investing, Financial News, Economy

Пікірлер: 11

  • @StillAKid23
    @StillAKid2328 күн бұрын

    Bro it feels like everything is screwed. Im working 70+ hours a week trying to pay off my debt ASAP and i hope the recession doesn't hit till im fully prepared, we'll see

  • @wallstreetmoneyreport

    @wallstreetmoneyreport

    22 күн бұрын

    Sadly my friend, you're absolutely right. You're getting hosed along with the others. Every time the Fed cranks up the money printers for more government spending, your dollar takes a hit-shrinking and weakening bit by bit. Remember when a burger set you back a mere 10 cents? We can only ask our grandparents about that. But us? We're forking over ten bucks for the same damn thing- and the quality is terrible compared to what it us to be. It's all out of control- I feel your pain..

  • @michaelkugler9311
    @michaelkugler931126 күн бұрын

    My daughter is twenty and I often wonder if she has a clue about spending. The debt has fallen on us as parents, but in fairness to her, we taught her how to spend. Our habits became hers. We have good jobs to backup our spending, but in today’s world, it’s difficult to find a job right out of college to afford anything. My generation was taught to work hard, pursue and advance. Young adults these days can’t work hard enough and their American dream isn’t happening at this point.

  • @wallstreetmoneyreport

    @wallstreetmoneyreport

    22 күн бұрын

    We've groomed our kids into top-tier consumers-everyone knows Americans are the undisputed champs when it comes to spending. But flip the coin, and you'll see a huge void: do our kids know about saving? Europeans have a leg up on us there, but it's the folks in China who really get it right when it comes to saving their income. We’re a breed of spenders, not savers, and that's all well and good when the economy’s riding high-I'm talking a real economy, not one propped up by cooked stats and endless money printing. But fast forward to this current generation: how do you stash away savings when you're scraping by just to cover the basics? The system’s rigged, and it's our kids’ futures that are taking the hit. We’ve got to change this before the whole house of cards comes down.

  • @bradleyeric14
    @bradleyeric1427 күн бұрын

    You mean the members of that younger generation who do not become tradesmen or technicians or learn skills which lead to decent pay?

  • @wallstreetmoneyreport

    @wallstreetmoneyreport

    22 күн бұрын

    Let's cut through the noise, schools are peddling the same old narrative: hit the books, head to college, get a degree, and land that office job. But let’s face it, when was the last time your guidance counselor told you to pick up a wrench or wire a house? The reality is, we've got a generation of tradesmen aging out-plumbers, HVAC techs, electricians. And those young guns stepping in? They’re killing it. It's high time trade schools got the spotlight they deserve. Thanks for the comment!

  • @WeekendsOutsideFL
    @WeekendsOutsideFL28 күн бұрын

    I have little money and there’s lots of cockroaches in the house. I put out some Advion tho and that should help

  • @CCP_Operative

    @CCP_Operative

    28 күн бұрын

    right then

  • @MrChillnaut
    @MrChillnaut26 күн бұрын

    Financial Literacy aint no joke tho, i can see why the average gen zr is in mountains of debt, it took me many years to get on track, imagine a young adult who only follows tik tok advice, sometimes even to tell them to spend. lol wherever you are, gtfo of debt and cut up them credit cards cause its gonna be a sad day soon.

  • @wallstreetmoneyreport

    @wallstreetmoneyreport

    22 күн бұрын

    Financial literacy is a rigged game, and it's no accident. They'll drill STEM into your head, but dare ask about balancing a budget or the intricacies of interest rates, and you get crickets. Schools are assembly lines for worker bees, not financial warriors. Here's the real reality: they want us in debt. Thanks for the comment!