If GenZ and Millennials continue to support a class of elected officials who are tax & spend drunkards, anti-business and fail to support law enforcement, their future will probably meet their current expectations.
How Gen Z Feels About Its Financial Future
April 21, 2023
By Freny Fernandes, Visual Capitalist
4 in 5 Gen Zers believe they will be at least as financially successful as their parents
Gen Zers have a more positive outlook on their financial well-being than their millennial or Gen X peers
How Gen Z Feels About Its Financial Future
From rising costs of living to the effects of the pandemic, Gen Z was hit by multiple crises as soon as they stepped into the workforce.
To start, the rising cost of education and the resultant soaring student debt has many Gen Zers questioning the value of post-secondary education. Meanwhile, the widespread layoffs and economic uncertainty have them worried about stable employment. In addition, anxiety around climate change is a very real factor affecting how younger generations view their future prospects.
A survey conducted by Morning Consult—visualized in the graphic above—found that while the Gen Z is feeling more uncertain about their financial future than ever, most believe that they will be financially better off than their parents, if not the same.
The table below highlights exactly how the Gen Z feels about its financial future.
Breaking the Narrative: Gen Z’s Optimism
Gen Z is an optimistic and driven generation. Many young people in this generational cohort are turning to entrepreneurship and side hustles as a way to supplement their income and build a brighter future.
So, when asked how they would fare financially when compared to their parents, it makes sense that 38% of the Gen Z youth surveyed by Morning Consult believed that they would be better off than their parents. 43% believed that their financial situation will remain the same and only 19% felt that they would be worse off.
Irrespective of gender and race, four in five Gen Zers said that they would be better off than their parents, if not the same.
So, while many of the stories we hear about the outlook for Gen Z are negatively framed, this generation is more optimistic and determined than one might expect.
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