Gen Z is increasingly facing economic hardships that obstruct their dreams of homeownership and family life. Data reveals they have more credit card debt compared to millennials and show a higher tendency to max out credit cards. Rising living costs, tuition, and job market instability have made critical life achievements feel unattainable. A study indicates that a significant majority of student loan holders are unable to save for emergencies, invest, or purchase homes, amplifying the urgency of addressing these financial issues for this generation.
Young people are being priced out of the lives they pictured for themselves. Many Gen Zers, born between 1997 and 2012, are racking up debt and fear "adult" milestones such as becoming homeowners and having children are out of reach.
Rising costs of living, tuition fees, and an unstable job market have made milestones like homeownership, financial independence, and even career stability seem more out of reach than ever before.
A survey showed that 79% of US adults with student loans struggled to save for emergencies or retirement, 75% couldn't invest, and 52% couldn't afford to buy a home.
Uncertainty about repaying student loan debt is having long-term implications on young people's financial milestones.
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