A survey indicates that nearly 60% of millennials and Gen Zs report their financial goals are hampered by social spending. Economic pressures such as high interest rates, inflation, and student loan debt are making it increasingly difficult to achieve milestones like homeownership. The median age for first-time homebuyers has reached 38, with only 3% of homebuyers being Gen Z. Contributing factors include rising living costs and financial habits that affect savings capabilities.
Nearly 60% of millennials and Gen Zers say social spending has impacted their financial goals, reflecting the struggle between maintaining a social life and saving for the future.
Homeownership remains challenging for young buyers, with the median age of first-time homebuyers reaching an all-time high of 38 years, fueled by elevated mortgage rates.
The rising cost of living, inflation, high home prices, and interest rates restrict homeownership for younger generations, regardless of discretionary spending.
Many Gen Z individuals grapple with student loan and credit card debt and lower incomes, complicating the ability to save for a down payment on a home.
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