New survey indicates that Gen Z and millennials are grappling with “adulting struggles” more than their parents did. Let’s learn more about it!
Gen Z and Millennials Face Adulting Struggles More Than Their Parents
The study, conducted by CNBC and Generation Lab, involved 1,039 young adults aged 18 to 34. Findings suggest that they perceive greater difficulties in achieving key milestones in their careers and finances compared to their parents’ generation.
Around 55% of respondents expressed that it is “much harder” to purchase a home, while 44% reported increased challenges in finding employment, and another 55% believed it’s more challenging to secure promotions.
Nevertheless, 40% of participants acknowledged that they find it easier to explore economic opportunities that don’t rely on traditional employment, signaling a shift in their career outlook.
The survey results also indicate a sense of loyalty among younger workers, with 43% stating that they feel loyal to their employers, debunking the notion of frequent job hopping in these generations.
While there is a widespread concern about inflation affecting future finances (50% of respondents), there is also considerable trust in the stock market, with 63% having faith in its potential.
Cyrus Beschloss, the founder of Generation Lab, suggests that these financial perceptions might be shaped by childhood experiences, with many Gen Z and millennials witnessing their parents’ struggles during the 2008 financial crisis.
Nonetheless, there is optimism to be found in the data. A majority (68%) of respondents claim to have less than $20,000 in overall debt, and 65% believe that student loan debt is not hindering them from key life milestones such as getting married, starting a family, or purchasing a home.
While the impact of the COVID-19 pandemic is significant, financial advisor Blair duQuesnay emphasizes that the nature of the working world was already evolving before the pandemic hit.
The traditional model of working for a single corporation throughout one’s career and retiring with a pension is becoming increasingly rare, making it crucial for younger generations to adapt to new economic realities.
In conclusion, this survey highlights the unique financial and career challenges that Gen Z and millennials perceive in comparison to their parents.
While these challenges are real, the data also reveals a degree of adaptability and optimism among young adults as they navigate an evolving economic landscape.
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