Millennials and Gen Zers are grappling with numerous economic challenges, including a difficult job market, surging student debt, and soaring inflation. A recent survey conducted by OnePoll on behalf of National Debt Relief has shed light on the concerns of 65% of millennials and Gen Zers regarding the influence of baby boomers on their financial future.
Interestingly, baby boomers themselves acknowledge that their financial decisions will have a lasting effect, with 45% of them believing their choices will impact future generations. Given the large size of the boomer generation, their decisions hold significant sway over various aspects of society, such as the job market and politics.
Among the many worries expressed by millennials and Gen Zers, one stands out – the sustainability of programs like Social Security. Both political parties have raised questions about its future, causing widespread apprehension.
In a survey, three-fourths of millennials and a staggering 82% of Gen Zers attributed their current financial struggles partly to the choices made by baby boomers. Many criticize older generations for leaving them with a broken economy and burdening them with challenges such as oversized student debt and unaffordable housing.
However, millennials and Gen Zers are not solely placing the blame on boomers; they are also taking responsibility for their own money habits. Nevertheless, financial imbalances between generations persist, as boomers currently hold over half of the nation’s wealth.
Financial anxiety is high among younger generations, leading some to depend on their boomer parents for financial support. Interestingly, boomers have the potential to positively impact the financial futures of younger generations through the Great Wealth Transfer, estimated to be worth a staggering $72 trillion.
But despite this potential, the current system still leaves millennials and Gen Zers struggling to gain financial stability. It is crucial to address the gaps that hinder their progress and work towards creating a more equitable financial system that benefits all generations.
In conclusion, the economic challenges faced by millennials and Gen Zers are multifold, including a difficult job market, exorbitant student debt, and high inflation. Their concerns about the influence of baby boomers on their financial future are well-founded, as boomers themselves acknowledge the impact of their decisions. The need to address these issues and create a more balanced financial system that supports all generations is more pressing than ever.
“Travel aficionado. Incurable bacon specialist. Tv evangelist. Wannabe internet enthusiast. Typical creator.”