Life Goals at Risk: Gen Z Faces Financial Barriers
Key Concerns:
* Millennials face increasing costs, debt, and housing affordability challenges.
* Homeownership and family planning become distant aspirations due to financial constraints.
Debt Burden:
* Gen Z holds significantly higher credit card debt than previous generations.
* Student loan debt weighs heavily on financial milestones, including homeownership and retirement savings.
Homeownership Obstacles:
* Home prices and mortgage rates have skyrocketed, limiting affordability.
* Renters face increasing costs, leading to a higher proportion living at home.
Economic Impact:
* Delayed homeownership and childbearing can stifle population and economic growth.
* Lack of home ownership undermines wealth-building and economic demand.
* Workforce mobility is hindered as individuals struggle to relocate.
Family Planning Challenges:
* Childcare, education, and family expenses deter childbearing plans.
* Affordability concerns are cited as a major factor in delaying or forgoing children.
Temptations and Impulsive Spending:
* Social media platforms promote lavish lifestyles and facilitate easy spending.
* Digital payment services make impulsive purchases more convenient.
* Constant exposure to aspirational content fosters a culture of instant gratification.
Steps to Achieve Dreams:
Despite challenges, experts recommend practical steps for Gen Z:
* Budgeting and goal-setting
* Seeking professional financial guidance
* Minimizing impulsive purchases
* Eliminating unnecessary expenses
* Prioritizing fulfillment and personal values over traditional milestones
* Exploring alternative housing and education options