Young Adults Facing Tough Challenges
If you’re a Gen Z or millennial adult, you might be finding it difficult to achieve the same milestones your parents did when they started working. According to a survey by CNBC and Generation Lab, 55% of young adults find it much harder to buy a home, 44% find it harder to get a job, and 55% find it harder to get promoted. The survey polled 1,039 people aged 18-34 in the U.S. from Oct. 25 to Oct. 30.
Cyrus Beschloss, founder of Generation Lab, noted that the survey provides a snapshot of how young people perceive their lives compared to their parents’. Blair duQuesnay, lead advisor at Ritholtz Wealth Management in New Orleans, added that the nature of work was changing even before the Covid-19 pandemic.
Economic Opportunities Outside Traditional Employment
On the plus side, the poll found that 40% of Gen Zers and millennials say it’s easier for them to find economic opportunities outside of traditional employment. While there may not be as much stability as in previous generations, Beschloss highlighted “glimmers of optimism” despite pessimism about the nation and the world.
‘Glimmers of Optimism’
About half of young adults believe inflation will have a very negative effect on their future financial well-being. However, Beschloss pointed out that there is hope in this data because student loan debt is not causing delays in major life decisions for 65% of Gen Zers and millennials.
Additionally, 43% of younger workers feel quite loyal to their employers, which goes against popular belief and shows that employers have increased efforts to boost employee morale.
Gen Z, Millennials and the Stock Market
63% of polled young people believe the stock market is a good place to build wealth and invest. However, due to past macroeconomic events like the financial crisis in 2008, some have lost trust in the stock market. There’s also growing interest in cryptocurrency as an alternative financial system.
Douglas A. Boneparth, president and founder of Bone Fide Wealth in New York, mentioned that it will take time for younger investors to see returns in the stock market. The rise of cryptocurrency is also playing a role in shaping investment decisions for Gen Zers and millennials.
Hot Take: Challenges and Opportunities for Young Adults
Youth & Money in the USA poll highlights significant challenges facing Gen Zers and millennials as they navigate economic opportunities outside traditional employment. Despite concerns about inflation and distrust in the stock market due to past macroeconomic events like the financial crisis in 2008, there are still signs of hope amidst these challenges.
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