Why Are Millennials And Gen Z Poorer Than The Previous Generation.

Believe it or not but millennials and Gen Z are not as lazy as you think. There are valid reasons why they are behind in terms of progression and finances. Here are a number of reasons why millennials and Gen Z are poorer than previous generations.

The rising cost of living. The cost of housing, education, healthcare, and other essentials has been rising faster than wages for many years. This has made it difficult for young people to save money and build wealth.

The increasing student loan debt burden. The cost of college has skyrocketed in recent years, and many young people are graduating with crippling student loan debt. This debt can make it difficult to save money and buy a home, and it can also lead to financial stress and anxiety.

The Great Recession. The Great Recession of 2008-2009 had a devastating impact on the economy, and millennials and Gen Z were particularly hard hit. Many young people lost their jobs or saw their wages decline, which made it difficult to save money and build wealth.

The gig economy. The gig economy has grown rapidly in recent years, and many young people are now working as independent contractors or freelancers. This can be a great way to have flexibility and control over your work, but it can also make it difficult to get benefits and build long-term financial security.

These are just some of the factors that have contributed to the financial challenges facing millennials and Gen Z. It is important to remember that these challenges are not insurmountable, and there are steps that young people can take to improve their financial situation. 

These steps include:

• Getting a good education and developing marketable skills. This will make you more likely to get a good job and earn a high income.

• Living below your means. This means creating a budget and sticking to it, even when it's difficult.

• Paying off debt as quickly as possible. This will free up more money to save and invest.

• Investing for the long term. This will help you grow your money and reach your financial goals.

• Building your credit score. This will make it easier to get loans and credit cards, which can help you build wealth.

It is also important to remember that you are not alone. There are many other young people who are facing financial challenges. There are resources available to help you, such as financial counseling and government programs. With hard work and dedication, you can overcome these challenges and achieve financial success. Until the next episode, cheers.