A recent survey highlights the struggles and opportunities facing Gen Z and millennial adults as they navigate the workforce and financial milestones. According to a Youth & Money in the USA poll conducted by CNBC and Generation Lab, a significant portion of young adults finds it increasingly difficult to achieve milestones that seemed more attainable for previous generations.
Survey Insights
The poll, which surveyed 1,039 individuals aged 18 to 34 across the U.S. from October 25 to 30, reveals that 55% of respondents believe buying a home is “much harder” now, 44% find it harder to secure a job, and another 55% see challenges in getting promoted. Cyrus Beschloss, founder of Generation Lab, describes the survey as a reflection of young people’s perceptions of their life challenges compared to their parents.
Economic Opportunities
Despite these challenges, the survey found a silver lining: 40% of Gen Zers and millennials see more economic opportunities outside of traditional employment. The changing nature of work, accelerated by the Covid-19 pandemic, has shifted expectations and opportunities for the younger workforce.
Financial Outlook
Concerns about inflation and its impact on future financial well-being are prevalent, with 50% of respondents worried. Yet, there’s a sense of hope among young adults. A notable 68% believe they have less than $20,000 in outstanding debt, and 43% express loyalty to their employers, countering stereotypes of disengaged younger workers.
Investment Perspectives
The survey also sheds light on Gen Z and millennials’ views on the stock market. While 63% see it as a viable path to wealth, a significant 37% remain skeptical, influenced by economic upheavals and a distrust in traditional financial systems. The rise of cryptocurrency and recent market volatility have further shaped these perspectives.
