Gen Z Wants To Get Rich, But Will They?

Generation X, the Baby Boomers, and even millennials often have plenty to say about Gen Z when it comes to their optimistic outlook on life.

While older generations always have something to say about the younger generations, this one may actually be quite true. According to a study, Gen Z is out to become rich and famous, but unfortunately the current financial trends don’t seem to be sending the young much help.

According to research conducted by Morning Consult, Gen Z considers fame and fortune to be even more important to their lives than the two are to millennials. The survey of over 3,000 adults also revealed that money is broadly more important to Gen Zers than it is to millennials, with 7 in 10 Gen Zers saying that making money is “very important” to them. When it comes to fame, there are far fewer individuals who are concerned with fame than there are individuals concerned with money. 6 in 10 millennials say making money is “very important” to them, while 7% say fame is important to them. When it comes to Gen Zers, 12% say fame is what’s important to them.

Having high expectations of oneself is generally a good thing, but both millennials and Gen Zers have to face an uphill battle in many ways. The young are facing an increasing cost of living at the same time as the student loan crisis gets more young Americans wrapped up in a cycle of debt. These facts have culminated in a broader generational wealth gap. According to MagnifyMoney, analysis of Federal Reserve data reveals that baby boomers have a much higher net worth than Americans in their age group did 20 years ago. At the same time, millennials are actually lagging behind those of their same age group in 1998. Across the board, the young are doing more poorly in today’s economy. While there are countless new and exciting ways to become rich and famous, the economy is currently not favorable to the young.

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5 years ago
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