Why Gen Z Will Face More Failures Than Any Other Generation

Life Might Suck For Awhile If You’re Gen Z

Let's talk reality.

The economic and societal climate that Gen Z is being catapulted into is not ideal.

Prices are constantly increasing, wages are remaining stagnant, and most people aged 20-30 right now are working 3 jobs to keep up.

In face, over 46% of Gen Z are polyworkers, having at least 2 jobs to make ends meet.

Dreaming of owning a home? Think again. With home prices soaring, the median in the U.S. recently hit a record $407,600.

What about college? Gen Z’s average student loan amount is expected to be around 10% higher than previous generations. 

But wait…there may be hope on the horizon.

As new emerging tech fields in AI and computer science become more common, the tech savvy generation of Gen Z might have a shot at paving their way to a successful future.

But what about everyone else who isn’t computer savvy? Will our economic climate make a comeback? What about the housing market, and eduction?

The Perfect Storm Of Challenges For Gen Z

The economic climate we're stepping into is literally a boss fight on hard mode.

But the best thing you can do to fight back is to be informed of the challenges you face so you can strategize a way to win.

Rising Costs, Stagnant Wages:

A study by the Economic Policy Institute found that wages for young adults have only increased by a measly 1.8% in the past year, but to keep up with inflation it should have been at least 3%

This gap between wage growth and inflation results in a decline in purchasing power, leaving young workers financially strained and less able to save for future goals like home ownership or retirement.

Furthermore, rising costs extend beyond the usual suspects of rent and utilities.

Groceries, healthcare, and transportation costs have all seen significant increases.

According to the Bureau of Labor Statistics, food prices alone have risen by approximately 6% over the past 12 months, and health insurance premiums continue to climb.

These price hikes are not only making it tougher to make ends meet on a monthly basis, but they're also impacting long-term financial security and lifestyle choices.

In addition to these economic pressures, young adults are facing unprecedented levels of student loan debt.

The Student Loan Burden

The Federal Reserve reports that the total U.S. student loan debt has surpassed $1.7 trillion, burdening graduates with hefty monthly payments that further eat away at their disposable income.

The Federal Reserve tells us that the average Gen Z graduate will carry at LEAST $40,000 in student loan debt after college.

That’s a whole 10% higher than what Millennials had to face at the same stage.

And think about it…it’s also a monthly payment of around $430 before you even factor in rent and groceries.

The Housing Market Mirage

Owning a home used to be a major part of the American Dream, but for us, it's looking more like a pipe dream.

Here's the harsh truth…the median home price in the US just hit a record high of $407,600 according to the National Association of Realtors. Let's put that into perspective.

Imagine trying to save for a down payment on that kind of price tag while you're juggling student loan debt (which we already talked about) and wages that seem stuck on repeat. It feels nearly impossible, right?

The reasons for this are clear. Skyrocketing housing prices mean saving up for a 20% down payment, the magic number to avoid costly private mortgage insurance, takes forever.

That means on that $400k house you’d need to save up at least $81,000 out of your own pocket.

Because can’t get a loan for the down payment. It defeats the whole point.

Remember, you pay the down payment so that you can GET the loan for the damn house.

On top of that, competition in the housing market is fierce, especially in desirable areas.

With limited inventory and high demand, bidding wars are becoming increasingly common.

This means even if you do manage to scrape together a decent down payment, you might still get outbid by someone with a bigger stack of cash.

So, what does this mean for you? Does this mean owning a home is completely out of reach for Gen Z?

Not necessarily.

There are still some paths to consider. Exploring alternative housing options like condos, townhouses, or even renting a single-family home with roommates for a while might be more realistic in the short term.

I wish there was a better answer, like “actually, the housing market will crash next year and we’ll all be good”, but it’s honestly not looking that way.

In fact, in 2024 prices are supposed to increase another 2.9%.

And you can blame all of this on the insane housing shortage we’re currently facing, thanks to huge corporations like BlackRock buying over 20% of single family homes and turning them into rental properties to milk people for generations to come.

So yeah, pretty depressing. Sad to say, but when it comes to housing, you might have to put up with your annoying roommates a little longer.

Technically, There’s Hope On The Horizon

Here's the good news…Gen Z has the adaptability and tech-savviness to bounce back and defy the odds.

It might feel crappy to have to do ALL of this extra work and go through so much extra stress just to survive…but in the great words of Michael Jackson, sometimes you just have to “beat it”.

The rise of Artificial Intelligence (AI) and Computer Science is creating a goldmine of high-paying careers.

You can become the coding whiz or AI expert everyone's scrambling to hire.

Websites like Codecademy and Coursera offer fantastic online courses and specializations in these fields.

Even if you’re a complete beginner or just looking to upskill, there's a path for you.

The rise of Artificial Intelligence (AI) and Computer Science is creating a goldmine of high-paying careers.

And this is our chance, Gen Z.

We can take it SO much farther than just being the ones to “magically reset the router”.

We can start entire new industries and technologies that the boomer generation couldn’t even being to understand.

It might take some hustle, some extra learning, but that's how we rewrite the narrative.

We are the generation that grew up with technology after all, it's in our DNA.

Let's leverage that and build businesses, develop new apps, and solve problems with innovative tech solutions.

And if you need some help getting your tech skills up, websites like Codecademy and Coursera offer fantastic online courses and specializations in these fields.

Don't have the time or funds for a full degree? Explore coding bootcamps like General Assembly or Springboard, which offer intensive programs designed to get you job-ready fast.

But if you don’t want to get into a tech field, there’s still hope:

There are plenty of industries that are evolving and growing in response to technological advancements and changing market needs.

For instance, renewable energy, healthcare, and digital marketing are sectors that are not only burgeoning but also urgently seeking skilled professionals.

In the renewable energy sector, the demand for solar panel installers, wind turbine technicians, and sustainability consultants is increasing as the world moves towards greener solutions.

Similarly, the healthcare industry is expanding rapidly, with opportunities not just in traditional roles like nursing and therapy, but also in health informatics, telemedicine, and public health.

Digital marketing is another area where demand is booming. With more businesses shifting online, there's a greater need for SEO experts, content creators, and data analysts.

These roles require an understanding of the digital landscape but don't necessarily demand a high level of technical expertise in IT.

Furthermore, the gig economy continues to offer flexible job opportunities that can be tailored to your schedule and skills.

Platforms like Upwork, Freelancer, and Etsy allow you to leverage your talents, whether they're in writing, graphic design, crafts, or consulting, providing a potential revenue stream without the commitment to a full-time employer.

The BMM Takeaway

The key to surviving the current economic climate is to leverage your unique strengths and interests, stay adaptable, and continually enhance your skills.

Every single day you will likely feel like giving up. As if all of the odds are stacked against you, and previous generations had it easier. Well, that’s 100% true.

But you’ve gotta play the hand you were dealt. You can either roll over and die, or beat the god damn odds.

Get smarter, build resilience, and keep working towards your goals. We can all get through this shitstorm together.