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Todays Gen Z facesfinancialhurdles that were unimaginable to the Boomer generation.
Technology, for one, is a big difference.
Below, experts break down some critical expenses that areburdensome for Gen Zers today.
For Boomers, entertainment costs were mainly limited to a cable TV subscription and maybe a newspaper.
Professional Development
Professional development has become another constant expense.
Boomers, he explained, typically finish their education and enter a career path for life.
Shimy added that it increases confidence, cognitive involvement and self-fulfillment.
Personal Branding and Social Media Presence
Personal branding andsocial media presenceare also essential career investments.
Smart Phone Expenses
Salahi pointed to smartphone-related expenses as unavoidable for Gen Z.
The total annual cost often exceeds $2,000.
For Boomers, a landline phone was a one-time installation with minimal monthly fees.
New Health and Wellness Expenses
Health and wellness have equally transformed into significant expenses.
Side Hustle Startup Costs
Side hustle startup costs are another unique expense.
Crushing Student Loan Payments
Student loan payments have become a crushing burden, according to Salahi.
While Boomers might have had some college debt, he said the scale has changed dramatically.
One client pays $876 monthly on her loans, which will continue for 20 years,Salahi added.
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