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Here are the reasons why Gen Z isspending more on billsthan millennials did at their age.
Food prices alone have soared 20% or more in the past four years.
According toThe Guardian, food prices increased 22% between 2019 and 2024.
Additionally, Gen Z is facing a housing crisis.
Rising rent and home prices have forced the generation to stay at or return home after graduating college.
The generation has faced student loans that can take decades to pay off.
According toForbes, Gen Z also has the largest percentage of people with savings of less than $1,000.
Lower Wages
Finally, Gen Zers have a lower income compared to millennials at their same age.
The study also showed that the generations debt-to-income ratio was significantly higher compared to millennials.
The Perfect Storm
Unfortunately for Gen Z, the road to astable financial futureis rocky at best.
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