Gen Z says they need $125,000 per year to feel financially successful

According to a report by the Federal Reserve, only 22% of Gen Z adults were employed full-time in 2020, compared to 33% of Millennials, 45% of Gen X, and 52% of Baby Boomers at the same age.

A survey by Bank of America found that 60% of Gen Z are worried about being able to afford their future, including paying for college, buying a home, and saving for retirement.

Despite concerns about their financial future, Gen Z is more likely to prioritize saving money than previous generations. A survey by TD Ameritrade found that 72% of Gen Z prioritize saving money over spending it on experiences, compared to 63% of Millennials and 55% of Gen X.

Gen Z also tends to have higher levels of student debt than previous generations. A report by the Federal Reserve found that 22% of adults under age 30 have student debt, and the median debt balance is $19,000.

However, Gen Z is also more likely to be entrepreneurial than previous generations. A survey by Junior Achievement and Ernst & Young found that 41% of Gen Z plan to own their own business someday, compared to 32% of Millennials and 19% of Gen X.

#GenZ #BlackWealth #millenials

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