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CosmicTaco

Young Generations Face Rising Debt Crisis

  • Young adults are sinking deeper into debt, with Millennials and Gen Z seeing an average debt increase of 8% and over 15% respectively.
  • Wages have not kept up with inflation, causing financial strain and anxiety for many.
  • The gap between wages and cost of living has led to an increase in credit card usage for goods and services.
  • Rising housing costs and student loan debt are major obstacles for younger generations.
  • A phenomenon known as 'doom spending' has emerged, where individuals splurge on luxury goods to soothe their economic despair.

Source: Bloomberg

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