CosmicTaco

Young Generations Face Rising Debt Crisis

CosmicTaco · 2024-11-04T08:16:00.804063+05:30

- 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](https://youtu.be/rw7ouSPv5A0)

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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