Posted July 18, 2022 by Mark Perna
Episode Title: Financial Pressure Squeezing Young Workers
Deloitte’s new study found that younger workers are the most vulnerable to financial stress. Let’s talk about it, coming up next on The Perna Syndicate.
Ep 506 show:
Hello, this is The Perna Syndicate and I’m your host, Mark Perna! Financial challenges are top of mind for everyone these days, but especially for younger workers. According to Deloitte’s latest Gen Z and Millennial Survey, younger workers are particularly vulnerable to financial anxiety.
When asked about their most pressing concern, the cost of living (meaning housing, transport, and bills) was the top worry cited by Gen Z. Only a quarter of Gen Z report that they can comfortably cover their monthly living expenses, and almost half say they live paycheck to paycheck.
And, they don’t see much hope of things getting better. 26% of Gen Z don’t feel confident that they will be able to retire. 72% see a growing gap between the richest and poorest people in their country. Like last year, only about a quarter of Gen Z think their country’s economy will improve over the next 12 months.
Nor do they view businesses as helping the situation: less than half of Gen Z agrees that companies are having a positive impact on society. Deloitte notes that this is the fifth consecutive year that this percentage has dropped.
Plus, the class of 2022 is averaging almost 41 thousand dollars in student loan debt per borrower. No wonder Gen Z already has a reputation for burnout and mental health challenges!
So how are they coping with these new pressures? On the next episode of The Perna Syndicate, we’ll look at what younger workers are doing to make ends meet. Take care and we’ll see you then!