Generation Z, millennials have a harder time becoming adults than their parents

Young woman talking to parents.

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Gen Z and millennial adults are struggling to achieve the same goals their parents did when they first ventured into the workforce.

For example, 55% of young adults surveyed find it “much more difficult” to buy a house, 44% said it is more difficult to find a job, and 55% said it is more difficult to get a promotion, according to a Youth & Money in the American Poll study conducted by CNBC and Generation Lab.

The survey was conducted among 1,039 people aged 18 to 34 in the United States from October 25 to 30.

“It’s just a snapshot of how young people view their lives compared to their parents’ lives,” said Cyrus Beschloss, founder of Generation Lab, an organization that has built the largest database of respondents from young people in America.

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On the positive side, the survey found that 40% of Gen Z and millennials say it is easier for them to find economic opportunities outside of traditional employment.

The nature of work was changing even before the Covid-19 pandemic, said certified financial planner Blair duQuesnay, a senior advisor at Ritholtz Wealth Management in New Orleans.

“The baby boom generation went to work for a company and, for [of] “In some cases, they stayed in the same job for their entire career and retired with a pension — that doesn’t exist anymore,” said duQuesnay, who is also a member of CNBC’s Financial Advisory Council.

While these opportunities may not lead to the kind of stability that will allow young adults to buy a home, there are “glimmers of optimism” emerging, “despite pessimism about the nation and the world.” , added Beschloss.

“Glimmers of optimism”

Generation Z, millennials and the stock market

Additionally, the birth and rise of cryptocurrency provides an “opt-out option from traditional financial systems,” added Boneparth, who is also a member of the CNBC FA Council.

It will take time for younger investors to see compounding returns in the stock market, especially since those who joined the market in 2021 may have quickly seen those gains erased by a bear market in 2022, duQuesnay added.

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