The ‘older generation’, not Generation Z, is more anxious
Accounts for 38% of total debt… I can barely save
Most of the annual expenditure of 118 million won is ‘housing expenses’.
While there is a lot of social discussion about the ‘Generation Z (18 to 26 years old)’ or the ‘Millennial generation (27 to 42 years old)’, ‘Generation X’ between the ages of 43 and 58 is suffering the most financially. Analysis showed that there was.
According to the U.S. Business Insider (BI) on the 25th (local time), the market research company YouGov surveyed 1,800 Americans across five generations about ‘everything related to human relationships, work, and finances.’ Compared to other generations, ‘Generation X’ is bearing the largest expenses and debt.
In the survey, 29% of Generation X responded that they were ‘financially stable.’ This figure is lower than 31% of Generation Z.
Additionally, half of Generation X responded that they were ‘financially unstable.’ This is the highest rate among all generations. The media interpreted that Generation
Generation Z, the children of Generation X, faced a recession and rising prices due to the pandemic. Nevertheless, Generation Z’s definition of ‘wealth’ is not about saving until a certain amount is reached. BI analyzed that ‘wealth’ means ‘better quality of life’, so people do not feel as much financial anxiety as the older generation.
The percentage of Generation Z who responded that they were ‘financially unstable’ was 44%, slightly lower than the 45% of Millennials.
According to a survey by the U.S. Federal Reserve (Fed), Generation X accounts for 38% of the total debt in the United States. This is a total of $7.1 trillion (approximately 9,196 trillion won). Generation X represents approximately 20% of the total U.S. population.
This is not to say that Generation X is experiencing absolute difficulties. According to a report by the U.S. Bureau of Labor Statistics (BLS), the average annual after-tax income of Generation X is $108,615 (about 140 million won). Also, 70% of them own a home.
Also, according to the BLS, in 2022, Generation X spent an average of $91,400 (about 118.2 million won). The media reported that most of this would have been used for housing and housing costs.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.