A recent study showed that 1 in 3 members of Generation Z have no income and have a poor economic outlook.
Conducted by the St. Louis Federal Reserve’s Institute for Economic Equity, the study showed these “disconnected youths” have no income and no work compared to 1 in 5 back in 1990. Per Deseret News:
Every year, the institute examines the nation’s economy through an equity lens. The study called youth without income “disconnected youth” — meaning young adults who are not in school or working. The number of disconnected youth increased to 13% after the Great Recession in 2007-2009, dropped by 2019 and spiked again to 14% in 2020, the year the COVID-19 pandemic began, according to the study.
Alongside this trend, college enrollment rates have decreased and more young people are opting out of four-year degrees due to the cost of higher ed. But this doesn’t necessarily mean they are not learning. “With resources like Kahn Academy and Ivy League online courses with video content from the best and brightest, high quality education is at their fingertips for free or at a fraction of the cost. They can learn whatever they want, wherever they want, and at their own pace,” according to Fast Company.
The lack of income and poor economic outlook will contribute to a decline in mental health for Generation Z, the study showed. “Building supportive communities that foster inclusivity and provide resources for mental health awareness and education may help bridge care gaps,” the authors said.
There's a worrying thread in the data – a growing share of folks who are dropping out. Of everything.
Their religion is "nothing in particular."
They barely engage in the political process.
Many say their partisanship and ideology is "other."
Very low levels of education. https://t.co/Om10z9UWB2 pic.twitter.com/DiwFIIStRl— Ryan Burge 📊 (@ryanburge) April 5, 2024
Young people will also be likely unable to afford a home, save for retirement, or start a new business.
The Wall Street Journal also recently reported that Americans will need up to $1.46 million in order to retire comfortably.
“It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday,” it reported. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”
“Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million,” it added. “That is up from just under $1 million in 2020. Baby boomers, born between 1946 and 1964, said they would need $990,000, up from $830,000 in 2020, according to the poll, the latest installment of which was conducted in January.”
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