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Excerpt from amgreatness.com
A new study reveals that the current youngest generation, Generation Z, is facing greater financial struggles due to low income and a higher debt-to-income ratio than Millennials did at the same point in their youth.
As reported by Breitbart, the study from consumer credit reporting agency TransUnion surveyed 614 members of Gen Z, also known as “Zoomers,” between the ages of 22 and 24, comparing their findings to a similar survey of 623 Millennials who were between the ages of 22 and 24 ten years ago.
In the fourth quarter of 2013, Millennials on average were making an income of roughly $39,394; when adjusted for inflation, the income of the average Millennial around that time was $51,852. By contrast, Zoomers in the fourth quarter of 2023 were making an average income of $45,493, over $7,000 less than what Millennials made ten years ago. In 2013, Millennials had an average debt-to-income (DTI) ratio of 11.76%; Zoomers today have a DTI ratio of 16.05%.
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