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Excerpt from fortune.com
Gen Z have been relentlessly mocked for spending money they don’t have on avocado toasts, designer bags and luxury holidays—and then complaining that they’ll never be able to save up enough for a house deposit. But in reality, research echoes that the youngest generation of workers really do have it worse financially.
A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than millennials did at their age.
The research compared the credit usage of 22 to 24 year olds to millennials, who were 22-24 years old 10 years ago. It found that 20-somethings today are taking home around $45,500, while millennials at their age were earning $51,852 when adjusting for inflation.
Despite earning less, young people today are being forced to dig deep for basic necessities like food groceries and gas thanks to inflation, with interest rates currently at a 23-year high in the U.S.
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