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Since the Baby Boomers, Gen X and Millenials have accumulated less wealth as a generation than those who came before them. Does Gen Z face the same fate?
One user on a popular online forum wondered if this trend would continue or if Gen Z could see more equally distributed overall wealth than their parent’s generation. Others shared their insights in the comments.
1. Absolutely Not
With high tuition costs, the highly competitive job market, and the high cost of housing, many users say they absolutely don’t believe Gen Z will be wealthier than the preceding generations.
On top of that, many believe Gen Z will not receive much in inheritance since their parents are mostly Gen X, but they will have to support the massive number of Baby Boomers’ retirement in their taxes.
2. It Depends on the Boomers
Where will all the Boomers’ wealth go when they pass away? A commenter believes much of the Boomer’s wealth will go towards medical treatments, which means the medical industry will get their money rather than into the pockets of their Gen Z grandchildren.
3. Only if Politics Change Significantly
Politicians tend to cater to the older generations, which will inevitably shift once older people pass away and younger generations grow up.
One user hopes that when this happens, politicians will have to focus on legislation that lowers house prices, creates free health care, and reduces income inequality. However, they admit this could take another ten years or so because the oldest Boomers are about 75 years old.
4. No, but It Might Spark Change
Some commenters say that Gen Z is set up to be poorer than ever. Still, perhaps that will spark them to fight to change the laws in the U.S. Sometimes, the most devastating conditions can cause people to become enraged and do everything in their power to change the conditions.
5. Yes, With Big Systemic Changes
According to some respondents, Gen Z is heading toward financial distress. However, many also believe that if the economic landscape in the U.S. were to change significantly, Gen Z could thrive.
For example, one user wants to see these changes before they die, hoping that Gen Z has it better than those who came before universal healthcare, free education, the obliteration of corporate conglomerates, renewable energy, accessible public transportation, and the end of the war on drugs.
6. No, Because The 1% Keeps Getting Smaller
As the generations go on, the people who own the most wealth in the country become a smaller and smaller group. That fact leads numerous people to believe that most Gen Z will be poorer than their parents, while a few will be more prosperous than most people can conceptualize.
Some articulate that the only way to change this is to create an equitable tax system in the U.S., which involves taxing the super-wealthy.
7. We Can Hope So
Another thread contributor wasn’t sure about whether or not Gen Z will be richer than previous generations, but they sure hope so. “Let’s not be envious and miserable like the boomers,” they advise, adding that they hope others will have a better future than they did.
8. Yes, But Not the Way You’d Think
“The only thing we’re gonna be richer in is microplastic count in our blood,” one commenter jokes, referring to the 2022 study that shows 77% of participants had microplastics flowing through their bloodstream.
9. A Small Number Will Be
Numerous users share that while most Gen Z-ers will be poorer than previous generations, a few will be richer than ever. Contributors believe that’s because they will inherit their extremely wealthy parents’ assets and use them to make more money.
10. Not Unless We Change the Whole System
Most people allege that without systemic change, Gen Z will be the poorest generation so far. One economist in the thread shares that they don’t think Gen Z can become wealthier than previous generations unless the U.S. considers “completely abandoning and overhauling this economic system.”
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This thread inspired this post.
This article originally appeared on Financially Well Off.
