IDK why, but this reads like just about what every generation says about a younger generation: bad decisions, worse with money etc.
Even if Gen z were spending a larger percent of their income on luxury items, I’m certain it pales in comparison so their lower average income and higher average housing costs.
Your previous comment really reads as “Kids these days can’t afford housing, too busy with their avocado toasts and Netflixes” which is the likely reason for all the downvotes.
I can’t fix people’s narratives. I’m asking for data to illustrate the measurable impact of the economy on people’s personal finance and leisure over the decades.
For one example, to compare 2020 to 1960, what is considered “leisure”, what does that cost, and what percentage of a person’s income is spent on it. I’m not really interested in polls where “Gen Z says they’re struggling to afford a car” because that’s subjective and relative. It’s not at all about questioning their anecdotes; I’m curious what the graph or pie chart looks like over the decades.
I think, and am asking for something to prove me right or wrong simply because I’m curious, that there’s more leisure and luxury available to all people today than ever before. And I feel pretty strongly that the culture of consumerism has grown much stronger over the past 30-50 years making everyone feel like they need to spend more than they were in the first half of the last century.
Productivity Purchasing Power in The United States peaked in the '70s late '60s. The country’s overall productivity sucks today [see below comments]. I believe the numbers show that we’re all spending more of our income than we ever have before. And for those “earning” a salary based on archaic values set decades ago, it’s certainly logical they’d be most hurt by the culture of consumerism that’s so rampant today.
Also, I’d be very interested to compare the graphs to credit card debt over time. It’s too easy to click a button on our phones now to have something charged to a card without the stress of seeing it coming directly out of our checking account. This use of technology, I think, is a real factory for younger people who haven’t grown up learning how to balance a checkbook or the need to save real cash money to make major purchases. The success of services like Mint and Acorn and Chime indicate this isn’t my imagination.
No one likes when someone says your opinion is irrelevant when they’re asking for tangible numbers. I’m well aware that the economy is harder for young adults today. I’m also well aware that most people on the internet are ultra-sensitive and lack reading comprehension. There’s a large segment of the internet that can’t be bothered to read more than headlines and watch ten second TikTok videos. I know younger people aren’t the only ones guilty of this, but I have doubts they’re not the primary culprits.