IS GEN Z FALLING BEHIND OR ARE THEY AHEAD OF THEIR TIME?

Words by Mallory Pace

As I get older and enter my “real world” era, I’ve become increasingly aware of the stark differences between my generation and my parents’ demographic in more ways than our outlooks on life and fashion sense. With a few exceptions, the majority of my peers are ways away from settling down, buying a home or even holding a stable, well-paying, 9-5 job. But when I look at older generations and what they were doing at my age, it seems as if they had their life together or were at least on their way well before what I’m currently on track for. Of course, major life events and the state of the country play a hefty role in that, but I still often ponder on whether my generation is somehow falling behind due to a lack of motivation or if we’re missing out on certain advantages previous generations experienced. If either is the case, is it our fault? Or perhaps the evolution and perceived unattainability of the “American dream” is to blame?

This idea came to me, like most things, from social media, as people my age started posting videos comparing themselves at some early-20s age to their parents. It would be something along the lines of “my parents at 25 getting married and buying their first house” vs. “me at 25 still asking my mom to make my doctor’s appointment for me.” Or “my parents at 30 with two kids and a mortgage they can afford” versus “me at 30 as a DINK (dual-income with no kids) spoiling my dogs with silly outfits and luxury living.” The trend skyrocketed, alluding to the idea that many people my age share the same reality: We’re not on the same track as our parents. A survey of 2,000 adults conducted by The Harris Poll for “USA Today” found that two-thirds of Americans believe younger people face hardships today that earlier generations didn’t and that 65% of Gen-Zers and 74% of millennials believe they are starting further behind financially than earlier generations at their age. But this consensus goes beyond differing lifestyles; there are social and economic influences that play into the consequences.

For starters, the average in-state tuition cost for public universities has increased about 56% in the last two decades, when adjusting for inflation, according to “U.S. News & World Report.” In Florida, public university tuition and fees for in-state students increased 53.5% in the last 15 years, according to the College Board. When tuition goes up, so does student debt. After adjusting for inflation, the average student loan debt at graduation has tripled since 2007, according to the Education Data Initiative. They also reported that the class of 2020 graduated with the highest amount of debt, with an average balance of $43,140 in September 2023 dollars. In Florida, the average student loan debt comes out to roughly $38,900. Of course, you have to consider inflation and the economical changes in the last 15 years, but even still, there’s no arguing that the cost of tuition and consequential student debt has increased dramatically, putting many college graduates behind financially.

Entering the workforce with the heavy weight of debt on your shoulders is daunting, even if that debt is what gets you a job, you’re now working just to get by and pay back the money you borrowed to get where you are.

Another economic factor that greatly separates the generations is work-life balance. Unemployment rates have remained somewhat stable, save for the hiccup that was the 2020 pandemic when half of the older Gen Zers reported that they or someone in their household had lost their job or taken a pay cut due to the outbreak, according to a Pew Research Center survey. But what newer generations are starting to bring to the negotiation table are ideas of establishing a balance between work and life outside of it. Young people entering the workforce have figured out that you actually are allowed to set boundaries and professionally advocate for yourself when those boundaries are crossed. We’ve discovered that it’s actually not normal or productive to work beyond working hours unpaid or take on tasks far outside the job’s description. At least for corporate or mass-staffed companies where workplace culture is not the biggest priority, younger employees are learning how to navigate this new environment without being stepped on or taken advantage of. This difference in mindset, both in and out of the workplace, shows a drastic difference in the generations.

We’ve covered the basis of how money (or the lack thereof) influences the state of this generation, but there’s something else that sets us apart, something that looms over life and in the back of our heads like an itch you can’t quite scratch: love and family. Whether that’s something you long for or attempt to repel, getting married and raising kids in a comfortable-sized home with enough money to send them to college and enough love to get through a marriage is getting harder and harder. Nevertheless, it typically comes back to money. A news report by the Carolina Population Center suggests that average American couples increasingly tend to put off having children out of fear of not being financially stable enough to afford the growing costs of child care. In the U.S., birth rates have been declining since the Great Recession, reaching a record low in 2020, according to the Pew Research Center, which also did a study finding 44% of non-parents under the age of 50 reported it is either not too likely or not at all likely they will have kids someday, a 7% increase from their findings in 2018. The declining birth rates combined with a shared fear of financially supporting children in today’s economy captures a growing attitude among young adults and their perception of having a family. Other studies suggest it might not be that more and more people don’t want kids in general, but rather the “right time” to do so is seemingly unattainable, so it gets put off. Having children takes more than a village; in fact, it takes at least $200,000 over 18 years, according to a study by LendingTree. There’s childcare, education, clothing, food … don’t get me started on housing. These days, you’re likely among the privileged (or hardworking, of course) to be able to buy a house. Finances aside, women are no longer subject to a domestic life and increasingly value having a career and supporting themselves over raising a family at home. In these hard times, who can blame them, really?

Though we may not benefit from the same advantages as older generations did, causing us to “fall behind” doesn’t mean we’re failing. In fact, Gen Z is on track to be the best educated generation yet with 57% of 18-21-year-olds enrolled in college in 2018, compared to 52% among millennials in 2003 and 43% among Gen Xers in 1987, according to Pew Research.

As digital natives, Gen Z certainly holds other advantages unique to their era, like AI and advanced technologies that provide job opportunities, swift communication and ease of living. Could your grandma order Olive Garden straight to her door while staying in her pajamas? Didn’t think so. Could she buy a house for $5,000? Got me there. But was same sex marriage legal? Ha.

We benefit from certain luxuries that older generations couldn’t dream of, though the grass is always greener.

When you put it all together and take a step back, I think it’s obvious why this generation feels (and probably is) farther behind than previous generations at the same age. The top of the list is likely money. Everyone wants it, yet nobody has it. Then there’s the fragile state of the world and making decisions out of fear for the future. It’s hard to make permanent decisions when it seems like the country could crumble at any minute. I think Gen Z has adopted an attitude more geared toward experiencing life versus just living it. Anyone can get by, but certain events like the COVID-19 pandemic and Donald Trump being found guilty yet still harnessing a scary amount of support, has shown us all one thing: everything is f***ed and tomorrow is not promised.

Another key difference between the generations is what the “American dream” looks like. For Baby Boomers, who really iconized the term, it looks like a happy family living inside a white picket fence as dad goes to work and mom cooks and cleans (or some variation, you get what I’m saying). For us, “American dream” means doing what brings you joy. It means being able to express yourself, have fun and hopefully, make some money doing so. We want to do as the Europeans do: work to live, not live to work. Whether it’s by force or by choice, our generation doesn’t follow the path laid ahead with no questions asked; we’ve figured out that as long as you’re doing what makes you happy, nothing else truly matters. It might not be a matter of whether we’re starting behind but more so that our transition into adulthood is simply different — the same as it will be for future generations. That’s just how it goes. But if we’ve learned one thing about Gen Z, it’s that they will adapt … and look hot doing it.