Young American workers are becoming more and more disillusioned, primarily due to a worsening economy and stagnant wages.
Gen Zers were the most anxious and burned out generation according to a new study from McKinsey, with half saying their current salaries are unsustainable. This concern is so prevalent, that many of these workers doubt they will ever achieve financial security to retire or be able to purchase a house.
According to the American Opportunity Survey, one-quarter of Gen Zers say they are unlikely to be able to set aside retirement savings as they continue to live paycheck to paycheck, while 59% anticipate never owning a home thanks to the accumulated $1.75 trillion in student debt.
Add in the fact that much of this generation entered the workforce on the eve of the pandemic, it’s no wonder why instability is at the forefront of many Gen Zers’ heads.
Not only are young professionals concerned about the volatility of today’s economy, other factors such as political upheaval, climate change and social issues have all accumulated to spread anxiety across the board.
“A more pessimistic interpretation may be that young people expect their current job instability and financial insecurity to continue as their lives progress,” the authors wrote. “Gen Z’s fear of never reaching traditional economic milestones may reflect greater pessimism and hopelessness than other generations have experienced.”