Yahoo Autos 6 Signs a Gen Zer Is Doing Better Financially Than Their Peers
If you were born between 1997 and 2012, you are a member of Generation Z. This year the oldest of the Gen Zers will hit 26 years old. Many Gen Zers are in college or have already graduated. Some have even started families or are years into their careers.
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As a proud zoomer, you may be wondering just how you compare to your friends. It is natural to wonder whether they can really afford that nice car they’ve been driving around or if they are starting down the dangerous path toward crushing credit card debt. Is your coworker truly crushing it or do they overspend on TikTok-suggested products? And, how do you stack up?
To find the answer we searched to find out just how the average Gen Zer is doing. If you are newly minted into adulthood and wondering where you stand, here are six signs you are doing better financially than your peers.
You Don’t Live Paycheck to Paycheck
Generation Z has come of age during a tumultuous time. Many entered their teenage years or young adulthood as a global pandemic brought the world to an abrupt halt. They are beginning their careers at a time with record-high inflation, exorbitant college tuition and in the middle of a housing crisis.
It, perhaps, makes perfect sense that only one-quarter of those surveyed by Deloitte said that they could “comfortably cover their monthly living expenses” and 46% said that they were living paycheck to paycheck. So, if you have a little disposable income left over each month you can feel pretty good about your financial situation.
You Can Pay Down Debt (Or Don’t Have Any)
Despite their youth, many zoomers are headed into young adulthood with significant amounts of debt. From student loans to credit cards, Generation Z is already having to make payments on unsecured debt. As of March 2022, Experian found that Gen Zers carried an average of over $2,400 in credit card debt.
They also used more of their available credit than any other generation. According to the credit reporting company, Generation Z utilized approximately 23% of their available credit, the “highest average utilization rate of any generation.”
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