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Gen Z is not afraid to change jobs to increase salary, it is better to borrow money to buy a house than to rent expensively

Growing up after the financial crisis in 2008, and then falling into another crisis due to the influence of Covid-19, it can be said that Gen Z is the most “traumatic” generation in the financial picture of society.

Inside they still have a dream to follow their passion, financial freedom and owning a house – a car early, but not everyone can do that. Economic stagnation leads to high unemployment, many young Gen Zers, despite their talents and advanced degrees, are still struggling to find a good job. However, facing the situation Inflation increased rapidly The most in 40 years, every generation is affected, especially the new workers, the salary is not as high as Gen Z.

Escalating prices, struggling to earn money for accommodation: Gen Z is not afraid to jump jobs to increase wages, would rather borrow money to buy a house than rent expensive houses - Photo 1.

The generation is poor because of unemployment, prices are climbing every hour

If before, Millennials could live comfortably on a worker’s salary, save money and still buy a garage, now, no matter how high the income Gen Z is, it can’t keep up with the escalating prices. According to a survey report by PYMNTS, the average Gen Z savings in the US is only about 27 million – completely not enough to pay for emergencies. The same survey also found that only 17% of Gen Z could save money on unfortunate events, starting a family, and having kids.

Everything from essential expenses such as food, medical care, transportation to their shopping and travel preferences is getting more and more expensive. And yet, Gen Z still has a headache because the rent is getting higher and higher in big cities, some people don’t even qualify for a decent house.

Rising house prices – food – fuel all cost more than income, making Gen Z’s financial picture gloomier and more exhausting. Gen Z struggles, working day and night to survive crises they didn’t create. Food and accommodation still have a headache to calculate, where is the money for the house and car dreams now?

Escalating prices, struggling to earn money for accommodation: Gen Z is not afraid to jump jobs to increase wages, would rather borrow money to buy a house than rent expensively - Photo 2.

More aware of the value of labor, more reckless in finding opportunities

The era of creating heroes is the best saying for Gen Z. Because being cornered and stuck in financial crises for so long, young people of this generation have formed a different mindset about money. silver, spend.

If before, generations of siblings only liked stability, easy job satisfaction and moderate salary, then Gen Z is different. Under the pressure of high costs, they better understand the value of labor and actively seek opportunities to “change their lives”. They are young people who are not afraid to jump jobs, not afraid to try their best when applying to big companies.

On the other hand, not sitting around waiting for the salary to come, Gen Z also started investing very early. On the coffee table of Gen Z, there is no shortage of stories about investment, real estate, business challenge, startup…

Rising rents also push Gen Z into a reckless trend: Buying a house very early even without much money in hand. Many young people of this generation would rather borrow money to own their own space than burn money on expensive rental houses. This leads to twice as many Gen Z wanting to buy a home and own their own real estate before the age of 25 than older siblings.

Ending

Growing up from crises, being heavily affected by work, life and finances, besides hardships, Gen Z also learned its own lessons, forged independence and boldly accepted the challenge. accept opportunities and challenges. Therefore, Gen Z and their different thinking are expected to change the culture of working, spending and earning in society, opening a new era more brilliant.

Escalating prices, struggling to earn money for accommodation: Gen Z is not afraid to jump jobs to increase wages, would rather borrow money to buy a house than rent expensively - Photo 3.

References: The New York Times, Business Insider

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