The Blubber

Gen Z and millennial adults are having a hard time achieving the same milestones their parents did when they first ventured out into the workforce, such as finding a job, getting promoted or buying a house, per CNBC.

Gen Z and millennial adults are encountering challenges in reaching the same milestones as their parents did when they entered the workforce. According to a CNBC and Generation Lab poll called "Youth & Money in the USA," 55% of young adults find it significantly harder to buy a home, 44% face increased job search difficulties, and 55% experience challenges in career advancement. The survey, conducted from Oct. 25 to Oct. 30, involved 1,039 respondents aged 18 to 34 across the U.S.

Cyrus Beschloss, founder of Generation Lab, emphasized that the findings offer a snapshot of young people's perceptions of their lives compared to their parents. On a positive note, the poll revealed that 40% of Gen Z and millennials feel it's easier to discover economic opportunities beyond traditional employment.

The changing nature of work, even pre-pandemic, is highlighted by certified financial planner Blair duQuesnay. The traditional approach of working for a corporation throughout one's career with a pension is now outdated, and duQuesnay notes that although this may not lead to home-buying stability, there are "glimmers of optimism."

Despite concerns about inflation affecting future financial well-being, with 50% expressing negative views, Beschloss sees hope in the data. Notably, 65% of Gen Z and millennials don't let student loan debt delay major life decisions such as marriage, starting a family, or homebuying. Additionally, 68% of respondents believe they have less than $20,000 in outstanding debt, a promising insight.

Contrary to stereotypes, the poll found that 43% of younger workers feel quite loyal to their employers, challenging the perception of a cynical, disengaged Gen Z workforce. Beschloss suggests that this loyalty demonstrates employers' efforts to boost employee morale, surprising as it may be.