As much as Millenials love to joke about having no money, it seems that it’s not just Millennials who are broke. In a study conducted by Northwestern Mutual, 2,003 American adults (aged 18 or older) that were surveyed admitted to have sizable debt, which opens the floor for another set of people to pull the “I'm broke” tweet, with a bunch of emojis: the Gen Z. Buzzfeed News’ Venessa Wong goes into detail as to why both Millenials and Gen Z kids are now in debt, at such a young age:
Millennials' main source of debt is credit card bills, and Gen Z's is student loans. In a previous poll by CreditCards.com, 40% millennials said the top reason they carried a credit card balance was daily expenses such as groceries, childcare, and utilities, and about 20% pointed to unexpected emergencies such as medical bills and car repairs. Bonneau said discretionary expenses such as vacations and eating meals out also contribute to credit card debt.
About 45% of millennials and 43% of Gen Z reported feeling guilty about their debt at least every month — more than other age groups. But debt is a major stressor across age groups. One-fifth of all respondents said their debt made them physically ill at least monthly, 45% said it made them anxious at least monthly, and 35% said they felt guilty once a month or more.
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