The rising rent prices are one of the biggest problems for Generation Z, yet in a few years they will be the wealthiest generation in the world.
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This is the situation of GenZ: A survey by Bank of America from 2024 shows that more than half of GenZ (54%) receive financial support from their family, the government, or friends. The survey included 1,091 Americans aged between 18 and 27 years.
Of the respondents who receive financial support, 53% said they use the money for rent or utility costs. Overall, 52% of respondents stated that they do not earn enough money to live as they envision.
GenZ will become the largest and richest generation in 10 years
This is how the tide turns for GenZ: The Bank of America concludes in an analysis that the wealth of Generation Z will rise dramatically in the next 15 years.
In 2023, Generation Z had a global income of 9 trillion US dollars. This figure is expected to rise to 36 trillion dollars in the next five years. By 2040, GenZ is predicted to reach a global income of 74 trillion dollars.
Moreover, it is expected that they will be around 30% of the world’s population in the next 10 years.
Bank of America believes that GenZ will be the largest and richest generation by around 2035.
However, until GenZ rises to become the wealthiest and largest generation, young adults must continue to diligently pay their rent and utility costs. The constantly rising rent prices are a significant problem for the generation. Learn more about it here: Gen Z is currently facing two major problems, one of which it cannot solve without help
