Money can buy you happiness if you’re a Gen Z.
A RubyHome survey of 1,000 Americans shows that 69% of Gen Zers believe money can buy happiness. And the specific number revealed was significantly lower than baby boomers and Gen X. Gen Z count as anyone born after 1997, and according to them, they only need $394,000 in the bank to be considered “rich status.”
That number is extremely low compared to baby boomers, who believe $1,019,549 is enough to be rich; Gen X believes $887,211 is rich, while millennials consider $721,020. The cost of living has a lot to do with what is rich nowadays as the economic market is constantly shifting.
When it comes to financial happiness, Gen Zs say $74,950 is good enough. Interesting though, that isn’t enough to buy a house in today’s world.
Also reported in the study was “The Emerging Millennial Wealth Gap,” which showed a decrease in homeownership of ages 25-34-years-old. Millennials fear purchasing homes due to debt.
NY Post reports that Gen Z respondents in the RubyHome survey reported $168,070 in debt, whereas millennials accrued $147,058″ with a national 1.75 trillion debt.
President Biden has been very open about his attempts to rid students of debt, pushing for student loan forgiveness. He had pushed back the student loans multiple times due to the pandemic. The next deadline has been extended through August 31, 2022.
