Source: Dumb Little Man
People who grew up during the Great Depression have a certain set of stereotypical characteristics that were shaped by the circumstances in which they lived. These are the people who saved every twist tie from a loaf of bread. They even had to wash out the bread bags to reuse them because every resource was precious and needed to be used to the fullest.
In a lot of ways, it is an admirable way to live — waste not, want not, as the saying goes. It’s certainly a lot better for the planet. But over the decades that followed the Great Depression, waste and excess became the norm.
In the post-war era, plastic things got used once and thrown away, the feeling is that there would always be more. The economy grew at a breakneck pace until it stopped and retracted in a major way.
The United States and much of the rest of the world entered The Great Recession and Millennials had the rug pulled right out from under them. GenZ watched as their immediate elders faced rampant unemployment, stagnated wages, skyrocketing college costs, and a ballooning cost of living — all while trying to enter the workforce and pay off the tens of thousands of dollars in student loan debt they were forced to take.
As a result, GenZ has become much more frugal and pragmatic, looking for alternatives to college and career. GenZ has financial fears, but they are facing them head-on.
Saving Takes The Place of Debt
Whereas Boomers and GenXers made massive credit card debt and Millennials made massive student loan debts, GenZers want nothing to do with debt. In fact, they look at college as a means…
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