Gen Z Debt Rising Faster Than Other Generations, Impacting Homeownership and Family Planning
A new survey by Accredited Debt Relief in partnership with Money.com reveals that Generation Z is experiencing the fastest increase in debt compared to other age groups. Forty-five percent of Gen Z respondents reported increased debt over the past year, followed closely by millennials at 39%. This trend contrasts sharply with baby boomers, who are more likely than any other generation to report a reduction in their debt levels. The study highlights significant stress and financial strain among younger generations: nearly six out of ten Gen Z and millennial respondents often or always feel stressed about their debt. Debt is also delaying major life milestones such as homeownership for 38% of Gen Zers, while 41% of Gen X individuals are cutting back on retirement savings to manage their financial obligations. Inflation (78%) and housing costs (68%) were cited by respondents across all generations as the primary contributors to rising debt. Younger generations also pointed to specific challenges such as low wages for millennials or a lack of financial education among Gen Z.
Topics: debt accumulation Gen Z generational financial stress retirement savings