ADVERTISEMENT

Atlantic

New study shows Gen Z and millennials are struggling financially

Published: 

A recent survey of Gen Z and millennials around the world has found that many young people are deeply concerned with their financial futures. (Pexels)

According to Rev. Kyle Wagner, the food bank and community fridge at Christ Church in Dartmouth, N.S., are both being used on a daily basis

“We probably have close to 70 clients each week here,” said Wagner, who added the people who need help come from a variety of ages, including thosein their 20s and 30s who are employed with careers.

“We are seeing younger and younger people come, people who are working and the working poor.”

According to a new study released by Deloitte, 46 per cent of Gen Z members -- those born between 1995 and 2003 and 47 per cent of millennials -- peopleborn between 1983 and 1994 -- are dealingwith financial stress and living paycheque-to-paycheque.

When human resource advisor Gerry Walsh saw these stats, he was not surprised.

"Ithink all generations when they are young, worry about the future,” said Walsh who owns Gerald Walsh Associates.

Walsh says young, educated people who graduate with student debt are usually in a rush to achieve success and financial security.

However, he has seen a recent attitude shift.

“I found over the last decade or so, young people’s expectations have modified quite considerably," said Walsh. "They are not graduating feeling entitled.”

Employment agency owner Shane DeCoste said the financialpressure points in society are easy to identify.

"I think wages are a little bit behind and playing catch-up from where costs usually are for the average individual," said DeCoste who owns and operates Express Employment Professionals in Dartmouth.

"We know what the key drivers are. They need a roof over their head, transportation costs and feeding themselves. Those costs have gone up considerably.”

As for what advice Gerry Walsh would give in this current economic climate?

“I would say gain the best experience you can or the next 10 years and don’t worry about money," said Walsh. "You want to get a job that pays a fair and competitive wage."

Walsh added the greatest emphasis should be on gaining experience to be better positions for future success.