Gen Z and Millennials are facing more financial burdens than boomers. According to internal data from Bank of America, there has been a shift in the spending habits of both older and younger gens. While household spending has risen by 2.2% for boomers since last May, it’s declined by 1.5% for the two younger cohorts. Much of the “significant gap” between their wealth can be accredited to the increase in housing prices and student debt payments that Gen Z and Millennials must deal with. Meanwhile, Boomers are holding up consumer spending in the country, and much of this also has to do with the recent increase in Social Security payments, collecting a substantial 8.7% cost-of-living adjustment. YPulse research shows that Gen Z and Millennials have put off major financial goals such as getting married and buying houses as a result of increasing student loan debt. (CNN)
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