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Why Young People Are in So Much Debt

Younger Americans face a financial crisis. Their growing debt burden has far outpaced that of older generations, and it’s only getting worse. Generation Z is being hit the hardest, thanks to lower income and the rising cost of everything from food to housing. Bloomberg takes a look at the roots of this problem, and whether anything can be done. 00:00 - 00:54 Introduction to a growing debt problem 00:55 - 03:44 Income and inflation 03:45 - 05:42 Housing costs 05:43 - 07:48 Education and tuition costs 07:49 - 10:37 Doom spending 10:38 - 11:30 What does the future hold for young people? Read more: How Gen Z Ended Up in So Much Debt 👉 https://www.bloomberg.com/news/featur... Young Americans today face a serious debt crisis. And it’s making the American Dream seem more like an illusion. Both Gen Zers and younger millennials were hit by a nasty one-two punch — the Covid-19 pandemic and then the worst inflation in decades — at critical points in their financial journeys. Now, those aged 18 to 29 are carrying $1.12 trillion of debt, according to the Federal Reserve Bank of New York. While that only makes up 6.3% of the total $17.8 trillion in US consumer debt, it’s still a huge burden to carry at an early point in their financial development. Such an enormous debt burden has contributed to financial pessimism among young adults that’s changing how they work and spend money, key shifts that may have implications for not just their future finances, but also the broader US economy. #Debt #Economy #Business -------- Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_... Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptio... Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world. Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.