"US MZ Generation Financially More Anxious Than Parent Generation"

Young workers belonging to the MZ generation in the United States perceive that it is more difficult for them to live a financially better life than their parents' generation.

A recent survey conducted by the Teachers Insurance and Annuity Association of America (TIAA) and Georgetown University's Aging Well Hub targeting American adults aged 24 to 35 found that 42% of all respondents answered that they "use their salary for living expenses instead of saving."

Among respondents earning less than $50,000 (approximately 65 million KRW) annually, 60% said they believe they will not be able to live as financially comfortably as their parents' generation, and 34% of those earning more than $100,000 (approximately 130 million KRW) also responded similarly.

When asked about sources of income after retirement, 56% of all respondents cited personal savings, followed by retirement pensions and social security insurance at 51% and 38%, respectively.

Additionally, a significant number of "YOLO" individuals who invest in the present rather than an uncertain future were identified. Forty-eight percent said they would "live for the present considering the difficulties facing the global economy," while the remaining 42% responded that they would "plan and prepare for an uncertain future."

[Image source=AFP Yonhap News]

Bloomberg News analyzed, "Young Americans of the MZ generation started their social lives burdened with student loan debt and have suffered significant damage to their personal finances due to high housing costs and inflation," adding, "Many believed that owning a home would be impossible due to high mortgage interest rates and a shortage of housing supply."

This survey was conducted from March 2 to 7 among 1,009 full-time workers aged 24 to 35, who are early-career members of the MZ generation born between the 1980s and early 2000s.