00:00:00
I have a business marketing degree but
00:00:01
ended up with two retail jobs one that
00:00:03
pays $10 an hour and the other with
00:00:05
fewer shifts at $25 an hour I'm not
00:00:08
making enough to get by I'm not going to
00:00:10
have experienced this that most young
00:00:12
adults do or did in the past because
00:00:15
everything is just too expensive there's
00:00:17
so much unknown I sometimes struggle to
00:00:20
afford food despite working full-time
00:00:22
and living with a roommate making ends
00:00:24
meet means pulling money from savings
00:00:27
skipping a meal or drinking water so
00:00:29
that I can try and see
00:00:32
full these individuals are from
00:00:34
Generation z a generation who are coming
00:00:37
of age right now a common reaction to
00:00:39
the previous statements are as follows
00:00:41
every generation has their own issues to
00:00:43
deal with during their time and this new
00:00:45
generation just simply needs to work
00:00:47
harder while some could say that that's
00:00:49
partially true it's clear that the
00:00:51
numbers are not in favor of jenz when I
00:00:54
first started Living on my own I was
00:00:55
paying $280 a week in rent my landlord
00:00:59
wanted to increase my rent now to
00:01:02
$450 a week I make over three times the
00:01:06
federal minimum wage and I cannot afford
00:01:10
to live where does this go in 5 years
00:01:13
when 100 million Americans cannot buy a
00:01:15
home and get a fixed rate and their
00:01:17
rents being raised 200 every year six in
00:01:19
10 genz ear feel unable to save for the
00:01:22
future only 15% of gen Z expect to be
00:01:25
able to afford a home in the next 5
00:01:27
years and 80% of those who rent worry
00:01:30
that rental costs will keep Rising
00:01:32
beyond their capacity to afford them 47%
00:01:35
of gen Z report that they or a household
00:01:38
member lost a job or took a pay cut due
00:01:40
to the covid-19 pandemic and this makes
00:01:43
them the most affected
00:01:45
generation around 40% of gen Z are
00:01:48
struggling with mental health with
00:01:49
financial stress being a major factor so
00:01:52
how did a generation that was poised for
00:01:54
Success end up in such financial
00:01:57
distress a gen Z really as lazy as many
00:02:00
people claim or can we really blame this
00:02:02
generation just think about it they had
00:02:05
to live through multiple economic crises
00:02:07
geopolitical tensions a global pandemic
00:02:10
and a new constant fear of AI
00:02:12
threatening to replace them and how do
00:02:14
Millennials and Boomers play a part in
00:02:16
all of this in this special episode we
00:02:18
go through a journey of generations and
00:02:20
we look at the real reasons why gen Z is
00:02:22
facing the brunt of it all we'll tackle
00:02:25
this topic in three broad categories
00:02:27
housing the economy and education
00:02:31
a quick note although this episode is
00:02:33
focused on gen z a lot of this applies
00:02:35
to younger Millennials too and a lot of
00:02:38
these numbers are America focused but
00:02:40
will definitely be including other
00:02:41
countries around the world too so join
00:02:43
us as we try to answer perhaps the most
00:02:46
important question facing this
00:02:47
generation is Gen Z truly the poorest
00:02:50
generation in modern
00:02:55
times you are watching cold fusion TV
00:03:01
before we dive in let's paint a vivid
00:03:03
picture of who we're talking about when
00:03:04
we say genz at the time of writing the
00:03:07
oldest of them would be around 27 years
00:03:09
of
00:03:10
age in America and Britain this group is
00:03:13
1/5 of the population a similar
00:03:15
proportion to current Baby Boomers the
00:03:17
developing world has more of them in
00:03:19
Nigeria gen Z makes up 32% of the
00:03:22
population and 27% for India in the west
00:03:26
compared to Millennials gen Z are more
00:03:28
environmentally conscious drink and
00:03:30
smoke less and are in less relationships
00:03:33
they care more about social issues
00:03:35
although they socialize less 38 minutes
00:03:37
per day versus an hour for the eth of
00:03:40
the year 2000 you can watch my
00:03:42
loneliness epidemic video for more on
00:03:44
that side of
00:03:45
things celebrities in this generation
00:03:47
include the likes of Billy ish zanda
00:03:51
Greta thunberg mbappe Mr Beast and Naomi
00:03:55
Osaka while these genz celebrities are
00:03:57
obviously doing fine everyday people in
00:04:00
their cohort are coming of age into
00:04:02
tough times what is really screwed up is
00:04:04
the world is massively in debt the
00:04:07
workforce is shrinking population's
00:04:10
growth is slowing down it's slowing down
00:04:12
GDP growth so there's not enough GDP
00:04:14
growth to pay or service the amount of
00:04:17
debt out there and what we found since
00:04:20
2008 that the answer to this debt issue
00:04:23
has been printing of more money
00:04:25
debasement of currency people think of
00:04:27
it in terms of at first they think it's
00:04:29
going to be inflation as in the price of
00:04:31
CPI goes up but it's actually not it's
00:04:34
actually something much worse is Wages
00:04:36
don't rise but assets go up because
00:04:38
optically you're debasing the currency
00:04:41
but what's happening is you can't afford
00:04:43
as much of that now and so your future
00:04:46
self is in fact poorer so a classic
00:04:49
example is a 35-year-old now in the
00:04:51
United States getting married having
00:04:54
kids a house is very expensive now
00:04:56
compared to when Peter and I were young
00:04:58
it was relative cheap three times
00:05:00
incomes now it's like 10 times incomes
00:05:03
so there's no real way of getting up the
00:05:05
ladder so the advantages that your
00:05:07
parents had are not available to you for
00:05:10
Gen Z above all there's probably one
00:05:13
thing that feels more Out Of Reach than
00:05:14
anything else
00:05:16
[Music]
00:05:22
housing if you've scrolled through any
00:05:24
social media feed you've likely come
00:05:26
across memes like these this humor hits
00:05:28
close to home for 34% of genz who see
00:05:31
home ownership as an impossible feat in
00:05:33
their lifetime not in the next 10 to 20
00:05:36
years but an entire lifetime think about
00:05:39
that for a second additionally in 2022
00:05:42
the typical age for a first home buyer
00:05:44
hit a record high 36 geners are staying
00:05:48
at home longer to save on rent for
00:05:50
example in the US young adults living at
00:05:53
home have increased 87% over the last
00:05:55
two decades and in Australia it's risen
00:05:58
177% just since 2016 in Sydney only 0.1%
00:06:03
of the properties there are affordable
00:06:05
for the average household for one
00:06:07
student in Canada he found it cheaper to
00:06:09
just fly to his classes to avoid higher
00:06:11
rent I need to pay like 2500 for the
00:06:14
rent I don't feel that is like you know
00:06:17
viable the problem really becomes clear
00:06:20
when you see the disparity
00:06:23
visually in the US home prices are now
00:06:27
Rising twice as fast as income now it
00:06:29
takes about about 6 years of income to
00:06:30
buy the average house for Boomers this
00:06:33
was 2 to 3 years Generation X 3 to 4
00:06:36
years Millennials 4 to 5 years and as
00:06:40
just shown gen Z 6 to 7 years but
00:06:43
Australia is on another level the
00:06:45
average house price in Sydney $1.6
00:06:48
million if you're on a single wage it
00:06:51
takes 14 years of income on average to
00:06:53
buy a house remember that's 14 years of
00:06:57
work if you save 100% of everything you
00:07:00
earn in other words you'd have to be
00:07:02
homeless and eating out of garbage bins
00:07:04
to do that just
00:07:07
astonishing and then there's stories
00:07:09
like this this three bedroom Padington
00:07:11
home in Native renovation selling at
00:07:14
auction for an ey watering $9 million
00:07:18
that's a whole million and a half above
00:07:20
the reserve boasting off street parking
00:07:22
and a converted St the Terrace last sold
00:07:25
in 1981 for
00:07:27
$300,000 the new buyers are planning to
00:07:29
spend anywhere from a million to 5
00:07:32
million to bring it up to scratch and
00:07:35
this this split level one-bedroom
00:07:37
apartment in Bondi Junction which is
00:07:39
listed for $900 to say I was
00:07:41
underwhelmed is an understatement among
00:07:43
the applicants were two young Maids both
00:07:45
male and wish to say Anonymous they were
00:07:48
prepared to c-li in this one better
00:07:50
these are the kind of sacrifices people
00:07:52
are having to make there's a myriad of
00:07:54
reasons of why this is happening in
00:07:55
Australia and I'm going to do an
00:07:57
entirely separate video on this topic
00:07:58
alone but the bottom line is prices have
00:08:01
surged more than 22% in just one year in
00:08:04
the UK things are bad too the average
00:08:07
house cost nine times as much as average
00:08:08
earnings in the UK the last time house
00:08:11
prices were this higher compared to
00:08:13
earnings was almost 150 years ago back
00:08:15
in
00:08:17
1876 but this is where things get a
00:08:20
little more complicated there's actually
00:08:21
a Twist here with Generation Z despite a
00:08:24
global shortage in affordable housing
00:08:26
and Rising property prices gen Z seems
00:08:28
to be navigating the housing market
00:08:31
adequately data from red fin over in the
00:08:33
US shows that 30% of 25-year-olds owned
00:08:36
homes in 2022 3% more than their Gen X
00:08:40
counterparts at the same age well how is
00:08:42
this here's what different experts say
00:08:45
those in gen Z took advantage of record
00:08:47
low mortgage rates in 2020 and 2021 this
00:08:50
made servicing a mortgage less of a
00:08:52
burden gen Z has more remote work
00:08:55
opportunities so they're able to live
00:08:57
somewhere remote and more affordable and
00:08:59
lastly this cohort has more access to
00:09:02
technology information and platforms
00:09:04
which all help in their home purchases
00:09:07
according to Ben Miller the CEO of
00:09:08
fundrise quote every generation is
00:09:11
getting more economically screwed in
00:09:13
some ways but they gen Z have way more
00:09:16
knowledge and information than previous
00:09:18
generations way way way more that's got
00:09:22
to count for something end quote
00:09:24
interestingly in comparison Millennials
00:09:27
aren't doing so great with housing it
00:09:29
seems like the 08 crisis hit that cohort
00:09:31
hard when it came to buying a house on a
00:09:34
societal level the problem of home
00:09:35
ownership is making it harder for both
00:09:37
younger Millennials and gen Z to think
00:09:40
about marriage and having kids a
00:09:42
solution that's equally as sad as it is
00:09:44
dystopian is the tiny home Trend Jen
00:09:47
zers and Millennials are buying
00:09:48
pre-fabricated tiny homes on Amazon for
00:09:51
under
00:09:52
$40,000 as the median price of American
00:09:54
homes tops $400,000 here in California
00:09:58
the median house is over $770,000 a
00:10:02
silver lining here is that reports
00:10:04
suggest that the job market is booming
00:10:07
or is
00:10:10
it if you're 15 to 24 years old in some
00:10:13
places you'd be lucky to have a job in
00:10:16
Spain the unemployment rate of this age
00:10:18
bracket is 28% Sri Lanka 27% Greece
00:10:24
25% Italy and Sweden
00:10:26
23% in China things also aren't going
00:10:29
great for the young thanks to economic
00:10:31
uncertainty and a large population in
00:10:33
higher education over one-third of
00:10:35
degree holders there may be
00:10:38
unemployed let's go back to other parts
00:10:40
of the world in the west the picture
00:10:41
looks a lot better but as you'll soon
00:10:43
see not all is as it seems youth
00:10:46
unemployment across the Richer countries
00:10:48
of the world on average is around 13% It
00:10:51
hasn't been this low since
00:10:53
1991 but you might be thinking something
00:10:56
doesn't feel right about this Rosy
00:10:58
picture it's not like here jenzy and
00:11:00
Millennials rejoicing about how good the
00:11:02
job market is so what is going on why
00:11:04
don't the figures line up with what
00:11:06
everyone's feeling well the fact is the
00:11:08
figures we often hear aren't telling us
00:11:10
the full story for example in 1994 in
00:11:13
the US the government changed the way
00:11:15
they count unemployment they stopped
00:11:16
counting all of those who stopped
00:11:18
looking for work or only have part-time
00:11:20
employment a lot of other countries have
00:11:22
done this too and when you factor that
00:11:24
in everything starts to make sense Peter
00:11:27
Schiff explains further so if you're
00:11:29
really want to put today's unemployment
00:11:31
in context what you have to compare is
00:11:34
the current U6 number to the u3 number
00:11:38
that existed prior to 1994 and I
00:11:40
happened to do that and what I found if
00:11:43
you look at the 1950s and 1960s there
00:11:46
wasn't a single year during those two
00:11:49
decades where unemployment was as high
00:11:52
as it is right now you got to go to the
00:11:54
1970s that was 1975 oh in 1976 so only 2
00:11:58
years and that's supposed to be a
00:12:00
horrible decade stagflation Jimmy Carter
00:12:04
all the bad stuff that happened there
00:12:05
were only 3 years during the 1980s when
00:12:08
unemployment was higher than it is right
00:12:10
now we were in the worst recession since
00:12:12
the Great Depression the FED had
00:12:14
interest rates up at 20% right we were
00:12:16
really trying to fight inflation so only
00:12:19
during the latter 1970s and early 1980s
00:12:23
did you have unemployment higher than it
00:12:25
is right now so how is Gen Z doing today
00:12:29
overall opinions are divided on the one
00:12:32
hand Lawrence kotlov an economics
00:12:34
professor at Boston University agrees
00:12:36
that quote this is a tougher climate for
00:12:38
sure parents need to realize that their
00:12:41
kids are in trouble end quote others
00:12:43
like personal finance expert Ken Coleman
00:12:46
believe that gen Z has an advantage due
00:12:48
to technology which levels the playing
00:12:50
field quote I think this next Generation
00:12:53
this gen Z generation and the kids
00:12:55
coming up behind them I think we're
00:12:56
going to see an entrepreneurial boom
00:12:58
like we've never seen in history because
00:12:59
of the playing field being leveled by
00:13:01
technology making it so much easier end
00:13:04
quote while it's true that technology
00:13:07
does indeed help even the playing field
00:13:09
will it be enough and it could be a
00:13:11
double-edged sword for example AI
00:13:14
advancements however hyped and overblown
00:13:16
today in some areas could provide a real
00:13:19
challenge to working humans over the
00:13:20
next decade we'll have to wait and see
00:13:23
okay so that was the job market but once
00:13:25
genas get a job how are they doing well
00:13:28
again again there's some interesting
00:13:30
stuff going
00:13:32
on gen Z have figured out something
00:13:34
pretty smart changing jobs more often
00:13:36
allows them to earn more almost 30% more
00:13:39
according to Business
00:13:40
Insider according to the economist the
00:13:43
wages for Gen Z are rising much faster
00:13:45
than other age groups in America hourly
00:13:48
pay rates for those 16 to 24 were 7%
00:13:51
higher year on-ear compared with workers
00:13:53
aged 25 to 54 at
00:13:56
13% in Britain the pay of those age 18
00:13:59
to 21 Rose 15% last year and this is far
00:14:02
greater than the other age groups in New
00:14:04
Zealand the average hourly pay of those
00:14:06
age 20 to 24 increased by 10% compared
00:14:10
to the average of 6% in a few places
00:14:13
including Croatia and Slovenia genz are
00:14:16
already earning as much as the average
00:14:17
worker it's all very interesting the
00:14:20
explanation for this could be simple
00:14:22
after the postco inflation started
00:14:24
exploding a lot of people would ask for
00:14:26
a raise and they got it but the
00:14:28
difference would is this they're the
00:14:30
youngest cohort so they had the lowest
00:14:32
base wage because their wage was lower
00:14:35
companies could afford to pay them more
00:14:37
as it was still cheaper than retraining
00:14:39
someone else for example so when you
00:14:41
look at the proportions genz seems to be
00:14:43
doing better but the truth is even if
00:14:46
their pay is increasing at a faster rate
00:14:48
it may still not be enough gross income
00:14:50
to live comfortably so the question must
00:14:52
be asked why is pursuing higher salaries
00:14:55
not translating into Financial Security
00:14:58
One word
00:15:03
inflation While most of us have felt the
00:15:05
pinch of everyday essentials inflation
00:15:07
lies at the heart of jz's financial
00:15:09
struggles they're mostly just starting
00:15:11
their careers and probably earning less
00:15:13
overall to enter the work force during a
00:15:15
period of Rapid inflation not seen since
00:15:18
the 1970s would be a real shock for any
00:15:20
young adult in 2022 inflation soar to
00:15:24
the highest point in 40 years during the
00:15:26
pandemic supply chain disruption meant
00:15:28
that Goods cost more and to prevent the
00:15:30
economy from stalling governments
00:15:32
printed excess amounts of money to
00:15:33
revitalize it it sort of worked but all
00:15:36
of that extra money slushing around in
00:15:38
the economy later showed up as inflation
00:15:41
suddenly a trip to the local grocery
00:15:43
store was 8% more expensive and this
00:15:46
isn't to mention fuel air fares rent and
00:15:49
transportation and most critical of all
00:15:52
education but we'll come back to that
00:15:54
jenz has never seen prices rise so
00:15:56
rapidly in their lifetime and they're
00:15:58
going through a of sticker shock some
00:16:00
reports even go as far as to say that
00:16:02
gen Z is quote psychologically scarred
00:16:04
by the effects of
00:16:06
inflation okay so inflation is high but
00:16:09
what does that really mean well I
00:16:10
quickly need to show you some lessons
00:16:12
from history so we can understand the
00:16:13
full effects barring World War II in
00:16:16
which life wasn't normal the mid '70s
00:16:18
till 1981 saw raging inflation reaching
00:16:21
a peak of 20% with everything costing so
00:16:24
much and wages being stagnant most
00:16:26
households decided that two people
00:16:28
needed to work work to keep the
00:16:29
household afloat there was no other
00:16:31
choice the natural result was that more
00:16:34
women entered the workforce a trend that
00:16:36
remains till this day but there's a
00:16:38
tragic thing about inflation even as the
00:16:40
inflation rate subsides prices usually
00:16:43
stay elevated for example say the
00:16:45
inflation figure drops from 8% to 3% it
00:16:48
doesn't mean that prices actually go
00:16:50
down it just means that prices are
00:16:51
rising at a slower rate in other words
00:16:54
they were rising at 8% and now they're
00:16:56
rising at 3% as say this just to
00:16:59
highlight that inflation is nothing to
00:17:01
play with but the good news is that for
00:17:03
now inflation rates across the world
00:17:05
have slowed while that's welcome news
00:17:07
gen Z would have to accept that higher
00:17:09
prices are here to stay higher wages do
00:17:11
help but the truth is for a young person
00:17:14
just starting out in their professional
00:17:15
career inflation makes things very hard
00:17:19
how much did you pay for your first
00:17:20
house $118,000 with 17 Acres what year
00:17:25
1989 when I was a kid cars were
00:17:27
thousands of dollars a brand new car
00:17:30
like I don't know $5,000 I remember
00:17:32
seeing ads houses houses were probably
00:17:34
what 10 20,000 when I was a kid a dollar
00:17:37
used to actually be worth something but
00:17:39
there's another twist here if you can
00:17:40
believe it inflation may be worse than
00:17:42
what we're being told there's a reason
00:17:44
why a dollar doesn't go as far anymore
00:17:46
according to economist John Williams
00:17:48
founder of Shadow government statistics
00:17:50
the US government may be fudging the
00:17:52
inflation numbers so real inflation is
00:17:54
worse than what's published Williams
00:17:56
argues that the methods used to
00:17:58
calculate the inflation have changed
00:17:59
over time this first occurred in the
00:18:01
1980s and ever since the inflation rates
00:18:04
have been reported as lower than what
00:18:06
they actually are in blue you'll find a
00:18:08
more honest representation of inflation
00:18:10
whereas in red these are the official
00:18:12
statistics the official statistics don't
00:18:15
factor in house price growth directly or
00:18:17
they might substitute stake for more
00:18:18
affordable meat when determining grocery
00:18:20
expenses and more tactics of that nature
00:18:23
although it's not just the US government
00:18:25
that manipulates inflation numbers it's
00:18:27
a common tactic used by many governments
00:18:29
around the world mainly to get reelected
00:18:31
so why say all of this the bottom line
00:18:34
is that living standards are being
00:18:35
slashed by even more than we realize
00:18:38
it's getting harder for everyone
00:18:40
especially those who are just starting
00:18:41
out in their professional
00:18:42
[Music]
00:18:44
career so the part you've all been
00:18:47
waiting for are gen Z lazy entitled
00:18:49
brats let's take a
00:18:52
[Music]
00:18:54
look to set the stage when it comes to
00:18:56
Attitudes among workers employee
00:18:58
confidence and morale is generally low
00:19:00
across all generations not just gen Z
00:19:03
but that being said out of all the age
00:19:05
groups genz is the most disengaged at
00:19:08
work only 44% of genz report job
00:19:12
satisfaction and that's compared to 67%
00:19:14
of older workers last year Jers boasted
00:19:18
about quiet quitting this is where they
00:19:19
put in just enough work to not get fired
00:19:23
others talk about bare minimum Monday
00:19:25
this same type of behavior is occurring
00:19:27
all across Asia in China they call it
00:19:30
Tang ping or lying flat and we've
00:19:32
covered that on this channel
00:19:33
before a 2022 survey found that
00:19:36
Americans aged between 15 and 24 spent
00:19:39
25% less time on quote working and work
00:19:43
rated activities than those in 2007 this
00:19:46
next statistic is very telling the share
00:19:49
of American 12th graders age 17 or 18
00:19:51
who see work as a central part of life
00:19:54
has dropped
00:19:55
sharply why is this well gen Z want a
00:19:58
workplace that has mentorship genuine
00:20:01
connections flexibility and a work life
00:20:04
balance for them the world has changed
00:20:06
and the traditional office job with a
00:20:08
commute just doesn't cut it anymore the
00:20:11
older Generations look at Jen Z's
00:20:13
attitude with scorn to them it appears
00:20:15
like a pure lack of work ethic in fact
00:20:18
three in four managers consider gen Z
00:20:21
the most difficult age group in the
00:20:23
workplace are gen Zed workers lazy or
00:20:27
are they simply changing the work
00:20:29
culture lazy a new survey has found 60%
00:20:32
of us bosses have fired their genz
00:20:35
workers complaining that the younger
00:20:37
generation wanted to leave early start
00:20:39
late and expected to be paid a fortune
00:20:42
well now bosses in Australia have the
00:20:44
same problem they're not bad they're
00:20:46
different that's all like they're
00:20:47
growing up in an you know a world where
00:20:49
they're probably not going to buy a
00:20:50
house you know ever going to be able to
00:20:52
afford it they've gone through Co I
00:20:54
think they've just got a bigger sense of
00:20:55
YOLO that went and and that's not a bad
00:20:58
bad thing it's just different so I think
00:21:00
older bosses are like no I I worked a
00:21:02
horrible job all my life you should too
00:21:04
and the kids are saying no uh but I
00:21:06
think the work ethic comes back to
00:21:09
finding a passion and that's no
00:21:10
different for any other gen Zed worker
00:21:12
and I think that's why you know some of
00:21:14
this trend may have happened maybe this
00:21:16
work wasn't their passion and it's not
00:21:18
something that they really wanted to do
00:21:19
for the rest of their life and I think
00:21:21
that's where it comes back to if someone
00:21:22
finds a job they love they'll put in
00:21:24
their all and if it's something that
00:21:26
they don't really love I think my
00:21:28
generation nowadays are just more
00:21:29
inclined to be like look this isn't for
00:21:31
me I'm not going to give my all and I'll
00:21:33
find something else that is uh we have
00:21:35
to take better care of young people's
00:21:37
mental health and also the older people
00:21:40
in the workforce need to communicate
00:21:43
maybe in newer ways and or teach younger
00:21:46
people how to communicate in older ways
00:21:49
okay but here's the truth of the whole
00:21:51
thing most of these companies would lay
00:21:53
you off in a heartbeat if it affected
00:21:55
their bottom line and jenzy knows that
00:21:57
they might even be the first generation
00:21:58
to enter the workforce knowing that I'm
00:22:00
not telling you to be lazy on someone
00:22:02
else's dime but a lot of these companies
00:22:04
don't give a damn about you and it's
00:22:05
perfectly acceptable to not give a damn
00:22:08
back but who's actually right well we
00:22:10
have to look at both sides of the
00:22:12
argument first according to surveys of
00:22:14
manages and employers gen Z has a
00:22:16
combination of perceived entitlement
00:22:18
short attention spans and a tendency to
00:22:21
critique beliefs held by other
00:22:23
generations and this next one's going to
00:22:25
be controversial but there's a common
00:22:27
Trope that gen Z is too too soft
00:22:29
according to CNBC 25% of gen Z say that
00:22:33
they need a therapist just to deal with
00:22:35
the stress of filing taxes so who do you
00:22:38
think is right who has the valid points
00:22:40
I do think it's interesting to see how
00:22:42
age plays a role in one's thinking but
00:22:44
one thing is true gen Z actually works
00:22:47
harder than most people think almost
00:22:49
four in 10 genz have a side hustle in
00:22:51
addition to the regular job so it seems
00:22:54
that genz will do the work but it's just
00:22:56
on their own terms
00:22:59
and now we can move on to
00:23:02
education let's start with South Korea
00:23:05
the Youth of South Korea are the most
00:23:06
educated in the world nearly 70% of
00:23:09
those aged 25 to 34 have a tertiary
00:23:12
degree that's the highest among OIC
00:23:15
countries just imagine the stress and
00:23:18
fierce
00:23:19
competition despite their educational
00:23:21
prowess over half of se's Youth face
00:23:23
asset poverty that means they La enough
00:23:26
liquid assets to cover their basic needs
00:23:28
for three months moreover in a country
00:23:30
where working 18-hour days isn't
00:23:33
uncommon skyrocketing house costs are
00:23:35
pushing many South Korean geners into
00:23:37
small apartments just 50 ft that's
00:23:40
almost 1/10th of a standard studio
00:23:42
apartment so the United States of course
00:23:45
is an interesting case education there
00:23:47
is extremely expensive tuition costs
00:23:50
have risen faster than the cost of
00:23:51
Medical Services Child Care and housing
00:23:54
student debt is no joke with these
00:23:56
higher interest rates it's so bad that
00:23:59
39% of recent graduates said that they
00:24:01
would choose to spend a week in jail if
00:24:03
that meant that they could raise their
00:24:05
debt so since about 2018 some genz are
00:24:08
simply turning their backs on
00:24:10
traditional higher education paths and
00:24:11
looking towards a career in trades
00:24:14
community colleges are also being looked
00:24:16
at more it is so weird to me that
00:24:18
everyone wants to go to a highly ranked
00:24:19
College usually the professors there
00:24:21
their number one focus is not teaching
00:24:23
they're incredibly smart but what they
00:24:24
really care about is their own research
00:24:26
as you guys know smarts does not equate
00:24:28
to skill when it comes to teaching also
00:24:29
does not necessarily translate to
00:24:31
motivating young people that's why the
00:24:33
most impactful teachers are usually at
00:24:35
community colleges way cheaper way
00:24:36
easier to get into you can likely live
00:24:38
at home if you go to Community College
00:24:40
overall I think that's pretty much the
00:24:41
move but in most Western countries those
00:24:44
who are going to University are being
00:24:45
smarter about it the economy isn't as
00:24:48
secure as it once was so there's been a
00:24:50
drift to more easily employable degrees
00:24:53
science engineering and medical degrees
00:24:56
are rising and the humanities are
00:24:58
falling out of
00:24:59
favor and all of this isn't to mention
00:25:01
jz's debt levels in the US for example
00:25:04
with inflation and interest rates Rising
00:25:06
gen Z has the fastest rising debt levels
00:25:09
of any generation between 2022 and 2023
00:25:13
so just in one year Boomer's debt went
00:25:15
down by 1.3% Millennials up by 8% and
00:25:19
gen Z up by
00:25:22
15.4% in addition gen ZZ is also making
00:25:25
$7,000 less than their same age group
00:25:27
was at decade ago adjusted for inflation
00:25:30
they really haven't got it easy we can
00:25:32
all agree on that so in conclusion I
00:25:36
personally think that gen Z is in a very
00:25:38
interesting situation there's multiple
00:25:40
stories going on here on the one hand
00:25:42
there's Financial headwinds inflation
00:25:45
and Rising rents but on the other hand
00:25:47
their wages are rising faster than any
00:25:49
other age group and Home Ownership rates
00:25:51
are higher than Millennials during the
00:25:52
same age but at the same time when
00:25:55
compared to Generation X and Boomers
00:25:57
there's still a lot a and I haven't even
00:26:00
touched on those from gen Z now living
00:26:02
in war torn countries countries that
00:26:03
were peaceful 10 years ago but in terms
00:26:06
of work their attitudes towards work are
00:26:08
changing perhaps in 10 years instead of
00:26:11
going to college learning a trade will
00:26:13
be close to the norm who knows but all
00:26:16
of that is the reason why this topic is
00:26:17
so important gen Z are the near future
00:26:22
historically in times of economic
00:26:23
downturns the young become
00:26:25
disenfranchised and they vote against
00:26:27
the leadership that put them in their
00:26:28
current position governments and
00:26:31
politicians have to pay attention to
00:26:32
them or they'll be out of a job in no
00:26:34
time considering that gen Z is the most
00:26:36
politically active age group the
00:26:38
potential outcomes may carry even more
00:26:42
weight given all we've looked at gen Z
00:26:44
is trading water right now but they
00:26:46
definitely aren't swimming but let's
00:26:48
think outside the box a little bit here
00:26:50
and let's put this all into perspective
00:26:52
over the past 100 odd years which
00:26:55
generation do you think had it the worst
00:26:57
well here's a clue they're so old you
00:26:59
probably haven't heard of them they're
00:27:01
called The Lost Generation they were
00:27:03
born between 1883 to 1900 three whole
00:27:07
Generations before the baby booms many
00:27:09
had to go to the first world war the
00:27:11
soldiers came back traumatized the world
00:27:13
hadn't seen such violence before they
00:27:16
were left to wander the streets no
00:27:18
support and lost through life and this
00:27:20
is where the generation got their name
00:27:22
from The Lost Generation not long after
00:27:25
the scars of War they would then lose
00:27:27
all of their money in the Great
00:27:28
Depression but life wasn't done dealing
00:27:30
with them yet during the depths of
00:27:32
poverty they watched helplessly as they
00:27:34
had to send their own kids off to the
00:27:36
second world war and by the time they
00:27:38
got to relax in life they were already
00:27:40
in their
00:27:41
50s this added perspective isn't to say
00:27:44
that jenz has it easy they don't and
00:27:47
there's no arguing against that and my
00:27:49
heart does go out to all of those who
00:27:50
are suffering financially but the world
00:27:52
isn't in shambles yet and there's still
00:27:54
opportunities hopefully with better
00:27:56
policies and innovation our economies
00:27:58
and employment situations can turn
00:28:01
around on the bright side gen Z does
00:28:04
have something Priceless on their side
00:28:07
time wise Investments with the little
00:28:09
money that they do have could be
00:28:10
life-changing in the long run their
00:28:13
willingness to work side hustles and
00:28:15
their access to the best technological
00:28:17
tools the world has ever seen could see
00:28:19
them becoming the most entrepreneurial
00:28:20
generation yet society as a whole should
00:28:23
support them however they can to help
00:28:25
them reach their full potential after
00:28:27
all they are the future but that's just
00:28:31
my opinion given all of the information
00:28:33
that we presented in this video what do
00:28:35
you guys think and with that we've
00:28:37
covered as many aspects on the lives of
00:28:39
Generation Z as we possibly could I hope
00:28:41
you did enjoy that coverage and learned
00:28:43
something from it feel free to share
00:28:45
this episode with anyone who'd be
00:28:46
interested if you want to see more on
00:28:48
society and why exactly everyone is so
00:28:50
lonely these days check out my episode
00:28:52
on the loneliness epidemic or if you
00:28:55
want to know why the economy is the way
00:28:56
it is today you can check out the
00:28:58
episode on the 2008 crisis and why it
00:29:00
still affects all of
00:29:02
us anyway that's about it from me my
00:29:05
name is toogo and you've been watching
00:29:06
cold fusion and I'll catch you again
00:29:08
soon for the next episode cheers guys
00:29:11
have a good
00:29:13
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00:29:17
one cold fusion it's new thinking
00:29:21
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00:29:34
you
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