How Gen Z Became The “Debt Averse” Generation, And What It Means

Imagine graduating today. Young people starting their careers or considering college are faced with a world where workers are quitting their jobs in record numbers. More people are single, choosing to spend their entire lives without a spouse or partner. The value of a college degree is constantly under fire. And “climate sickness” is now the big future threat to be afraid of. Culturally, things are changing too. Superman is now bisexual and mac & cheese is now an ice cream flavor. So among all this disruption, the natural question is what long term changes will this create for industries in the future?

We may be seeing the beginnings of one such shift in the financial services industry. Trade publications in finance are now writing about the potential for this growing Generation Z to be extremely debt averse and unwilling to take out loans that they will spend years paying back. As the young people of today continue to react to a changing world, this last article really got me thinking about what other core elements of an industry will likely need to be overhauled as those 18 year olds get older and start to enter the workforce.