Financial Nihilism on the Rise: Gen Z Abandoning Homeownership DreamsA new study reveals that Generation Z is increasingly giving up on homeownership due to unaffordable housing. Instead of saving for a down payment, theyre spending more, working less, and making riskier investments. The average age for a first-time homebuyer has risen to forty, highlighting the challenges facing this generation. This shift indicates growing frustration with the housing market, with some economists labeling it financial nihilism. Gen Z has witnessed multiple economic downturns, higher education becoming a luxury, and political stagnation, leading many to feel the American Dream is no longer attainable. The study shows Gen Z spending more than saving, with nearly half having no emergency fund and many carrying more debt than savings. This change in behavior also extends to their work ethic and investment choices, with those giving up on homeownership feeling they have less to lose, leading to riskier financial behaviors.

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