Millennials & Gen Z: Young And In Debt. Why? | Talking Point | Full Episode

I make no excuses for "this generation of youth, etc." (I am a baby boomer), as I have seen this sort of behavior before, and literally expect this sort of "live in the moment" behavior from the youth of every generation.

I do believe that money management classes (the kind that I used to be forced to take in high school a hundred years ago) should be reinstituted as a required to graduate class in high school (and again in college.)

These kids just don't get the hard numbers put before them, nor do they have any idea of how to create a budget or save for retirement, etc.

This is the reason people like Dave Ramsey are so incredibly wealthy - teaching people of various generations how to budget and how to dig themselves out of debt (stuff I learned in high school.)

My opinion: This is an imported disease from Western countries such as US and Europe and the culture of YOLO and FOMO. I grew up in Malaysia and I currently live in US and these days when I visit Malaysia, I see many foreign luxury cars everywhere. Back in the 80s a Honda Accord is a luxury car but apparently Malaysians are rich nowadays but are they really? I have lived below my means my entire life and now I get to enjoy my sacrifices decades later, a few years more to retirement. I put the partial blame on the parents (my older brother included) who basically hand their kids whatever they want. A participating trophy on everything they do thinking it will help soften the harsh reality of life but its the opposite. You can be a physician earning USD$350k and be broke if you spend more than you earn. FACT. Finally, ever heard of "Till debt do us part"? For those getting married, think carefully before you take the plunge!

Story update - All the women here started OF and are now DEBT FREE MILLIONAIRES. The men are still broke though.

Story update - All the women here started OnlyF* and are now DEBT FREE MILLIONAIRES. The men are still broke though.

I’m an old ass millennial (38) and these people are not living within their means. It’s rough out here but I still manage my to save and still do stuff.

at least you don't have a 10 percent restaurant bill and a 20% tip slapped onto your bill while the portion size is significantly smaller than last year.

In USA Walmart just introduced buy now pay later for groceries

“chosen to be a gig worker”…. I take issue with this sentence. If this generation had stable employment with adequate benefits and wages and pensions they wouldn’t be “choosing” fluctuating wages and gig work. The reality is the gig work model is more profitable for the companies, not the individual forced to work far more hours than they would in traditional employment with far fewer job protections.

From what I see the biggest expense is their own unnecessary and impulse buying. Especially BNPL and EMIs which hide the true cost trapping you in the illusion of low cost and then putting you in loan & pressure for the next 3 months to 1 year. First control your own unnecessary expenditures and get out of this show off trend.
CNA has presented a very narrow view showing only people(females mostly) who have bad spending habits.

The reality is everything is expensive, rent and food. I don't even have a "social life" like these people and still it's very hard to save money.

I paid all my used cars in cash.
One year ago I bought my first apartment alone at the age of 25, with mortgage of course.
And this year my boyfriend and I are going to buy another apartment together. So at the age of 26-27 I’ll already have two apartments. The first one I bought just to rent out and never been living there as it’s cheaper for me to rent a smaller apartment than what I earn from renting out.

I wonder why they call African countries 3rd world countries when everything I own in paid for in cash.l can be poor but never broke & in debt.

Meaningless spending and lack of self control is in the gen Z life. They don’t even think that’s a problem. The one who believe she can spend less by moving overseas. I wonder where.

I thought Gen X was the most indebted.

A good friend of mine once said "If you can't buy two of it then you can't afford it." That stuck with me and surprisingly has saved me from overspending.

I feel bad, for the next generation of adults to come, knowing that children and young teens now a days have difficulty to control there self indulgence...

I cant stand the god awful SG english, cant watch it

Man our generation is screwed 🥴

Bruh no, i can’t with 20% savings and 3k expenses? Like why how :’) even with inflation my expenses hit $1.8k. I save 50-55%. Can we please show the ones who save as well so its not skewed :’)

Im a millenial. Im in debt bec of my parents. My dad has a debt of around 800k pesos which he asked me to pay. My mom wanted a house which cost around 7million pesos which we owed from our relatives. Im slowly paying up the debts of the 7 million from my work/job.
My brother promised to help out which he hasnt paid up yet.
Recently my gradma got sick which needed hospital costs of around 1 million. Though my uncles paid it. The mere sight of that reality hit hard. I have to put aside some savings for myself in times of crisis.
Its hard... With the high inflation rate and the economy... Plus irresponsible family members.
I always wanted to have my own family. Sometimes i envy those whose parents give them money as wedding gifts. Like my aunt, where his dad gave her 1 million pesos prior to her wedding. Me, i have to help pay so i had to work hard and pay my parents' debt.

Private hire rides $800/ month ! She living a life beyond her means

Can't really blame parents or school. It's their own stupidity. You, me, everyone else got a basic education that included adding and subtraction. That's finances, numbers with extra zeroes. Interests are complicated? Everyone and their mother across the world learns percentages in 3rd grade or equivalent.

You found the biggest retards to interview, they have no budget. Most millennials and gen Z do not have these spending habits.

I’m gonna live frugally.
I’ve watched a vid earlier. Wait a month before you buy that item that you really want. And if you still want it after 30 days, then go buy it. But most likely you will change your mind

The real crime is charging $45 for an eyebrow pencil.

Instead of buying makeup monthly, save her money and go to the orthodontist to get her teeth fixed. Maybe she won’t need too much makeup anymore.

I pay my credit card bills regularly but using it so addicting

It does suck to not be able to afford things. I can just imagine not being able to build equity if all you can do is rent and the rent is like an entire paycheck. You can't save up enough to buy a car so you just Uber everywhere, which in itself is very expensive. Pretty much, most 20-40 year olds that I know are renting a house, leasing a car, or just Uber. They really don't have anything to their name, aside from their debts. I am 34 and I've been fortunate enough to own my own house since I was 26. To be honest, it was just pure luck that I bought my first house when I did, and that built enough equity for me to buy my second house that I'm living in now. I do try to save money where I can and I have a good paying job, but anyone that didn't own a house before COVID is pretty much out of luck.

Never use credits card. Best use debit card which is under your control. Never chase items because others have.
We all are young once. So is not an excuse to say it.

Why? Well, for one, stupidity.

Great video! I used buy now, pay later a few times in past ( 3 or 4 times in total) It is like eating a sugar. You know that it’s bad for you, but it’s so hard to resist..

Merci, I believe on budget spending. I was in Singapore September, my observations were right. The girls enjoyed getting dolled up glamour. Hopefully, they won't run into financial trouble😊

Only buy what you need. Not what you want. I know, easier said than done. Being able to sleep peacefully at night is much more important than having useless stuff.

Self pwnage at the very worst.

I am so scared of the 'pay later' button.. if I dont have money yet, I save the money just buy something that I need.. I dont care about branded goods.. I just have one bag that's all I need rather than spending money on branded bags or many bags... I dont want debt ruining my life.. I just look at the mirror and the wallet
do I really need it?
do I have money?
if no.. then just let it go..

ha

Canada cost of living:
1) $1750.00 1 bedroom for rent
2) $. 400.00 Food; zero eating out.
3) $. 250.00 utilities
4) $. 145.00 medical/ dental
5) $. 55.00 cell plan
6) $. 180.00 bus pass
Total 2780.00 bills
Income minimum wage 2400.00
After tax $1900.00 so that’s
-880.00 a month 😅

Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.

700$ in Uber ?

BNPL with restraint is awesome. The problem is when people use it too much, it creates a false sense of abundance. But for that financial responsible person who just needs a break, I say its a great deal.

Broke now broke later

why lot of this spending victim mostly girls.. yes i know man also get this trap, but not as much as the girls

Modern drugs

‘I need a eyebrow pencil’ is something I have never said my entire life 😂

I'm 25 I work 110 hours a week sometimes 120 at 30$ a hour two different jobs at 30$hr. People have to forget the 40 hour work week if you wanna have a 1950 lifestyle you need to make 100$ a hr 40 hrs a week with inflation adjustment of 40% every year or work insane hours like me do it for 10 years you'll be a millionaire of you invest right it can be done if you wanna have fun party live like you make 300k a year then that's up to you.

Buy now, pay later is the norm in my country. I have been drowning in debt for the past few months due to its excessive use. It got to a point where I would start the month with almost half of my used up by all the installments I had to pay.
Little by little I try to to control myself. It's hard. It affects everything in your life. I used to help a lot at home, now I'm the one asking for money.
Another thing I say is very important: emergency fund. Emergencies will always come up. I just came back from a trip and fell sick. My credit card payment for this month is huge and now I have now to see a doctor and probably buy medicine. If only I had some money set aside for such an emergency, it wouldn't be such a headache.

So dumb so stupid

Don't fret, the debt ceiling always goes up. I wonder if 2008 crisis survivors had it easier. I'm concerned about the stock market, I've lost $35,000 this month, and my income is down. Worried I won't save enough for retirement as I can't add to my savings.