Gen Z Faces Economic Despair Despite Potential Wealth

Members of Generation Z, while potentially poised to be wealthier than millennials, are experiencing profound economic despair and anxiety, fueled by a landscape rife with scams, fake job postings, and global instability. Frankie Llerandi, a 21-year-old economics student at Michigan State University, has been unable to secure a single internship over three years, highlighting the difficulty in launching a career. He is set to graduate in the spring with an economics degree and an interest in data analytics, yet the prospect of achieving traditional markers of adulthood, such as homeownership and starting a family, seems distant, mirroring the struggles of older millennials who are often deep into their thirties before reaching these milestones.

Kira Saiti, a 19-year-old sophomore, expresses greater concern about the broader global context than her personal future. The constant exposure to images of violence and conflict, both internationally and domestically, through her phone, makes it challenging for her to view the world positively. This pervasive sense of unease contributes to a broader disillusionment with the current state of affairs. Julian Bautista, a 20-year-old junior, witnessed his chosen field of environmental work significantly impacted by cuts made during the Trump administration. This experience has led him to decide to seek employment in the Netherlands upon graduation, viewing the United States as a failing democracy steered by what he perceives as corrupt politicians. Bautista feels that throughout his life, the country has either stagnated or declined, failing to achieve meaningful improvement.

This pervasive bleakness and uncertainty about the future are driving a significant restlessness among many college students and young adults nationwide. They worry that the national political system is either incapable of or uninterested in improving their lives. This sentiment was evident two years prior when grim economic conditions contributed to Donald Trump securing a larger share of young voters than is typical for a Republican, capturing 47% of their vote according to AP VoteCast. The current anxieties have expanded to include concerns about artificial intelligence and the ongoing conflict involving Iran. These fears are now propelling a wave of disruptive candidates, particularly on the progressive, anti-establishment wing of the Democratic party, who are gaining traction among college students. Llerandi, Saiti, and Bautista, for instance, are supporting a slate of such candidates in Michigan who advocate for significant changes to the status quo. The economic challenges are compounded by the proliferation of online scams and the difficulty in discerning legitimate job opportunities from fraudulent ones, further eroding trust and exacerbating financial precarity for this generation.