Disillusionomics: the US economy isn't serving gen Z | Alice Lassman

"For gen Z Americans, it's hard to remember a version of the economy not defined by crisis. We finished our education online as Covid devastated the world, only to graduate into high costs of living, stagnant wages and now AI's threat to entry-level jobs. We've come of age in a system that no longer feels fit for purpose. The result is a generation that's lost faith in the traditional markers of stability."

"What once defined a secure life home, family and comfortable retirement feels out of reach. A pension is out of the question, one friend told me. So staying in the same job no longer makes sense. She's not alone: jobseekers' confidence in keeping or finding work dropped sharply this spring, with a survey in June suggesting nearly 60% of graduates were still looking for their first jobs."

"The financial commitments that tied previous generations to long-term careerism having children, affordable mortgages, college debt are largely unattainable. College, long considered a reliable pathway to success, has rapidly diminished in importance for Americans. Childcare costs are so prohibitive that a growing share of adults say they're unlikely to have children. And with housing prices rising at more than twice the rate of inflation since 1960, one in three gen Z-ers believe they'll never own a home."

Gen Z Americans matured amid continuous crises, from remote education during Covid to graduating into high living costs, stagnant wages and AI threats to entry-level jobs. Traditional markers of security—home ownership, family, comfortable retirement and pensions—feel increasingly unattainable, undermining incentives for long-term career commitments. Jobseekers' confidence has declined, with many graduates still seeking first employment. Key financial anchors such as affordable childcare, mortgages and manageable college debt have weakened, reducing ties to jobs and communities. Rising housing costs and diminished returns from college reshape life choices and foster a generational disillusionment with conventional economic pathways.

Read at www.theguardian.com