concept

Gen Z

Also known as: Generation Z

Facts (10)

Sources

How Different Forms of Debt Affect Our Mental Health: Study innerbody.com Innerbody Jul 5, 2023 9 facts

claimThe Innerbody study concluded that Gen Z appears to be the generation struggling the most with mental health issues resulting from outstanding debt.

measurementGen Z survey respondents expressed the highest levels of doubt regarding saving for retirement through their job (49.3%) or saving on their own (43.3%).

referenceA 2021 study by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business found that Gen Z had the lowest financial literacy levels.

measurementGen Z survey respondents reported the highest impact on quality of life due to debt, with 82.3% holding off on vacations, 84.2% skipping routine self-care, 61.4% postponing having children, and 41.4% missing doctor's visits.

measurementWhile 11.2% of all participants reported no mental health issues related to debt, 54.4% of Gen Z and 33.9% of millennials reported struggling mentally specifically due to home loan debt.

measurementCredit card debt was reported as the primary source of mental health struggles for 43% of Gen X participants, while auto loans (10.7%) and student loans (19.5%) were the primary sources for Gen Z participants.

claimThe Innerbody study suggests that the high prevalence of mental health concerns among Gen Z may be linked to their historical concern regarding societal issues such as work, money, mass shootings, sexual harassment, and civil rights.

referenceS. Bethune wrote an article titled 'Gen Z more likely to report mental health concerns' published in Monitor on Psychology in January 2019.

referenceM. Stephenson published an article titled 'Council post: Why gen-z is embracing the financialization of real estate' in Forbes on February 25, 2022.

Cross-Cultural Communication | Berkeley Exec Ed executive.berkeley.edu Berkeley Executive Education 1 fact

referenceThe article 'Are You Ready for Gen Z in the Workplace?' was published in the California Management Review in 2019.