As a young person considering their economic prospects today, things may seem bleak. Find out why nearly half of the Gen Z generation intends to become entrepreneurs. Compared to the cheap tuition and housing enjoyed by baby boomers, Generation Z will face a tougher economic outlook. But many of them are getting smart with their money to ensure they can provide for the future.
In 2017, 44 million Americans had student loan debt, totaling $1.4 trillion. Savvy Gen Z-ers have seen their parents and older relatives live with crushing debt and are coming up with new ways to pay for college, with 76% already earning money through part-time work, and 38% planning to work through college.
Even after college, employment can be tricky- in 2018. 1 in 20 college graduates couldn’t find a job. Some members of Gen Z are turning to the gig economy to make ends meet, while nearly half of Gen Z plan to become entrepreneurs. 41% want to start their own business, and 45% say they will invent something world-changing.
Young entrepreneurs include Ryan, a 6-year-old Youtube star with 13 million subscribers, and Moziah Bridges, who launched a bowtie collection at the age of 9 and even appeared on Shark Tank. Obviously, not everyone can become a Youtube star or launch a fashion brand, but it’s clear that young people are smart with their money and creative in their solutions.