Extra: Gen Z Is Deep In Debt. How Can They Get Out Of It?

The Fox News Rundown

FOX News Podcasts

News, Daily News, Politics

3.4 • 1.7K Ratings

🗓️ 9 June 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Like many Americans, Gen Z isn’t feeling great about the economy. However, they’re also facing a wealth problem, with individuals under 35 having the lowest average net worth for any generation. A large part of that is due to rising debt. Many young adults struggle to manage a budget, pay off student loans, and afford housing. Author, and financial expert, Rachel Cruze recently joined the Rundown’s Lisa Brady to discuss the financial woes of Gen Z. Cruz broke down why the nation is facing record levels of consumer debt, and how young people have taken a different approach to spending than previous generations. She also shared tips on how to pay down debt. The conversation was long and we could not include all of it in our original FOX News Rundown segment. On the FOX News Rundown Extra, you will hear our entire conversation with financial expert Rachel Cruze and get even more of her analysis and advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Pets bring so much joy from those happy greetings at the door to the warm
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0:10.6	range of delicious chews made for dogs and tasty snacks for cats that help clean and support your pets teeth and gums.
0:18.5	Essential for their overall well-being and a happy healthy life. They give you plenty of smiles so look
0:25.5	after theirs with dental life. Pick up dental life in the pet food aisle.
0:30.9	This is the Fox News Front Down Extra.
0:34.0	I'm Lisa Brady.
0:38.0	Many Americans say they're struggling financially.
0:41.0	It's reflected in polls across the country, but younger Americans are facing
0:44.8	a particular set of challenges.
0:46.8	With Gen Z carrying a higher debt load the millennials had at the same age, an average credit card balance of more than $2,800 for 22 to 24 year olds
0:57.4	in the last quarter of 2023.
0:59.8	That's up 26% compared to the same period in 2013 and data from Credit Bureau TransUnion
1:06.0	adjusted for inflation.
1:07.7	The Wall Street Journal says the jump in average debt for Gen Z partly reflects higher
1:11.7	prices for food and housing and a bigger percentage of people
1:14.8	graduating with student loans. But there can also be a big difference between an increase in
1:19.6	median pay for recent college grads and the rising cost of expenses rent for instance.
1:25.8	So we spoke with Rachel Cruz, co-host of the Ramsey show, a personal finance expert in
1:30.4	best-selling author, about why Gen Z has more credit card debt, the role of
1:34.8	social media and tips for everyone to help get their financial house in order.
1:39.1	We made some edits for time and thought you might like to hear the whole thing.
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