The term disillusionomics was coined by a British economist after observing the spending behaviors of her fellow Gen Zers. They were promised a bright future yet have faced nothing but financial hardships. The older of the Gen Zs are struggling to find work and affordable housing. On top of that, they’re in serious debt. Most feel they’ll never be able to afford a home or a family. They’re disillusioned by the economy yet they’re doing the opposite of what you’d expect. 

Instead of knuckling down and trying to pay down debt while saving for the future, Gen Zers are living for today and barely giving a thought to tomorrow. Disillusionomics is as much a mindset as it is a coping mechanism. Because they can’t find work, Gen Zers are using their skills to create money-making opportunities, or side hustles, online and off. They’ve embraced shared living. Instead of buying new, they refurbish and reuse. In fact, online reselling of refurbished goods is one of the most popular ways to earn a living without having to work a 9-to-5 job.  

Gen Zs are motivated and hardworking individuals, yet they have given up hope that our economy will ever turn around. So, they are not saving towards retirement because they don’t believe they’ll ever be able to retire. Any extra money they earn they spend. 

When we were young, rent was affordable and jobs were more plentiful. We didn’t have social media, so we didn’t have to deal with outside noise bringing us down. Yet at Alloy Wealth, we’re in the business of helping people build futures and trust us, no matter the economy Gen Zers do have a bright future ahead. If you are struggling with finances, please contact us for a complimentary written financial plan. 800-689-3935