Wealth and agePerhaps the greatest divide between the generations in the United States is the variation of their respective budgets. Younger citizens tend to see higher unemployment rates than their elders from other generations. Additionally, when those from the younger generations can find gainful employment, they tend to earn less money than those from an older age group. Of course, it can be argued that one tends to earn less money at a younger age as they have yet to obtain enough experience or complete their education. This however, leads to another issue driving a wedge between the generations and their comparative wealth.
With the passage of time has come the steep increase in the prices in several areas. Higher education for example, has increased in price from just over 1,500 U.S. dollars a year per student for private universities in 1970, to over 32,000 in 2020. When the youth finish their education they are greeted by more debt than their predecessors ever had. When those same individuals wish to buy a home, as their parents and grandparents did at that age, they see another area with drastic price hikes. With their high unemployment, lower income, high debt from education, and high housing costs, it is no wonder the Millennial and Gen Z population isn't saving their money to buy a home.