How Gen Z Ended Up in So Much Debt
Younger generations, especially Gen Z and Millennials, are facing increasing debt due to several factors. Their wages haven't kept up with the rising cost of living, making it harder to afford daily expenses, housing, and higher education. Many are turning to credit cards, leading to higher debt levels than previous generations at the same age. The high cost of homes and rent, combined with student loan debt, creates significant financial stress. This challenging economic situation also leads to 'doom spending,' where people spend on small luxuries to cope with feelings of hopelessness about their financial future, further increasing debt. The ease of online spending and 'buy now, pay later' options also contributes to this problem.
Key Vocabulary
To make suffering, deficiency, or a problem less severe.
Examples:
- The new policies were designed to alleviate the housing shortage in the city.
- A warm bath can often alleviate muscle soreness after a long workout.
- The company implemented flexible working hours to alleviate employee stress.
Describing something bad experienced or present to the maximum degree; or, of a person or their behavior, completely without pride or dignity.
Examples:
- The family lived in abject poverty, lacking even basic necessities.
- After losing everything, he felt an abject sense of hopelessness.
- The abject performance by the team led to their swift defeat.
To become or make more intense, severe, or pronounced.
Examples:
- The storm intensified overnight, bringing stronger winds and heavier rain.
- As the deadline approached, the pressure on the team intensified.
- Her desire to travel the world only intensified after she read the adventure novel.
A check for salary or wages made out to an employee; also used to refer to the amount of money an employee receives for their work.
Examples:
- She always saves a portion of her paycheck each month for emergencies.
- Many people live paycheck to paycheck, with little left over after expenses.
- His first paycheck from the new job was a welcome sight.
Appearing as a shadowy, often menacing shape; or, (of an event regarded as threatening) about to happen.
Examples:
- The dark clouds loomed on the horizon, signaling an approaching storm.
- The looming deadline for the project caused considerable stress among the team.
- A sense of dread loomed over the city as the economic crisis deepened.
To spend a lot of money on something, often on a luxury or treat.
Examples:
- After receiving her bonus, she decided on splurging on a designer handbag.
- They celebrated their anniversary by splurging on a weekend getaway to a five-star resort.
- He rarely splurges on himself, preferring to save for future investments.
To do without or give up something desirable.
Examples:
- Many students are forgoing traditional college to pursue vocational training.
- She decided on forgoing dessert to stick to her healthy eating plan.
- To save money for a down payment, they are forgoing their annual summer vacation.
Suitable or good enough to live in; or, (of an income) sufficient to live on.
Examples:
- The apartment was small but perfectly livable for a single person.
- Activists are campaigning for a livable wage that can support a family.
- Despite its age, the car was still in livable condition for daily commutes.
Overly active or energetic; or, (in combination) indicating an extreme or excessive degree of a quality or state.
Examples:
- The child was hyper after eating too much candy.
- The company operates in a hyper-competitive market.
- She developed a hyper-awareness of her surroundings after the incident.
A student at a university or college who has not yet received a degree.
Examples:
- During her undergrad years, she majored in literature and minored in philosophy.
- Many undergrad students take on part-time jobs to help cover their expenses.
- He spent a semester abroad as an undergrad, expanding his global perspective.
A wind blowing from directly in front, opposing forward motion; or, (figurative) a factor or situation that makes progress more difficult.
Examples:
- The cyclist struggled against strong headwinds on the last leg of the race.
- The company faced significant economic headwinds due to rising material costs.
- Despite the headwinds, the startup managed to secure crucial funding.
A neurotransmitter that plays a major role in reward-motivated behavior, often associated with feelings of pleasure.
Examples:
- Many enjoyable activities can trigger a release of dopamine in the brain.
- The scientist is studying how different stimuli affect dopamine levels.
- He felt a surge of dopamine after successfully completing the challenging task.
Too large, extensive, or extreme to measure.
Examples:
- The impact of her kindness on the community was immeasurable.
- The artist found immeasurable inspiration in the natural beauty of the mountains.
- The value of a good education is often considered immeasurable.
Not hopeful or encouraging; or, (of a place or weather) cold, raw, and exposed.
Examples:
- The future looked bleak for the struggling company.
- The old, abandoned house stood on a bleak, windswept hill.
- Despite the bleak outlook, she remained optimistic about finding a solution.
The outward appearance or apparent form of something, especially when the reality is different; or, a slight or superficial resemblance.
Examples:
- She tried to maintain a semblance of normalcy despite the chaos around her.
- After the argument, they managed to restore a semblance of peace in the household.
- The intricate carving bore a faint semblance to a mythical creature.
A survey of public opinion; or, the process of voting in an election.
Examples:
- A recent poll showed a growing concern among citizens about public safety.
- The results of the exit poll were released shortly after voting closed.
- The school conducted a poll to decide on the theme for the upcoming dance.
As a necessary consequence or result; or, in such a way that it cannot be otherwise.
Examples:
- Wealth does not necessarily bring happiness.
- Just because a plan is complex, it doesn't necessarily mean it's effective.
- Eating healthy doesn't necessarily mean giving up all your favorite foods.
A heavy load; or, a duty or responsibility that is difficult to bear.
Examples:
- The heavy boxes were a significant burden for the moving crew.
- The new regulations placed an additional financial burden on small businesses.
- She felt the burden of her family's expectations weighing heavily on her.
To deal effectively with something difficult.
Examples:
- He learned various strategies to cope with stress at work.
- It can be challenging to cope with the loss of a loved one.
- The community rallied together to help residents cope with the aftermath of the disaster.
An undesirable or unfortunate fate; or, destruction or death.
Examples:
- The ancient prophecy foretold the doom of the tyrannical king.
- Despite their efforts, the team was facing inevitable doom in the final match.
- He felt a sense of impending doom as the storm clouds gathered.