Young Generations Face Rising Debt Crisis

• Young adults are sinking deeper into debt, with Millennials and Gen Z seeing an average debt increase of 8% and over 15% respectively.
• Wages have not kept up with inflation, causing financial strain and anxiety for many.
• The gap between wages and cost of living has led to an increase in credit card usage for goods and services.
• Rising housing costs and student loan debt are major obstacles for younger generations.
• A phenomenon known as 'doom spending' has emerged, where individuals splurge on luxury goods to soothe their economic despair.

Source: Bloomberg