Gen Z may not be able to afford a house or living expenses now – but give her 10 years. They are on their way to get $ 36 trillion and become the richest generation

• Gen Z is expected to become the largest and richest economic force by 2035.. According to the recent Bank of America Report, the youngest generation of workers will collect more than $ 74 billion dollars by 2040. It will be great – and welcome – to promote from their current flying reality with the seat of the pants.

Gen Z Live Style Salary Salary to Salary to Pa-Paycheck 20 High cost of rent and ejection 99 Cent Ramen noodles. Still, in just a decade, they will be the most powerful economic force.

Just two years ago, Gen Z collected $ 9 billion dollars of revenue; But by 2030. It is expected to have $ 36 trillion. And by 2040. This number increases to $ 74 trillion. The recent bank of America report He shows that they will set them up as the richest – and the biggest – generation by 2035, as Gen Z is expected to grow to 30% of the global population in the next decade.

Designed economic dominance gene z can feel the worlds away from its Current economic situation. But at the end of the tunnel, there may be light as they climb the corporate ladder and take over the inheritance of their family.

Current Economic troubles gene Z -a: No houses and no children

Many young people are related to cash, exiting college and in uncertain labor market. Gen z has refuse Job opportunities because I can’t afford travel expenses; spoiling their pets instead of Having children who have become too expensive raise; and leaving Dream dreams of buying a home – unless they get inheritance.

Gen Z is also struggling with the retention of work: young households receiving unemployment increased in February 32% compared to the year, according to the report. But this is not because of the lack of attempts, despite Naysayers. The report says that the gene z “overrated and unemployed”, and in the midst of a hard work market with white collar, unemployment for new participants in February has increased more than 9% compared to the year. This results in Gen Z to take over gigs that can be retold or not, which can have long -term career effects.

Still, in just 10 years, it could all switch it to your head. The Bank of America report notes that the growth growth for Gen Z has increased by 8% compared to the year in February. Part of this bump can be attributed to the generation that finally enters the full -time labor market, which leads to higher salaries. But the biggest contribution factor in their financial arrival is „A large transfer of wealth“It was expected that in the years coming to hit the Gen Z bank accounts.

Great transfer of wealth to pockets gene z -a

With the coefficients leaning against them, the best bet Gen Z comes to life in wealth.

It is expected to transfer about $ 84 trillion from seniors and Baby Boomers to Gen XMillennials and Gen z by 2045, according to 2021 report from Cerulli Associates. Most of the money will be handed over the gene X and Millennials – but 38% geni z -a still predicts that they will get inheritance, according to a separate survey.

The proportion of gene Zu asks, with an increase in their great salary, will lead to ballooning of their economic power. Even in the present day, a young generation is the force to be counted. They have higher discretionary spending habits compared to others, and their global consumption is expected to reach $ 12.6 trillion by 2030, compared to $ 2.7 trillion in 2024. Their household consumption growth was also stronger than the total population, including the necessary and discretionary consumption, in accordance with the report.

There are several reasons why Gen Z spends so much of their money: they pour funds into their high rent and education costs; “Conducting ruin“On basic things and small luxury, instead of saving for larger investments that feel unattainable; And they try to escape Their tall Credit card and a student loan debt.

But companies should consider – one gene z has money to burn, it will be at the driver’s headquarters of the economy. Companies already record their preferences: luxury, e-train, wellness and beauty and pets. Gen Z is also deeply invested in Fintech, new media, games and great technologies, according to the Bank of America report. Their flavors will design what the business will succeed in 2035.

“It is likely to be among the most annoying generations of economies, markets and social systems,” the Bank of America reports he says. “Whether this is due to a change of diet or reduced alcohol or savings and accommodation consumption, gene Z will redefine what it means to be an American consumer.”

This story is originally shown on Fortune.com

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