Everyone is viewing the economy from certain perspective, but for Gen Z financial status, they are seeing it from side of digital economy and how it affects future market in terms of numbers. Luxury and comfortability, are at the forefront of the effect of financial status and the craving to meet up with the demands, it is really detecting how younger generation live now and their approach to economy, which is going to detect market behavior in the future. Younger people are taking lessons, as regards to how certain occurrence can bring the economy down, and that is where management of finances come into play to balance, the era of pandemic was practical analysis of it.
The rising cost of living is alarming with surrounding effect of inflation. It is taking a deep toll both on short-term and long-term plans, establishing oneself to match up with finances become a puzzle to deal with. Younger generations are more caught up in the struggle with big hopes they set for themselves when the process becomes more slower, especially when it surrounds overcoming financial challenges, owning a house and other important milestones in life, financial status becomes more concerning how it goes on from there, to avoid situation of bank overdraft and running into series of debt, then in Africa it is more threatening banks are not willing to help younger generations with such startups and the interest rate on loan will be deterring young people.
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Younger generations in European countries are more likely to own a house before reaching an adult stage than their counterparts in Africa. The economic significant and bad leadership in Africa is big obstacles to achieve such milestones, while the rise of unemployment keep soaring high, older adults are facing potential evictions of where they are tenants, the income can no longer match up with the expenditure and landlords keep increasing rents to meet up with their other financial demand, it is just about recycling high cost of living.
As younger generations are getting their careers started, they are looking at potential financial status that is going to match their vision in life, the goal is to provide financial security especially in the early stages of adulthood and beyond. In searching for identity it breeds a wide range of discussions from that circle, often time it affects social interaction and needed atmosphere young people to thrive, just to reach a certain position where their parents were not able to reach and that sense of responsibility to live their purpose in life, nurture the quest for financial status.
