By Kori Hale
- 71% of Millennials and Gen Z believe opportunities to build wealth are becoming increasingly out of reach and feels less achievable than ever
- 14% of Black Gen Zers and 32% of Black millennials own their home, roughly half the rate of white Gen Zers and millennials
For younger Americans, the traditional roadmap to success no longer feels guaranteed. The idea that hard work naturally leads to homeownership, financial stability, and generational wealth is losing credibility among Millennials and Gen Z, many of whom are navigating an economy defined by high living costs, student loan debt, and economic uncertainty.
Why This Matters: A recent survey by Beyond Finance found that only 32% of Millennials and Gen Z respondents still believe the “American Dream” is realistic. More than half said their generation was essentially set up for financial failure, while 71% believe opportunities to build wealth are becoming increasingly out of reach. The findings paint a troubling picture for younger Americans trying to secure long-term financial stability in an economy where surviving often takes priority over saving.
Financial pressure are hitting every corner of life. Nearly two-thirds of respondents said they rely on side hustles just to keep up with expenses, while many are turning to Buy Now, Pay Later services to cover essentials like groceries and utility bills. What used to be tools for convenience are now becoming lifelines. Use of BNPL was more common among low- and middle-income adults, according to Next Gen Personal Finance. Specifically, Black and Hispanic adults about twice as likely to use BNPL as White or Asian adults.
The financial outlook for younger generations is not just about personal money management. It is about whether an entire generation will have equitable access to wealth building opportunities. Black Gen Zers fear they may never own a home due to rising housing costs, high interest rates, and difficulty saving for down payments. Redfin reported that just 14% of Black Gen Zers and 32% of Black millennials own their home, roughly half the rate of white Gen Zers and millennials.
Situational Awareness: Younger consumers are reshaping how success is defined. Many Gen Z workers now prioritize flexibility, peace of mind, and quality of life over traditional financial milestones. After witnessing Millennials experience burnout, layoffs, and overwhelming debt despite following conventional career paths, Gen Z is approaching wealth differently. Still, despite the challenges, younger generations are not disengaging from wealth-building entirely. Many are exploring alternative pathways to financial growth through investing apps, entrepreneurship, creator economies, and digital-first financial platforms aimed at increasing accessibility.
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