Gen Z Set to Dominate Wealth by 2035—Here’s Why You Should Care

Alright, fam, gather ‘round because we’ve got some spicy financial tea brewing! A fresh report from Bank of America has dropped the bombshell that Gen Z—yes, the TikTok and meme-loving crew born between 1997 and 2012—is on track to become the richest generation ever by around 2035. We’re talking a jaw-dropping $36 trillion in the next five years and a whopping $74 trillion by 2040. But wait—before you start daydreaming about yacht parties, let’s unpack why this is happening. The magic sauce? A massive transfer of wealth from Baby Boomers who are ready to pass the baton.

Here’s the kicker: while Gen Z’s bank accounts are set to swell thanks to inherited riches, they’re currently grappling with some serious financial hurdles. On average, this generation is spending twice as much as they save, and many feel they’re lagging behind their parents at the same age. Roughly one-third of them reported feeling “behind” financially, according to the 2024 Better Money Habits survey. Yikes!

Moreover, with soaring living costs and an underwhelming job market, Gen Z is finding it tough to cash in on those degrees—more of them are graduating than ever, yet many are still underemployed. Financial guru Amanda Frances advises these savvy youngsters to pivot from being mere consumers to become investors. She points out that their digital savviness gives them a leg up in the wealth-building game through fintech, e-commerce, and even AI ventures.

So, as we look ahead, it seems this generation might just shake up the economic landscape, whether they’re ready or not. And that’s the scoop—next time someone tells you Gen Z is just about scrolling and selfies, remind them they’re also gearing up to change the financial game.

Sources: Celebrity Storm

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