Chicago — Amid signs that there is a recession, Gen Z and millennials have different ideas about what it means and its implications.
As layoffs are increasing in certain fields and the Federal Reserve is hiking interest rates, both generations look at the situation from different lenses, according to Buzzfeed.
Millenials are familiar with the economic impact of recessions, having lived through three of them. That makes them more fearful of the news that one may be on its way.
“Many millennials say the Great Recession scarred them, especially financially,” said Kara Perez, a Buzzfeed contributor. “As a millennial who graduated in 2011, I am definitely scarred from the terrible job market in the aftermath of the Great Recession. I couldn't find a full-time salaried job after graduation and had student loans to pay off to boot. Many other millennials recall financial panic, stress, and depression when they think about the Great Recession.”
Meanwhile, in the comments of a TikTok video, many Gen Z said they looked forward to a recession. That’s because the younger generation said it could be an opportunity for needed changes.
“Older Americans invalidating the very real economic, climate, and social fears that Gen Z faces is causing a lot of them to feel like the system needs a complete overhaul,” Perez wrote.
One commenter said “we know it’s bad for everyone, we’re just sick of being the only ones who [can't] afford to live.”