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#Gen Z thinks money can buy happiness, survey finds

“Gen Z thinks money can buy happiness, survey finds”

Money can’t buy happiness – unless you’re Gen Z.

A survey of 1,000 Americans revealed that 69% of Gen Zers believe money can, in fact, buy happiness, according to Ruby Home, a California luxury home and expert service.

But at what cost? Unlike their predecessors, Gen Z, or those born after 1997, estimated they could achieve “rich status,” or enjoying a life of luxury, with $394,000. Their price tags came in significantly lower than Baby Boomers, who opted for just over a million ($1,019,549). Meanwhile, Gen X defined rich as $887,211 and Millennials suggested $721,020 as the numerical amount for wealth.

However, when it comes to financial happiness, or simply being satisfied and happy to just live regardless of wealth status, Gen Zers’ said it would be just $74,950, which is only 38% of what Baby Boomers said ($322,651).

Man holding fanned out money
Despite the optimistic outlook, stagnating incomes make it difficult to achieve wealth.
Getty Images/iStockphoto

While $74,950 can buy them happiness, it can’t buy them a house.

Last year, nonprofit think tank New America released a study titled “The Emerging Millennial Wealth Gap,” which showed a sudden decrease in homeownership in 25- to 34-year-olds. In fact, a survey by Rocket Homes found that nearly half of the millennials surveyed delayed purchasing a home due to fears of debt.

If student loans are to blame for the lack of homeownership, Gen Z’s outlook seems grim.

In the Ruby Home survey, Gen Z respondents reported $168,070 in debt, whereas Millennials accrued $147,058.

Women holding phones
Respondents believed owning a property with a pool was an indicator of wealth.
Getty Images

In a study released earlier this year by Bankrate, 74% of Gen Zers are putting off major financial decisions because of student loan debt. The amassing debt totals $1.75 trillion nationwide across generations.

The Ruby Home survey found that respondents believed a rich person’s home costs $1.9 million, despite the increasing number of homes for Americans cashing in at $1 million or more.

Yet, the median income for Americans was only $67,521 in 2020, making it difficult to achieve homeownership. A survey published earlier this year by Porch.com showed that 61% of renters nationwide can’t afford to buy a home in the same city they’re renting in.

“With housing costs predicted to surge in 2022 alongside rising interest rates, the market may be tighter than we currently perceive – even for those who score in the higher regional percentiles for net worth,” read the survey.

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