Yahoo Finance Dave Ramsey Blasts Millennials And Gen Z For Living With Parents — Claims They Want Homes But Don't Want To Work: 'They're Just Awful'
In an interview with Fox Business on April 3, Dave Ramsey, a well-known personal finance expert, responded to criticisms from millennials and Gen Z that have surfaced on social media and in a recent article by The Wall Street Journal.
The article reported a trend among individuals under 40 who feel that Ramsey's financial advice is out of touch with their economic situations.
Don't Miss:
If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Elon Musk has reportedly bought 6,000 acres of land just outside of this city. Here’s how to invest in its growth before he floods it with new tech workers.
Social media platforms, especially TikTok, have seen the rise of the hashtag #daveramseywouldn'tapprove, where users post content that goes against his advice.
In his Fox Business interview, Ramsey — who is 63 years old — praised millennials and Gen Z for their positive qualities. He described them as "excellent generations," commending their hard work, financial acumen, and commitment to saving, investing, and supporting the free market. He pointed to the young staff at Ramsey Solutions as prime examples of financial responsibility and independence.
However, Ramsey didn't shy away from voicing strong opinions about certain behaviors he observed in some younger individuals. He expressed frustration with what he perceives as a lack of work ethic in these generations. "Then there's a segment of them that just sucks. They're just awful. I mean, their participation trophy, they live in their mother's basement, and they can't figure out why they can't buy a house because they don't work, you know, stuff like that," Ramsey stated.
Trending: This real estate fund backed by Dara Khosrowshahi gives you instant access to a portfolio of rental properties, and you only need $100 to get started.
This blunt critique comes amid broader financial challenges that span all generations, including inflation, rising living costs, and job security concerns. These challenges impact people's ability to achieve financial stability across the board, not just those under 40.
According to the Deloitte Global 2024 Gen Z and Millennial Survey, about 56% of Gen Zs and 55% of millennials report living paycheck-to-paycheck. The survey also revealed that approximately 30% of both groups do not feel financially secure. Without financial stability, purchasing a home is nearly impossible. To comfortably afford a typical house, Americans need to earn about $106,500 annually; meanwhile, the average median salary is $59,384.
Zillow reports that the median age of homebuyers in the U.S. is currently 40, with the average age being 42. They are also likely married or have a partner and have a college education.
As debates over personal finance continue to heat up on platforms like social media, they generate discussions that could lead to more informed financial decisions. Ramsey himself acknowledged the role of social media in promoting dialogue, remarking, "I'm really good clickbait."
While the challenges are significant, they are a shared experience among today's younger and older generations, making the journey toward financial literacy and independence a universal endeavor.
Keep Reading:
This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Dave Ramsey Blasts Millennials And Gen Z For Living With Parents — Claims They Want Homes But Don't Want To Work: 'They're Just Awful' originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
