Expert theorizes why Gen Z and millennials aren't doing as well as their parents at their age

The current generation might be making a lot more money than their parents and grandparents, but at the end of the day, it is still not enough. As inflation grows and livelihood becomes costlier, millennials and Gen Z struggle to afford even the bare minimum necessities. In a TikTok clip shared by Kalimah Priforce (@priforce), Scott Galloway, a career expert, professor and businessman, voiced his opinions on why the "American Dream" doesn't exist anymore and how the current generation is struggling financially.

The clip's caption reads: "Millennials and Gen Z are being cannibalized by the greed of Gen X and Boomers. It's creating the biggest wealth gaps we've seen since the Great Depression. We are in a new Gilded Age where the politics of austerity and fiscal conservativeness means 'we got money for wars but can't feed the poor.' - Tupac Shakur." In the video, Galloway starts by mentioning that young people have every reason to be angry.

"Young people have every reason to be enraged. Every issue they see, they look up, they get angry and they see someone doing better than them and then every day it is speedballed in their face that they are failing," Galloway noted. He further explained that many millennials and Gen Z keep coming across various headlines and statistics that point out that they are not doing well in society like the older generations. People who are now in their 30s are not living a comfortable life like their parents when they were in their 30s. One of the main factors responsible for the downfall of younger generations is the steady increase in the cost of living.

Galloway pointed out that in the '90s, 60% of people between the ages of 30 and 34 had at least one child, but now only 27% of people are having children. Millennials and Gen Z are choosing not to participate in this economy that is already full of hardships for them. Adding a child to it adds to the stress and expenditure the newer generations can hardly afford. "We have lost the script. Our kids are more anxious and more depressed. We have made a purposeful decision to let this happen by ensuring the people around this table stay wealthy at the cost of young people," Galloway added.

At the end of the clip, Galloway mentioned how the so-called "American Dream" is not only dead but is also outdated and biased. According to a study released by an Australian research company, the Red Bridge via the New York Post, more than half of those between the ages of 18 and 34 are choosing not to have children due to financial challenges. The comment section of the video heavily supported Galloway's thoughts and revealed their personal struggles.

@vawkis wrote, "I'm making almost double what my mother made at my age. And I can't buy half the things she could. How am I supposed to do better?" @cdouglas49 mentioned, "Friendly reminder that Boomers have more real estate assets (monetarily) than all millennial private assets combined." @wesleyharney commented, "I don't want to be wealthy. I want to have enough that I don't have to stress so that I can put that energy into helping other people." @bookscoffeegardenwitch added, "People are about to opt out of the American period. My plan A is a very blue state. My plan B is another country."

You can follow Kalimah Priforce (@priforce) on TikTok for more videos on life and motivation.