Personal finance guru Dave Ramsey doesn't have time for staff, especially young people, who complain about the economic outlook but aren't willing to work to change it.
new york times The best-selling author said Gen Z and some millennials are “the worst” because they don't want to take responsibility for their financial future.
The radio host with an audience of more than 20 million people said on Fox Business last week that there will “always” be a group of people who disagree with his money management strategies.
“They say, 'We can't do that, we have to change the system,' but they are victims and they have rights,” Ramsey said.
This applies to “some” of Gen Z and Millennials, who are “just awful,” the 63-year-old said.
“They're really bad,” Ramsey said. “They are trophies for participation. They live in their mother's basement. I don't understand why they can't buy a house because they don't work.”
The University of Tennessee graduate, who is keen to single out this group rather than subject all Gen Z and Millennials to the same accusation, added: You have to control the person in the mirror. ”
Ramsey told hosts Sean Duffy and Darren McDowell that he “loves” having younger members on his team, adding that many Gen Z and Millennials are very smart with their finances. He said he was making a decision.
“The truth is, Gen Z and Millennials (who understand a lot of crap) are a great generation,” he said. “What we both see is that some of them are very serious people and very good with money.
“They believe in it. They believe in saving money. They believe in investing. They believe in the free enterprise system.”
Mr Ramsey added that he has expanded his personal finance advice business to provide self-development and career advice, and has hundreds of young staff on his team.
“We have 400, 500 Millennials working on our team at Ramsey. They're amazing, I love them. Gen Z's all over the building, I love them, they're amazing.” he added.
America's young people are doing well.
While Ramsey may recognize a difference in approach among younger consumers, it's true that the majority face many financial challenges to overcome.
Gen Z is entering a post-pandemic disrupted society, with businesses looking to recover costs and establish how they will operate going forward. This upheaval is familiar to millennials, many of whom were in the early stages of their careers when the 2008 financial crisis hit.
It's not just the career prospects of Gen Z and Millennials that are being questioned, but also the lifestyles of young people. According to the St. Louis Fed, the median price of homes sold in the U.S. at the turn of the millennium was $165,300.
By the end of 2023, that median price had increased by more than 150% to more than $417,000. Except for the peak at the end of 2022, when it stayed near $480,000.
The National Association of Realtors has highlighted that incomes are not keeping up, and for more than half of 2023, the median household income did not meet the qualifying income to buy an existing home with a 20% deposit.
For those looking to move out of their mom's basement, rents have more than doubled over the past 20 years, while median household income has increased by only 10%, according to the St. Louis Fed.
But the upheaval that Millennials and Gen Z have faced may soon be over. While the former is expected to become the “wealthiest generation in history” due to a massive $90 trillion in wealth transfers over the next few decades, younger consumers are generally more optimistic about their financial future. It says that there are.
A December Bankrate survey of nearly 2,400 U.S. adults found that 58% of Gen Z and 49% of Millennials expect their household finances to improve in 2024, compared to 33% of Gen %, and for boomers it was 20%.
