Warning signs of a recession have been flashing for months.
Millennials are all too familiar with the economic impact of recessions.
So I posted a TikTok about how awful recessions are and got some...surprising responses from Gen Z.
There are two main differences in how millennials and Gen Z see recessions:
For Gen Z, this could be their first major recession while in the workforce. And true to their generation, many of them have a decidedly different approach to it than many millennials.
Key Difference #1: Many Gen Z'ers Want a Recession
A recession feels like a chance to reset.
"We know it’s bad for everyone, we’re just sick of being the only ones who [can't] afford to live. Restart for everyone from an even playing field," said Tee...Lex in response to my TikTok.
Gen Z is also very aware of how much harder it is for them to reach milestones that their parents and grandparents had access to. It's hard to buy a house when prices in some markets have risen by 16% in a single year, but income hasn't.
Gen Z thinks a recession could bring down the cost of living.
For example, May 2022 was the most expensive housing market since 2006, says the Wall Street Journal.
Gen Z'ers know they're getting priced out and want a recession to bring lower housing costs. "Can’t lose my house if I don’t own one 😅," says Dani in my TikTok comments.