Dave Ramsey: The personal finance guru who criticizes 'crying' Gen Z and Millennials

the new York Times The bestselling author said a portion of Gen Z and Millennials are “useless” because they don't want to take responsibility for their financial future.

But I am saying fox business last weekThe radio host, who has more than 20 million viewers, said there has “always” been a group of people who disagree with his money management strategies.

“They say: 'You can't do this, the system has to change' and they're suffering and they deserve it,” Ramsey said.

That's true of a “segment” of Gen Z and Millennials who “just give a fuck,” the 63-year-old said.

“They're terrible,” Ramsey said. “They're a partnership trophy, they live in their mother's basement and they don't understand why they can't buy a house – because they don't work.”

The University of Tennessee alumnus wanted to differentiate this group rather than look at all Gen Z and Millennials from the same perspective, saying: “It's just a class of people complaining on TikTok or something because they Don't want to face that 'we have to control the person in our mirror.'

Speaking to hosts Sean Duffy and Darren McDowell, Ramsey also made it clear that he “loves” having younger members on his team and said that many Gen Z and Millennials make very smart decisions about money.

He said, “The truth is that the Gen Z generation and Millennials—who have caught a lot of bullshit—are excellent generations.” “What we are seeing with both of them is that there is a class of them that is very serious and very good with their money.

“They believe in it. They believe in saving. They believe in investment, they believe in the free enterprise system.”

Ramsey, who has expanded his personal finance advice into a personal development and career advice business, said he has hundreds of young employees on his team.

“I've got 400, 500 millennials working on our team in Ramsey. They're incredible, I love them. “Gen Z all over the building, I love them, they're amazing,” he said.

Young Americans are feeling good

Although Ramsey may see a difference in attitudes among younger consumers, it remains true that most have faced a number of economic issues that they have been forced to overcome.

Gen Z entered a working world mired in post-pandemic chaos, where businesses were trying to recoup costs and establish a way forward. This turmoil will be familiar to the Millennial generation – many of them were in the early stages of their careers when the 2008 financial crisis struck.

It is not only the career prospects of Gen Z and millennials but also the lifestyle of the youth that has been questioned. At the turn of the millennium, the average house in the US sold for $165,300, According to the St. Louis Fed.

This average had increased by more than 150% to more than $417,000 by the end of 2023 – except for a peak in late 2022 when it was near $480,000.

National Association of Realtors Highlighted earnings momentum not maintained-Over half by 2023, the average household income did not meet the qualifying income to be able to purchase an existing home with a 20% deposit.

There's also a rental for those who want to move out of their mom's basement. more than double While average household income has grown only 10% over the past 20 years, According to the St. Louis Fed,

However, the turmoil that millennials and Gen Z have faced may soon be behind them. The former are expected to become the “richest generation in history” in the coming decades, courtesy of a great wealth transfer of $90 trillion, while younger consumers generally say they are feeling more optimistic about their financial future.

A December study from Bankrate Of nearly 2,400 US adults, 58% of Gen Zers and 49% of Millennials said they expect their finances to improve in 2024, compared with 33% of Gen Zers and 20% of Boomers.