Navigating Mental Health and Economic Realities of Gen-Zs
Uncovering the diverse perspectives and nuanced debates surrounding the realities of today's young adults, as they navigate the shifting landscape of mental well-being and financial security.
The Story:
Zoomers, those born between 1997 and 2012, have been the subject of much discussion and debate in the recent years.
Two new books, "The Anxious Generation" by Jonathan Haidt and "Bad Therapy" by Abigail Shrier, have added to the ongoing conversation about the challenges and perceived issues facing this young group.
According to the data that they’ve presented, young people today are experiencing unprecedented levels of mental health issues, with one-fifth of American students diagnosed with or treated for depression in 2019, up from one-tenth a decade earlier. Additionally, suicide rates among 10- to 14-year-old girls have more than doubled since 2010.
Haidt attributes this to the pervasive influence of smartphones and social media, arguing that they have disrupted traditional social interactions and fostered a "daily tornado of memes, fads and ephemeral micro-dramas."
In contrast, Shrier believes the culprit is the "mental-health industry," which she claims has harmed young people by encouraging them to "never ignore any pain, no matter how trivial." She asserts that therapists and counselors have sapped young people of their agency, leading to a crop of "far more self-involved, undisciplined and unlikeable children" than ever before.
The economic picture of Generation Z is also a subject of debate. While some publications, such as The Economist, have claimed that Gen Z is "unprecedentedly rich," with the typical 25-year-old having a household income over $40,000, this narrative is challenged. In reality, homeownership rates among young adults have fallen from 44% in 1960 to 34% in 2017, with many relying on parental help for down payments.
Additionally, the average member of the class of 2022 had student debt of $37,570, up from $35,210 in the class of 2019, resulting in a negative net worth of $31,571 for the typical member of the class of 2022.
The disparity in the economic prospects of Gen Z is further highlighted by racial differences. Black homeownership rates peaked in 2005 at 49% but have since fallen back to 40%, the lowest rate since the Fair Housing Act was passed in 1968. This is partly due to the targeting of Black homebuyers and homeowners by subprime lenders during the financial crisis, which disproportionately affected the Black community.
The View:
The conflicting narratives surrounding Generation Z highlight the complexities and nuances of the challenges facing this young group of people. The authors of the two books, Haidt and Shrier, offer vastly different perspectives on the root causes of the mental health crisis and other issues affecting Gen Z.
Haidt's analysis, which places the blame squarely on the pervasive influence of smartphones and social media, is a compelling and well-researched argument. The data he presents on the alarming rise in mental health issues, particularly among young people, is undeniable. His insights into the disruption of traditional social interactions and the creation of a constant stream of "ephemeral micro-dramas" are particularly insightful and deserving of serious consideration.
However, Shrier's critique of the "mental-health industry" and its role in shaping the attitudes and behaviors of young people is also worthy of careful examination. Her contention that therapists and counselors have, in some cases, undermined the agency of their young clients and contributed to the development of "self-involved, undisciplined and unlikeable children" raises important questions about the potential pitfalls of the mental health system.
The economic picture of Generation Z is equally complex, with the seemingly rosy narrative of "unprecedentedly rich" young people belied by the stark reality of falling homeownership rates, soaring student debt, and widening racial disparities.
These analyses paint a much more nuanced and troubling portrait of the financial challenges facing this generation, highlighting the significant role of parental wealth and the continued impact of historical racial inequities.
Ultimately, the issues facing Generation Z cannot be reduced to simplistic explanations or one-dimensional solutions. The causes are multifaceted, involving a complex interplay of technological, social, economic, and psychological factors.
As such, any meaningful understanding of the challenges confronting this generation must take into account the diverse perspectives and rigorous analysis presented, as well as a deep dive into the underlying structural and systemic forces shaping the lived experiences of young people today.
TLDR:
Significant rise in mental health issues among young people, with one-fifth of American students diagnosed with or treated for depression in 2019
Suicide rates among 10 to 14-year-old girls have more than doubled since 2010
Contrasting views on the root causes of the mental health crisis, with some pointing to the influence of smartphones and social media, while others criticize the "mental-health industry"
Homeownership rates among young adults have fallen from 44% in 1960 to 34% in 2017, with many relying on parental help for down payments
Average student debt for the class of 2022 is $37,570, up from $35,210 in the class of 2019, resulting in a negative net worth for the typical member
Racial disparities in homeownership rates, with Black homeownership rates falling back to 40%, the lowest since the Fair Housing Act was passed in 1968
Insights From:
How worried should people be about Generation Z? - The Economist