This generation could be the richest one in 10 years to the surprise of many

Things are looking up for the “doom-spending” generation.A new report from Bank of America predicts that, by 2035, Gen Z could be the richest generation in the next decade, amassing $36 trillion in income.By 2040, that number is expected to more than double to $74 trillion — which will make them the richest and largest generation in a matter of 10 years, at which point they will also consist of approximately 30% of the population worldwide.These figures come after reports that Gen Z is facing significant debt and the financial pressures of inflation and high cost of living, turning down jobs due to commuting costs and refusing to have children.But, according to the survey from Bank of America, they are also “a generation of spenders,” shelling out more cash on both necessities and discretionary purchases than previous age groups and making them “one of the most disruptive generations” for global economies.According to the report, while they currently spend more than they save, “Gen Z will redefine what it means to be a US consumer.”The generation is also “overeducated,” which will serve them well in years to come.

In fact, 57% of adults aged 18 to 21 who were no longer high school students were studying at a two- or four-year college, per 2022 data — more than past generations.“Ultimately, that can lead to higher employment rates and increased median earnings,” the survey authors said.Despite a difficult job market, the report found that Gen Z’s wage growth increased 8% year-over-year last month, “the most among all generations” and approximately “twice as high as the overall median.”Gen Z will also be the beneficiaries of the “Great Wealth Transfer,” meaning they will inherit money from previous generations.

Past reports have predicted that dollar amount to be as much as $84 trillion, which will reportedly change hands from Boomers to Gen X and younger by 2045.“BofA Global Research has noted that a huge transfer of we...