it is a memorial park that has become the final home to many more statues of chang now and wanted. they want to don't public buildings and spaces, and the society where he's still reviewed by some, especially older people, but increasingly regarded as a brutal dictator and shunned in this vibrant democracy. that vibrant, says being strikingly evident with the fee is political clash, insight, tiny ones. parliament accompanied by my street protests outside. it's been driven by the, you know, the ration of new president lighting the, who seems determined for taiwan to continue on its own pos, breaking with the past. so you know, something from taiwan, so long as we identify with taiwan, it belongs to us. so all of the people of taiwan, regardless of it and the city, irrespective of when we arrived. watching with deep suspicion these mainland china, fearful of taiwan moving further away from its chinese woods. those space seemed to

be confirmed by annual polling over the past 30 years. they shows a cultural shift with the majority of the islands, 24000000 people now identifying as tie with ease and the record low of just 2 and a half percent saying they also leave chinese. and the latest military drills over the past 2 days, act as a reminder of badging is apparent. willingness to use force if taiwan shifting carrot to strays too far in the direction of outright independence. rob mcbride, autism era, type a. we can now us drawing that nora has won the top award at the cannes film festival in the palm to it goes to a nora director, shoemaker picked up the palm dual between $21.00 other films including entries. well, no direct is the same, follows the story. of the dogs in new york becomes involved with a russian on

a cox son. and iranian phil mekaux escaped the country hours off to being sentenced to a as in prison. as one this special jury prize mohammed rested loves from the seat of the sacred fig received the award set drawing attention to unsustainable injustice. indian phil may compile a cup pod he has drawn the only imagine as light on the festivals crown pre award. the 1st time the indian film has won an award and can answer it from me, but nit clock will be with you in about half a mouse time. the stream is coming up the on counting the cost to us escalates its trade with china. but does it have the upper hand to the sugar industry is in crisis. all the pots of its full spring economy could also be effective. plus the moving shortage in critical minerals

needed for the energy transition. counting the cost on al jazeera, it's official, jen z on not ok. a recent survey in full see full countries found around hoff attends the living paycheck to paycheck and almost hoff need aside joe. so why audra mc broke? and is it really just the advocates 1st marion also i'm this is the street the can somebody explain to me in crown eating terms why i make over 3 times the federal minimum wage and i cannot afford to live if a gen z is aging like milk because we're the broke is generation um, so grow, but it's not funny. mortgage rates are pushing 8 percent. wages are added to your low taxes are going up. generally says, boomers will never understand today's trouble because they could afford to buy a cadillac up of a $30000.00 salary and be able to qualify for

a home. why can't you just admit that it was easier 3040 years ago? look, here comes the consequence consequent consequent consequences of my actions chase the right. now i work 5 days out of the week, 40 hours a week. okay. i do not make enough to live on my own. for there is only done because i'm sorry, sorry, the gen z all the generation at least likely to have savings over plans for the future when it comes to money. but the dream is also reporting very little hope in the future. in this episode, we'll explore web agenda the does of a bad rap for the lifestyle choices are as the well they've inherited leaves little room for optimism. to discuss the small, we joined by grace blakely and economics come and say it's a, i'm a vote to capitalism. joining us from new key in the u. k. a new sco rock digital content and creates i with a focus on d,

mystifying finance. joining us from device, i'm max lou, a youtube whose content covers economics finance philosophy. i'm psychology joining us from food, strong, malaysia. thank you guys so much for being here. grace. according to the economist, the typical 25 year old jen via has an annual household income of over $40000.00. more than 50 percent above the baby room is at the same age. so what is going on a all gen z actually work? are you called just look at any time without looking at pulse. so it gives you a very kind of will design thing as to what's actually been going on in the economy . and if you think about what the economy society, of kind of 5060 years ago looks like, there were many more goods and services that were provided collectively from the public sector, which catch people's costs down. we had, you know, in the u. k. and across europe in the us, much higher levels of, for example,

public housing, social housing that kept rent style, that style have been transferred to the private sector where basically people have been price scouts because uh there been no other options available. so united places like london big cities, a young people are paying extraordinary, high red, sometimes 50 percent. the bearing comes just in read. then you look at other public services that used to be provided free. so you know, higher education, for example, in the u. k. and the many other countries used to be free. um they used to be much great to support when it comes to health care education. all of these public services that have been slashed on often privatized, you know, things like rail, for example, public utilities. all of these are previously nationalized and provided relatively cheap. they not are in the private sector where people are being practiced scouts and basically shareholders and makes money at the expense of young people. yeah, well max, i want to ask you, what do you consider to be the defining aspects of the economic challenges faced by

jen z uh, besides the right of the cost of leaving and a so call. know certainty on the future. um, i would say its the very so call i expect the best half of the place. i'm a cove itself, covey, i would say, really destroy everyone, but just the just boom and i still and the willing, you know, based on the go with solve, i would say is the a lot. i would say a lot of distractions in what is happening in the economy of besides having a war besides the sake of so and he'll be going to be new takes coming in every oh those so call energies and prizes. everything is just, it is the fact that there and you can see us, i scrambling all over the place and thinking what they should do next. yeah, i know the other options. so obviously i'm a new jersey face unique financial challenges compared to older generations. 65

percent as he is say that they assaulting further behind financially than previous generations. what do you think of the underlying distrustful economic reasons behind these new challenges? so i would say that i do box to this question. the 1st part is that, you know, of education inflation, medical inflation, as well as not be all assets prices, all 4 houses. so even, you know, god, they having gives, i don't much higher base band ward. i'm salaries have increased by so far. i believe this generation's good afford. i'm assuming those leverage we've done not able to afford or i, james innovation is not able to afford to be. but you also need to add to this fact that through d, as in the especially, you know, i see the certificate on me. but we, i'm going or we're spending them more than previous generations because of that information by that day. because of source and media, say, you know,

a few with decades back, what would you aspire to live like you would aspire to, you know, probably live like your just nibble or you to just family member. because those are the people you wouldn't need on a day to day basis. but the day you went online on social media, i've seen the best cute, a lot of people all across the world and you what's buy or to live that life. and so you'll want starting to be using, i'm hand to a spending more and i to the fact that marketing as a board so much you'll get the targeted ad. and you are able to be fraud based on the online from your fluid. so you can be know, pajamas, and you can go on a shopping spree, you only members and to sit up during dial budget and they don't worry about, it never happened to me. they've never been on the spending cost now. i've never site in my pajamas, i'm purchase goods on my firm while it turns out didn't z i their own use on what's really going on. i'm money i'll pushing back against some of the more condescending explanations for the plight. the real reason why jen z is broke and lazy. josie

spends all their money and all the kind of toast and coffee, it's all they do is sit on social media and they don't want to work. not true. we want to be able to afford a decent living, but can't even move on our parents house the opportunity to afford a house because these costs less and you would weigh less debt than we do now. but let me show you the numbers on average of yours get a graduation present of more than $20000.00 in student debt. that's searching percent more than millennials did. and research shows it takes 21 years for us to pay off our student loans. so we'll be in are 40 still paying off tuition, but wait, college and 1970 costs $394.00 a year a. but that still doesn't mean they aren't lazy, they want everything handed to them and for somebody else to pay for their choices is not true. jersey is actually one of the hardest working generations. this study shows 76 percent of them take responsibility of their own career, and more than half of them are willing to work nights and weekends for higher pay. the difference is that generally speaks out about working times, hours and being paid little nashika jonesy really struggling because of the

advertised to be here. i'll go to those. it's not like it has to stop beeping. novel got it was, it would be magically be able to be august within that sort of florida house. but i wondered what i'm trying to see you at as bad as a demonstration with you. i'm more inclined to spend then to say, combating door pieces, invitations, and even though we are a new car, b, r, a generational become as stable as we say fullest and spend later. but however, today because of targeted ad because of more than basin, more and more people are spending. so what needs to happen is we need to go back to that mentality that we, i've saving and investing 1st. and then from the budget that those left we are spending, i'm definitely feeling ongoing. so just on my end set you up to and happen. of course we really do budget for happiness and be sure to have those i will go towards them, not is because by as i'll be working full. but that also means we need to know are enough. and we also need to know bed. we need the flu stop and how much, you know,

how much the, how much validation do we need to run, right. so that you need to know what the lady is. yeah, i'm glad to know we're still allowed to have lots. i is never called the tires grace. can i come to you? why call young people? yeah. rent or by any way and feel free to come back on that to to yeah, the, i think some of the points that needs to raise our reports and we certainly had a really extreme conservation at the way that goods and such as a mock that to people particularly on line. so the rise of kind of algorithms that really talk assets that combined with just a dramatic increase in the availability of credit, credit costs. and those sorts of things has really changed the way the people's kind of consumption habits. well, i don't think that's the main issue here because it's still a minority of people, minority of young people who are able to take out a credit card and buy whatever they like. oh, well, if i'm is it the vast majority of young people's already kind of scrape a to get by just about making ends meet and the make. the biggest reason for that

is housing. now if you look at house prices today, but the situation comes and still what, let me, you k, for example. and this is the case of a, across most advanced economies on the d, many developing economies. the gap between house prices and incomes has absolutely believed. and the reason for that is not just that we haven't been building enough houses, it's to do with the flying naturalization of housing market. what has happened that it's basically that the banks have been deregulated. so they've been able to issue massive amounts of credit and mortgages. you know the ratio of that the ged pay and based upon them it's has risen dramatically. and that is at least partly due to a massive increase in in residential mortgages. and that they've been pumped into the housing market. um, it has allows people to kind of bid against each other until we have house prices. the all kind of, you know, many, many multiples, the level of income stuff, ca, mortgages, that people often kind of take or pay. and so that retired, it's

a tool that also means that people are unable to go in housing, not at the beginning with, especially because we don't have right controls. we don't have social housing. so if you don't own a house or have a big about money from your parents, you're going to be spending potentially, you know, such a 4050 percent of your income and red. i would have any money to say. so it's really housing here. i think is mobilizing it, all young people are getting some quite angry. i'm maybe that for don't feel too bad if you still living with your parents at this point. so besides, i imacs a 2023 survey in the us, found that some employers, archie, avoiding hiring from jonesy, they claimed that john z are lazy and entitled what do you make of this deception? where do you think it comes from? decide to go people. if you receive a 100, a 100 goals, right, a 100 boss, an indian one though they've gotten into the go right. everyone would be new for it . so i would say maybe our 100, again, see if that's applying for jobs. maybe one of them actually got caught into that

meeting, that they actually will have been some solo mental, the problems you choose or something like that. and the company that you just told me that and that the bosses, the employers will actually just came on that specific person and categorize the whole 100 people, dozens is saying that you know what all of them are lazy and you know, all the non know how working so i would say it's me the on the feel people that have that ensure no, just as a daisy. so i would say that it's more on the so she ended up part of it. social media is to blame. well not know, have you had of the lying flat movement? it's taking between eastern z by storm and has occurs as a wider generational mood check this out. a one in 5 jersey or do sign or on employed. and the government has now decided to just stop publishing these numbers,

the lack of job opportunities, relentless corporate culture and affordable urban cost of living, all contributed to a generation of use that has given up and working hard and instead of the culture online slides. now this is very similar to the concept of quiet putting in the american concepts. and there's got a young people in india also lines that i would save somebody at home, i would say the top 5 percent. what actually skewed a highly skilled and have the luxury to do so odd. but otherwise the majority of the population who are working to do that, they are working for survivors. they're working fine. it says that these individuals who don't have the luxury the to, you know, not go above and beyond in their jobs and then go to a home or to walk 10 to 11 either a day. and it's a normally for you to go beyond like yard. you know, officially do with these are so no, i don't see that happening in the majority of the population at the top 5,

but then i least get the indians one that yes big that's one that you, you know, are getting frustrated. they do one, but they'll both like buttons and the other one. i think it's over a max. what do you make of this quiet, quitting, lying slap movement? is the capitalist dream over? i don't think the type of thing is over by. it's mindy, on what the economy is doing towards the doors and so college and see if that makes sense. all bands get falling. it's really pinion to the, the mindset of kansas. and because of that right people, what so it would be. so why couldn't, because people still need money 3, and if they just create everything up, they won't have money. is this device economy is quite high, so on the dentist know. so it's uh, the only way for them to survive right now is just so they sent in quite everything just like the bad medium of doing the bad me the just to get by just to survive in

that office without getting fired. well that is the situation. yeah, yeah. well the top part of the issue faced by young people today seems to be in fact, but many called maintain or support. the wealth that parents have made is the promise of on ending welf over a hi full, there's always complaint about money. we are going to be complaining twice as hot. so, but today was a wednesday and well, let's just say this was on prescott. the other most important thing to come out of a day was to focus on living status, which shows that they're actually in the uh, basically the amount that we and for the hardware that we do is gonna stay segment until 2028. and if we look back, that basically means 20 years of no, paperless, this is bad. this is bad to web age malware limit to be setting up ourselves to be financially stable. well meant to be independent, you know, buying homes,

setting up families, helping babies. but in the state of the community, it is going to be much more hard for us to do these things than our parents. grace all jonesy and millennials do to be poor and then i'll parents and what are the consequences of that going to be for this gen the the big problem here is the, our generation on a level. so my generation on the generations, the low, i'm on not powerful enough as luck is in the workforce. previous generations had relatively high rates of unionization. they had, let's go move and supplemented lies in to demolish things like, you know, you know, also house cat, um, education, public services, etc. but today was a much less likely to be a union. as a result, they don't have enough power to the ball and the wages in line with inflation. so in the k, for example, we have had the longest period of wage stock nation since the 1800s in modern history. this is marginal ration, but any of all the fast generation since basically,

but the beginnings of modern capitalism to be was off that the parents. so all parents generation, what premise, you know, if you work hard to get a good job, you'll be able to buy a house. we'll put you for universities for free. that house will continue to increase in value over the course of your life. we'll have a big tension at the end of that. i'm, that dream is logic, the bill bross by isn't true. we call the food houses. the pension system is completely broken. that means that many people will never retire wages, all know, increasing alongside costs. costs are rising because, or these private companies, whether there's a lot of mold. so utilities companies are profiting by extracting more and more out of young people. and yet wages on increasing because they don't have the power to demand wage increases on all of that is actually a government small because they have consistently a tax, unions event, successive generations. so that now they have much less power was how much that's how they did in the pol max is it also something to do with the way in which work

is structured today? you know, is the elephant in the room. but new technologies, a driving new forms of walk, you know, models like your youtube channel on the whole lines of 5 just isn't aspirational anymore. the young people want a different model. i would say that the young people, we find that when the new generation comes, people always want different what cultures and what model of but i would say the impact all the i in comes automation, whether it's a very smart compute. the automation itself is really it's happening. how gens is on right now, because that's a mindset, then they can replace the and get replaced any time the one, whether the company wants automation to be stopping on it. and that would, oh say really impact mackenzie's. i don't mindset so they, uh, and because of that, they really need to find some sort of

a way to get by but right now they can really do anything right now. so yeah, it's very the stabilizing. well, jonesy may be struggling on some friends, but is that also an issue perception at play here? watch on mobiles, engines, you might have money is more if you now what is that? why is that important? look at the stats. it's pretty well 45 percent of millennials engines. yours are obsessed with the idea of being rich. but despite that, about half of them to over half fuel behind financially, i definitely do 43 percent of jim's years. they, they experience money, just more feet and 41 percent millennials do. now, it sounds like, oh, you know, cry me a river wine line line. but it actually has huge effects. cuz 95 percent of those with the conditions, conditions a negatively affects your finances. but it's not true because 37 percent have more than 10000 and the savings and, and 23 percent have more than 30000 by comparison of americans just on average of

5300. so do you have this? and there's got to gen, zane, millennials just have money to small fia no, definitely not. then it also depends on which part of the warranty also go online? well i go to the other side with some of the problems of joy because they just have not gotten like if it's just mentioned the asset base of everything. get eastern? no i that is definitely some issues. talk to the lead back need to be addressed, and at the same time, i am also a strong believer that to be as a society or the so need to but advertise or educate people by god on how to manage their finances so that they don't end up in these situations where this to your or whether anxious about money and their finances. i'm grace us college grads and 10 percent less compared to the parents and education is basically that is the same model in the u. k. and in many parts of the world. now, there was a time when a degree guarantee to joe, that's no longer the case. you know,

addison rate quit her college degree in his now multi millionaire on 6. 0, is there another shift? the young people don't see as much value in higher education anymore. that's happening alongside the sort of the structuring of the workforce, a higher education in the u. k. so my parents generation was free. so, you know, my mother was able to go to one of the best universities, noel to cambridge university, completely freight. and that was the foundation, as well as rising house prices of the rising wealth of the previous generation across many advanced economies. they had a lot of things free or much cheap. then we see them today whether or not such occasional housing or what as a. and the issue today is the education has become a commodity is become monica ties. so the whole idea of education is that, you know, you as a student all kind of a confusion about of higher education. and um,

that has created this kind of relationship between students and the higher education institutions that it's very transactional. and that she does are paying a lot of money and they expect a lot more than that actually receiving from those institutions. because those institutions are also trying to cop call and make profits at the same time. so the same thing that we're seeing across many different sectors, i'm kind of multi ization, commodification of goods and services that will once provide that free or very cheap at the point of use. now why was uh, this is like education housing, for example. why would these previously provided to people for free, or is it because we recognized as a society? but if people are educated, if they are housed, if they have access to good public services, then they will feel much more secure. they will be mentally and physically fax or all they will be able to walk honda and, you know, society will function a little back. so this is something obviously the is the lead to richer economies.

why we have many of these social services that were provided and generally in the kind of post war period. so when we had a strong labor movement that was demanding at the end of the parts of the wild net hogs, things like free education or good housing that you know has, has a long time and thoughts in terms of as a new skill was say, yeah, right most was but they thought, well, they don't generation or just stretching a living, trying to get by again because they don't have these basic services that you need to survive cheaply enough to be able to rely on them. um, well max, i wanna ask you about the facts of 45 percent emergencies. i'm 36 percent of millennials now have a part time or full time. second job. why are we having to have 2 jobs just to stay afloat a while right now, it's actually quite necessary to have 2 dogs and probably even logged off like a friends to ask you what 2 jobs and weekends is gonna be

a sub job. if they don't work for, so let's say the 2nd on the top right, they probably can get by the boss of besides having to support themselves. they have to look like the parents who have some medical issues. and it will probably even got kids because some of them actually, mary, and i did sneak, but when you wait to get by the romans, because it's the only way to survive. since everything is rising up in cost. uh how it goes and everything. and the worst part is that they are still staying. we've got parents and id, but any is all i would say, but most likely i able to get out of the society is up as early as 10 years old. but right now, do you happen to see my friends? i didn't speak as oh, yeah. and yet they you're working fee tops. so i would say it's necessary that there is no other way. well, i'd love to say that the future sounds bright, but i'm not so sure. thank you to our guests, grace and the sca max. i'm thank you for watching. if you have

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