Gen Z embraces 'disillusionomics' amid rising personal debt

The article reports that Gen Zers carry an average $94,101 in personal debt and that economist Alice Lassman calls the generation's response 'disillusionomics' as many rethink work and money.

Gen Z's approach to money is changing as many members carry high levels of personal debt. The generation is described in the article as both "doom spenders" who spend on experiences and as participants in a "YOLO economy" that gained visibility around 2021. Economist Alice Lassman, a Gen Zer, coined the term "disillusionomics" to describe how younger people are responding to long-running economic uncertainty. Commentary cited in the article notes that Gen Z is younger than millennials were during the 2008 crisis and often more skeptical about traditional economic paths. Key points: - The article reports Gen Zers average $94,101 in personal debt, which it says is higher than millennials ($59,181) and Gen X ($53,255). - Alice Lassman coined the term "disillusionomics" and wrote about the idea in the Guardian in October 2025; she has also discussed her personal experiences in other outlets. - The piece links Gen Z spending on travel and concerts to labels like "doom spending" and references the "YOLO economy" that emerged around 2021. - The Institute of Politics at the Harvard Kennedy School is cited, noting Gen Z's relative youth compared with millennials and greater skepticism about financial futures. - The article reports that some members of Gen Z are building multiple income streams as a way to manage costs and debt. Summary: The article portrays a generational shift in financial attitudes, with high average debt and a rejection of conventional financial expectations. It notes that many in Gen Z are experimenting with spending patterns and creating multiple income streams as a response. Undetermined at this time.