On “Smart Money Happy Hour,” co-hosts Rachel Cruz and George Kamel discuss current personal financial topics and provide real-world advice for people hoping to get their finances in check. In one episode, the money experts assess Gen Z’s financial future and offer tools to achieve money goals — here’s what they had to say.

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Factors Challenging Gen Z

According to the Ramsey experts, Gen Z hasn’t exactly had it easy. The generation has been plagued by issues such as student loan debt, overprotective parents, high inflation, exorbitant rent and a culture built around convenience. These factors can make it challenging to save money.

In fact, according to Bloomberg, young adults between the ages of 18 and 29 carry $1.12 trillion in debt. The generation has higher credit card debt and delinquency rates compared to their older counterparts when they were the same age and was born into a society that promotes overspending. As the co-hosts point out, Gen Z isn’t afraid to pay for convenience and may blur the line between a luxury and a necessity.

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Advantages for Gen Z

Gen Z may not be as financially ill-fated as their circumstances suggest. The hosts noted that the generation enjoys some perks that weren’t available to their predecessors. For instance, the generation has unparalleled access to financial education. Gen Zers also have more ways they earn money and have a variety of career options. The wealth of knowledge available to them enables them to make smarter financial decisions earlier.

An article in Forbes suggested that Gen Z might just be the most “financially fit” when compared to other generations. A study reported by the magazine stated that Gen Zers have three times more assets in retirement than Gen Xers did at the same age. While the generation has undoubtedly faced obstacles, it has also benefited from an “improved system,” where defined contribution plans are more common and accessible. Saving for the future and retirement in particular, is more automatic. It is easier and less daunting.

Advice for the Younger Generation

The co-hosts pondered whether things like college were worth it, given the financial hardship that they may present. Both experts suggested that while their co-ed days may not have been overly fruitful in the academic department, they did provide networking and relationship-building opportunities.

When it came to advice for Gen Zers on what they would do differently, both YouTube personalities admitted they would have changed their spending habits, acknowledging they should have spent less and saved more.