This article is part of the FT Financial Literacy & Inclusion Campaign’s seasonal appeal. The appeal is supported by lead partner Experian, which is generously match-funding other donations.

It has become a rite of passage for every new generation of young adults to be labelled lazy and irresponsible by its elders, but Gen Z has probably had it worse than most. Accusations range from not making an effort at work to splurging on luxuries and a “Yolo” attitude to risky investments like cryptocurrencies and NFTs.

There are two important differences between Gen Z and those previous generations facing similar disdain. The first is that rather than pushing back on these characterisations, today’s 20-somethings have tended to embrace them, leaning into neologisms such as “quiet quitting”. The second is that new evidence suggests these behaviours are rational responses to worsening economic prospects: specifically, the increasing unattainability of home ownership.