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During COVID, Gen Z and Millennials are “stumbling” into saving. While the pandemic has caused financial hardships for many young people, it has turned some into “unexpected savers.” According to a Northwestern Mutual study, the savings rate reached a record 33.7% in April—and the rate has hovered around 20% in the months since. Wells Fargo Private Bank cites that there has been an increased savings rate among Millennials and Gen Z: Over 16% of Gen Z and 18% of Millennials started saving more for retirement. YPulse’s finance and spending monitor report found that 84% of 13-39-year-olds are cutting back on spending because of COVID, while 74% have savings. (CNBC) |
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