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Young people are making progress on their financial goals.

Nov 09 2021

Young people are making progress on their financial goals. YPulse research found that Gen Z and Millennials’ top financial goals for 2021 included saving more money, earning more money, and achieving financial stability. As the year comes to a close, new research from Bank of America on 18-to-24-year-olds’ financial priorities reveals that 80% of 18-to-24-year-olds have taken at least one positive financial action like adding to their savings, mapping out financial goals, contributing to a retirement account, and / or investing in the market. Additionally, 70% say the pandemic has influenced their financial priorities, causing some to think more deeply about focusing on saving for future goals and living a more frugal lifestyle. And while young people’s feelings about money have improved since the start of the pandemic, Bank of America’s research also shows that 18-to-24-year-olds believe that insufficient income to achieve financial goals, job instability, and not being able to save, are their greatest barriers to financial success. (The Financial)