Many young people don’t see a point to saving money in an unstable world—instead they’re spending on life experiences.

Many young people don’t see a point to saving money in an unstable world—instead they’re spending on life experiences. Following years of global turmoil, Fidelity Investments reports that around 45% of adults aged 18 to 35 “don’t see a point in saving until things return to normal” and over half are forgoing retirement plans. The isolation brought on by the pandemic “triggered the decision to enjoy the moment, financial consequences be damned.” A number of other global issues, like climate change, the invasion of Ukraine, and exceedingly high costs of living are fueling the idea that saving for the future is a pointless task, or as one “financial nihilist” puts it, “I’m not going to deprive myself some of the comforts of life now for a future that feels like it could be ripped away from me at any moment.” This anti-frugal movement is spreading as more young adults are planning on bypassing mortgages and focusing on what brings them joy today instead. YPulse’s Finance / Spending Monitor Report notes, 35% of Gen Z and Millennials have resigned from their job within the last year and side hustles are gaining popularity as young people strive to make ends meet while pursuing their passions–another sign they’re embracing current happiness over future stability. Ultimately, while there’s so much uncertainty in the world, young adults want access to their money sooner than later. (NYT)