“No spend challenges” are on the rise due to record level expenses. According to a recent survey, 20% of Gen Z and Millennials have expressed their intention to participate in a “no-buy year” in 2024, while another 56% have stated their plans for a “low-buy year.” Currently, 32% of Gen Z and 46% of Millennials possess a higher amount of credit card debt than they have in their emergency savings. This trend of limiting purchases or being more conscious about spending money on non-essential items leads back to young people wanting to build their savings and not have to deal with the constant stress of overspending. (Market Watch)
📊 YPulse data: 55% of 13-39-year-olds say they have a set financial budget that they stick to on a regular basis
