Gen Z is struggling with saving money for emergencies. There’s no shortage of reasons many young people are struggling to build savings, and data from the “social finance” app Frich’s Gen Z userbase shows 47% do not have an emergency fund. Those who do average $7K in their emergency fund—which could often cover only one emergency before being totally drained. YPulse data shows that 67% of 18-24-year-olds have savings of some kind, though fewer have emergency savings specifically. So while they are saving, habits like “doomspending” and being overwhelmed by debt have clearly made it difficult for Gen Z to prioritize long-term financial security. But even for those who are, large goals like saving for a house could feel more important than having an emergency fund, too. (Fortune)
📊 YPulse data: 40% of 18-24-year-olds have an emergency fund
