Does Gen Z have enough savings? Bank of America data suggests Gen Z “was spending twice the amount they had in savings on average in February.” But while Gen Z enjoys “little treats,” YPulse data shows they’re not necessarily overspending on non-essentials like BofA reports. The bigger issue is a worsening labor market and rising costs, making it harder to cover rent and bills, let alone save. According to YPulse’s Finance / Spending Report, 78% of 18-24-year-olds say they struggle to save, and fewer than half are putting away money for retirement. But for some, the uncertainty of the future, shaped by climate change, global conflicts, and high living costs, has shifted their mindset—46% would rather spend their money now than save for a future that feels unpredictable. And despite it all, our data shows 63% of 18-39-year-olds do have some savings. (Bloomberg)
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