Nearly half of Gen Z have already taken funds out of their retirement account. It’s no secret that Gen Z is struggling financially. Young adults right now are navigating a constant struggle between long-term savings and meeting immediate needs. In turn, according to new data, nearly half (46%) are withdrawing from their retirement accounts—mostly to pay off debt, not for luxury spending—far higher than Millennials (31%) or Gen X (41%). Many are also taking more immediate measures to make ends meet: 22% are skipping meals, 19% are delaying medical care, and 22% are selling personal belongings just to cover rent. This pressure is driven by high student loans, credit card debt, and rising living costs, with Gen Z paying an average of $526 per month toward student loans and carrying an average of over $94K in debt, far exceeding older generations. (Fortune)
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