Gen Z's unique financial situation:
Gen Z's Financial Struggles: Surprisingly, Gen Z struggles to make ends meet at rates similar to the average US consumer, despite many living at home with no rent or mortgage obligations.
The Splurge Factor: A key difference is that 34% of Gen Z admit their financial distress is caused by splurging on non-essentials. This is significantly higher than older generations.
Why the Discrepancy?
Lower-paying jobs: Many Gen Z hold entry-level or service jobs with lower salaries.
Juggling school and work: Financial pressures can be compounded by the demands of education.
Fewer financial burdens: Gen Z typically lack the major financial responsibilities of older generations, like dependents, large debts, or savings-depleting events.
The Takeaway With no major expenses and their significant share of the future workforce, this is a prime time for Gen Z to focus on savings and financial wellness.
Commenti