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Insight of the Day: Gen Z consumers struggle to save for the long term

A recent study found that Generation Z consumers are struggling to save for the long term due to various financial challenges. The study found that only 24% of Gen Z consumers believe they are on the right track with their savings goals, compared to 51% of Millennials.

One of the main reasons for this struggle is the high cost of living, with many Gen Z consumers facing student loan debt, high rent prices, and low wages. Additionally, the study found that Gen Z consumers are more likely to prioritize short-term financial goals over long-term savings, such as saving for a vacation or buying a new car.

To overcome these challenges, financial experts recommend that Gen Z consumers create a budget, set specific savings goals, and prioritize saving for emergencies and retirement. They also suggest taking advantage of employer-sponsored retirement plans, such as 401(k)s, and seeking out financial education resources to help improve financial literacy.

Overall, the study highlights the importance of financial planning and savings for Gen Z consumers, as they face unique financial challenges in today's economy. By taking proactive steps towards long-term savings goals, Gen Z consumers can improve their financial well-being and achieve greater financial security in the future.

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