Financial difficulties faced by Generation Z young adults
Financial difficulties faced by Generation Z young adultsFinancial difficulties faced by Generation Z young adults
According to a Bank of America study, this sentiment has been highlighted that Generation Z adults are increasingly relying on financial assistance from their parents. A study conducted under the Better Money Habits® financial education initiative found out that many Gen Zers believe they do not get enough money for the lifestyle they would like to have and high cost of living is the main factor causing this problem. Consequently, many in this age group are postponing crucial life milestones such as homeownership, retirement savings, and investing.
Gen Zers reduce dining out expenses among other things and opt for more pocket-friendly grocery options.
In their bid to effectively manage their finances, most Gen Zers reduce dining out expenses among other things and opt for more pocket-friendly grocery options. Despite a strong employment environment, a significant number of individuals within this demographic experience problems with saving money; moreover, quite a few lack any emergency savings while just a little number makes regular contributions into some sort of a savings account. It’s worth noting that there is an extensive section of Gen Z wanting to save from day today payments and make budgeting plans.
Important life milestones such as homeownership
Therefore, important life milestones such as homeownership, retirement savings and investment have been put off by many in this age group.
A lot of General Xers are changing lifestyles to better manage their poor financial situations. read more
