Gen Z faces unique financial challenges, driven by the rising cost of living and a competitive job market. This generation is more inclined to budget their finances, with 69% employing some form of financial planning. They often prioritize spending on subscriptions and engage in 'doom spending' to cope with emotional strains. Individual anecdotes from Gen Zers illustrate their distinct savings behaviors, with a notable emphasis on retirement savings, personal development, and lifestyle choices over traditional assets like homeownership.
I aim for 25% as it helps me feel safe. I don't trust that by the time I retire we'll have adequate market returns.
Gen Z prioritizes subscriptions and engagement over traditional savings, reflecting changes in lifestyle and coping mechanisms amidst economic challenges.
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