In a brawl for it all, who would win: Zoomers or Boomers? 🤼 Zoomers may have youthful strength on their side, but hell hath no fury like a Boomer Karen in your neighborhood Facebook group. 🧌💻 We shudder at those zinger comebacks.
More and more of Gen Z is moving out of the family basement, but that doesn’t mean they’re thriving financially. 🧐 Let’s take a look at how the data says they’re doing. 👀
Here’s Five Fast Facts On Gen Z’s finances:
- 💳 Daddy’s Credit Card - The "Bank of Mom and Dad" is still open, but it's getting fewer customers these days. About one in three Gen Z adults say they receive financial help from family, down from nearly one in two just a year ago.
- 📈 Checking Out - Living paycheck to paycheck remains common among Gen Z, regardless of income. While lower earners are more likely to feel the squeeze, nearly three in 10 six-figure earners also say they're living paycheck to paycheck as housing, transportation, and other essentials eat up more of their income.
- 🤹 Balancing Act - It’s not that Gen Z poo-poos financial goals, they're short on dollars to tackle them all. Paying off debt, saving for a home or a move, and building an emergency fund are all competing for the same paycheck.
- 🗣️ Gift of Gab - One of Gen Z's biggest financial strengths may be its willingness to talk about money. About 60% openly discuss finances with friends, and 75% actively look for budget-friendly ways to socialize.
- 👩🏻💻 Do the Hustle - Despite the growth of the gig economy, relatively few Gen Z adults are earning extra income through side work. Research found that just 16% have taken on a side hustle to offset rising living costs.
🔥Bottom line: Got a Zoomer in your life? Spend a little time sharing some financial wisdom with them…if you can peel them away from doomscrolling. Americans spend a ton of time and money saving for retirement. What happens when you spend too little in those golden years? In this article, we spill the tea on retirement underspending and its risks.
Still living at home with Mom and Dad?
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