The Generation That Savings Forgot
Journalists love to throw shade at Generation Z, the age cohort born between 1997 and 2012, for doing things differently from how their elders did them. Whereas Baby Boomers and Generation X dreamed of a summer vacation where they could make out with someone special in the car at the end of a date, Generation Z eschews dating and is too skittish to get a driver’s license, or so the journalistic conventional wisdom goes. Millennial content creators are perennially up in arms about how Gen Z uses a skull emoji to express a response that Millennial phrased as “rotfl.” It should surprise no one, then, that the personal finance section of the CNBC news website is now saying that Gen Z regards saving money with the same consternation with which Millennials regard the paper dinner napkin. Once it gets past the gloom and doom about how it is pointless to save money for the future when there is no future, the article points out the difficulties that young adults face in accumulating savings, even if they sincerely try to do so. If you are under 30 and a steady stream of bills and debt payments is preventing you from building up your savings account balance, contact a Boca Raton debt lawyer.
Prices Are High, Wages Are Low, and BNPL Is Everywhere
One of the reasons that young adults struggle to save money is the high cost of living. Unemployment is a relatively small part of the problem; the unemployment rate for Gen Z is 6.9 percent, which is higher than the average for all working age adults, namely 4.2 percent, but it is not catastrophic, when you consider that people under 25 are more likely than any other age group to be full-time university students who are not in the workforce.
Most Gen Z folks work, but their paychecks are not big enough to leave anything to save. It doesn’t help that buy now pay later (BNPL) options are ubiquitous. Especially if you are young and inexperienced with managing money, it is easy to make so many BNPL purchases that, soon, the installment payments consume most of your paycheck. You can order groceries online, you can pay for them with BNPL, and it is easy to see how this can quickly become a problem.
Dream Big and Start Small
If it were that simple to increase employment income and lower prices, someone would do it, so your best option is to start small. Transfer a dollar into your savings account every day, enroll in a program where your debit card rounds every purchase to the nearest dollar and deposits the change into your savings account. Get a physical piggy bank if it will help you stay away from online impulse purchases. Text your friends about saving. Text your friends about anything, rather than scrolling on apps where you can buy stuff.
Work With a Debt Lawyer About Freeing Up Funds for Saving
A South Florida debt lawyer can help you if all your time is consumed by work and worry and all your money is consumed by debt payments. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Source:
cnbc.com/2025/06/07/gen-z-asks-whats-the-point-of-saving-money.html
