Gen Z Wants to Save But Can’t Stop Spending
Summary
Young adults in Generation Z want to save money but spend more than they save, especially on small pleasures like coffee and travel. Despite worries about high living costs, many Gen Zers use extra income from multiple jobs to support their spending habits while also trying to save for the future.Key Facts
- Generation Z includes people born from 1997 to 2012.
- Gen Z spends more than they save each month, having the lowest savings-to-spending ratio among generations.
- Spending on things like coffee, beauty products, and travel is rising among Gen Z across all income levels.
- About 66% of Gen Z currently save some money, up from 60% in 2024, with many using automatic deposits or retirement plans.
- Nearly 42% of Gen Z practice “loud budgeting,” openly sharing their financial goals to encourage responsible money use.
- Many Gen Zers start saving for retirement roughly 10 years earlier than baby boomers did.
- Around 42% of Gen Z live paycheck to paycheck, with the number higher (73%) for those earning under $50,000 a year.
- About 25% of Gen Z have more than one income source, often through gig or freelance work, to help fund their spending.
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