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When it comes to Gen Z, most seem to be spenders.
Unfortunately, their saving habits are not keeping up.
Why Is There Such a Huge Gap Between Gen Zs Spending and Saving Behaviors?
There are several factors contributing to the fact that Gen Zs savings are not keeping up with their spending.
And theyre really spending on experiences like travel or going to concerts.
The other big factor is that they are entering an economic environment withhigh levels of inflation.
Child care is a great example of this tale of two cities,' Bowley said.
Gen Z is spending more than twice the amount of what they have in their deposit balances.
Browley noted that this gap has increased since 2023 and remains much higher than other generations.
Create a spending plan to level up your money game, ONeill said.
However, dont be afraid to adjust the percentages to fit your financial priorities.
The key is to make it work for your goals and circumstances.
She also recommended practicing mindful spending.
A separate, dedicated savings account safeguards your deposits and helps you be intentional about saving, ONeill said.
Remember the long game saving is a marathon, not a sprint.
Dont get discouraged by short-term setbacks.
Stay focused on your goals and celebrate your progress along the way.
Pay yourself first by treating savings like a nonnegotiable bill you have to pay, she said.
Youll be surprised how quickly it adds up.
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