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Down, but not necessarily out.
There hasnt been a lot of great economic news lately for the generation born between 1997 and 2012.
So Whats the Good News?
A recentInsurify surveypointed to a lot of financial frustration for Gen Z, but also to some hope.
Another 8% said their financial prospects left them feeling sad.
On the brighter side, 43% of respondents said they were hopeful their finances would improve.
The fact that nearly half feel hopeful is encouraging, but the financial stress and insecurity cant be overlooked.
What Are the Challenges?
A recentBank of America surveyhighlighted Gen Zs struggles.
The primary source of that help?
The numbers paint a pretty tough picture, Sokunbi said.
Grocery costs came next at 38%.
These struggles have many zoomers regularly dipping into savings meant for the longer term.
Its a habit that can have serious consequences.
How Can They Be Overcome?
Wendolyn Forbes is a CFP withWealth Transition Finance, a member ofAdvisory Services data pipe, LLC.
She offered the following tips to zoomers who find themselves raiding their long-term savings to keep up with expenses.
Assess your income and expenses.
Does your income need to increase?
Do your expenses need to change?
Explore the why behind your behavior of dipping into your long-term savings.
What has triggered this behavior?
She continued, Consider whether your current goals still align with your aspirations.
Have your goals changed so much that the ones originally created fail to motivate?
She also sees a resilience in Gen Z that may see them through.
But with these trends, theres reason to hope that things will gradually improve.
With the right strategies, they can build a more secure financial foundation.
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