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48% of Gen Z Saved Nothing Last Year
15 Jun
Summary
- Nearly half of Gen Z saved no money in the past year.
- Young people worry about spending and feel guilt.
- Financial education is crucial for young adults.
A recent survey indicates that a significant portion of Gen Z, specifically 48% of those aged 16 to 24, have not saved any money in the past year. This research was released in conjunction with My Money Week.
More than 60% of young people in this age group express worry about their spending habits. A notable 59% of 16 to 19-year-olds also reported feeling guilt when they spend money. These findings underscore the financial pressures faced by a generation navigating challenges like the Covid pandemic and the rising cost of living.
Experts stress the importance of providing trusted financial education to young individuals. When young people feel anxious about spending and unable to save, it signals a collective need to enhance financial literacy and confidence-building initiatives across educational institutions, families, charities, and businesses.
