"Long gone are the post-pandemic-era days of revenge spending, when everyone was eager to open their wallets and splurge on everything from vacations to fashion."
"A recent Empower study found that Gen Z is the generation that is least engaged in saving, with an average savings rate of 4.4%. Meanwhile, millennials have a 5.3% average saving rate."
"33% of Gen Z and 20% of millennials say that saving for a down payment is the most difficult step of the homebuying process."
"Millennials and Gen Z are navigating a completely different financial reality than past generations, facing high interest rates and soaring home prices."
The current financial landscape has shifted due to inflation and high interest rates, prompting Americans to adopt saving strategies. The 'no-buy 2025' challenge focuses on spending only on essentials. Younger generations, particularly Gen Z and millennials, face challenges in saving for homeownership, with saving rates at 4.4% and 5.3% respectively. 33% of Gen Z and 20% of millennials find saving for a down payment the hardest part of homebuying. Financial difficulties are compounded by student debt and rising cost of living, leading to a new reality for these cohorts.
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