Generation Z prefers to have a quality of life than extra money in the bank, shows research in the USA

In the United States, members of Gen Z are more likely than other generations to spend money to live comfortably, according to a Bank of America Corp research. The same study shows that 3 out of 4 young Americans prefer to have a better quality of life than saving and keeping money in the bank. According to the finance company Intuit, spending on experience is a priority for this group.

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While relying on credit cards is often an indicator of financial stress for older people, young people are seeing the tool as a way to accumulate points and rewards. Proof of this is the number of digital influencers sharing advice about miles, spending and investments on social media.

Os gastos do grupo mais jovem foram impulsionados por dois fatores: inflação alta e um mercado de trabalho apertado que impulsionou um forte crescimento salarial, especialmente nos níveis de entrada. Além disso, o aumento na economia devido à inatividade forçada no auge da pandemia também ajudou. Para se ter uma ideia, os salário desses jovens têm subido 2 vezes mais rápido do que dos demais adultos e mesmo assim o grupo prefere gastar do que guardar dinheiro.

High prices for food, rent and other necessities also help explain their spending habits — young people pay more for almost everything.

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Research from the Bank of America Institute also showed that the money balance is not equal for all Gen Zers. Young black Americans are more likely to be in debt and only about 40% of women have enough emergency savings to last three months.