People under 35 give up on saving

Gen Z and (some) Millennials are giving up on stashing away for a rainy day… or their 401Ks.

Together with

People under 35 give up on saving


The Future. Gen Z and (some) Millennials are giving up on stashing away for a rainy day… or their 401Ks. Instead, more people are simply spending more on experiences, passions, or just their general cost of living — the YOLO philosophy all over again. Sounds fun. But with 60% of Boomers set to retire without enough savings (not to mention the much-closer threat of a possible recession next year), it might be prudent to set up an emergency fund.

Economic coping
Young people are deciding to live paycheck-to-paycheck… and it may be because of the state of all things.

  • According to NYT, a study from Fidelity Investments found that 45% of people aged 18 to 35 “don’t see a point in saving until things return to normal,” while 55% are putting retirement planning on hold altogether.
  • That tracks with the Bureau of Economic Analysis finding that Americans’ personal savings rate dropped to 2.3% — the lowest level since 2005 and the second-lowest since 1959.


  • Networking platform Handshake found that 74% of Gen Zers are now prioritizing job security over other factors when it comes to employment.
  • That’s important, considering the New York Fed reports that their credit card debt is on the rise, thanks in part to the rise of buy now, pay later (BNPL) platforms.

In other words, let’s spend, but only if we know that the next paycheck is on its way.

Apocalypse budget
Inundated with headlines of unaffordable housing costs, peaking inflation, climate horrors, and even potential nuclear war… it seems that young people are just exhausted preparing for the future.

Financial psychologist Brad Kontz said that “we’re wired to consume. If you have an exciting vision of the future, those are the people who aggressively save for retirement. If you have an apocalyptic vision of the future, why would you save for it?”

No wonder one 20-something that NYT interviewed called herself a “financial nihilist.”

David Vendrell

Born and raised a stone’s-throw away from the Everglades, David left the Florida swamp for the California desert. Over-caffeinated, he stares at his computer too long either writing the TFP newsletter or screenplays. He is repped by Anonymous Content.


No design skills needed! 🪄✨

Canva Pro is the design software that makes design simple, convenient, and reliable. Create what you need in no time! Jam-packed with time-saving tools that make anyone look like a professional designer.

Create amazing content quickly with Canva