Per Fortune
57% of Gen Z and millennials struggle to avoid impulse purchases
7/12/2023
Over half of Gen Zs and millennials said that they struggled when it came to avoiding impulse purchases. Specifically, 57% of them said that they struggle to say no when it comes to certain purchases made out of impulse.
This came as Gen Zs and millennials struggled with this, likely because of social media pressuring people to purchase something they couldn't afford. This came as 61% of them said that instead of saving for retirement, they would want to better spend their money on concerts and trips.
The report shared that 57% of young adults told Experian that they were considering scaling back when it came to their subscriptions for online entertainment. This comes as 77% of Gen Zs and millennials were still either somewhat or extremely dependent on their parents when it came to their financials.
In June, it was reported that over 80% of Gen Z Americans started investing before 21. This was according to a survey from the Financial Industry Regulatory Authority Investor Education Foundation (FINRA).
Toward the end of February, it was reported that Gen Z workers were placing away 20% of their annual salary into their 401(k) or a similar plan. During that time, ti was reported that the average individual retirement account balance also fell by 25% year-over-year to $101,900 in the third quarter of 2022.
See flow at unusualwhales.com/flow.
Other News:
- Over 80% of Gen Z Americans started investing before 21
- Gen Z workers are putting away 20% of their annual salary into their 401(k) or a similar plan
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