Tax & Spend
Gen Z Americans Don’t Have Enough Saved to Cover a Single Month of Spending
- Group spends more than it saves, Bank of America figures show
- Spending on non-essential categories has climbed, BofA says
Spending in non-essentials among Gen Z is up more than 25% from a year ago.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Younger Americans don’t have enough saved to cover a single month of spending, showcasing their vulnerability should the economy head into a downturn.
Members of the Gen Z generation — people born after 1995 — were spending twice the amount they had in savings on average in February, according to Bank of America Institute analysis of internal account and card data released Friday. The ratio has increased in the past two years, and is much higher than for other generations.