Post by account_disabled on Feb 27, 2024 11:07:38 GMT
In a large part of Western societies we think about the future, about taking actions for posterity, both in the medium and long term. Therefore, it is common to encourage savings; However, currently Gen Z and millennials do not save.
The apparent causes are the pandemic, war and inflation, in general, a feeling of uncertainty that devastates the young people of these generations.
millennial gen z doesn't save
Gen Z and millennials do not save
According to Fortune , "45% of workers ages 18 to 35 don't see the point in saving for retirement." In other words: Gen Z and millennials are not saving, or at least that is what they plan to do until the situation returns to normal.
Saving is important because it provides the possibility Chinese American Phone Number List of having resources in the future, especially if you think about retirement issues.
The idea is that their savings will serve them during the retirement stages, when they will no longer receive any income from work, with the possibility of, for example, facing age-related diseases such as chronic degenerative diseases.
I left Nava BolaƱos , from the UNAM Economic Research Institute.
However, Gen Z and millennials do not save because they think not only that the future is uncertain, but that they may not reach it. The reasons are explained by inflation, climate change, the pandemic and the recent war between Russia and Ukraine.
What future? Young people ask themselves.
On the topic of inflation, in the United States alone consumer prices rose 7.9% compared to 2021, a figure that has been the highest since 1980. This increase in gasoline, food and rent is expected to continue to rise, partly due to the war in Ukraine. In addition, the problem with supply chains must be added to this.
The Russian invasion of Ukraine has put an end to the globalization that we have experienced for the last three decades.
Larry Fink , Chairman and CEO of BlackRock.
Even Fink, president and CEO of BlackRock, highlights the decoupling of the global economy from Russia and Ukraine, this would encourage companies and governments to:
Reevaluate your dependencies.
Analyze your manufacturing and assembly traces again.
millenial gen zy does not save russia and ukraine
In the financial sector, the acceleration of digital currencies stands out. While before the war some countries sought to integrate digital currencies and establish regulatory frameworks, the war will prompt countries to reevaluate their monetary dependencies and accelerate this process.
The current context is not simple, however, Rita Assaf, vice president of retirement at Fidelity Investments comments:
Although it may sound trite, there is never a 'good' time to save. Because there is no single definition of 'normal', young people should start saving now, she argues. There will always be reasons to postpone it.
Rita Assaf , vice president of retirement at Fidelity Investments.
Additionally, for Gen Z and millennials , retirement seems very far away in time, not to mention uncertain. That is, how to worry about the future in a context where climate change and the war in Ukraine question human existence, is it worth saving?
Looking more broadly at human history, the answer is yes. It is enough to remember the Cold War and the constant danger of nuclear war (as we live now). Those generations survived and even many members of Gen Z are fathers and mothers.
Does not saving only hurt me?
The reality is that savings have the purpose of guaranteeing resources for those who save, but it is not its only purpose, since savings is the basis of investment and with it various projects are generated.
For example, sustainable investing is about investing in progress and recognizing that companies that solve the world's biggest challenges may be better positioned for growth. In other words, it is about pioneering better ways of doing business and creating the momentum to encourage more people to opt for a better future.
In addition, there are environmental, social and governance (ESG) investments that promote projects in these areas. Literally saving is for the future not only as a means to retirement, but to promote a better world.
The apparent causes are the pandemic, war and inflation, in general, a feeling of uncertainty that devastates the young people of these generations.
millennial gen z doesn't save
Gen Z and millennials do not save
According to Fortune , "45% of workers ages 18 to 35 don't see the point in saving for retirement." In other words: Gen Z and millennials are not saving, or at least that is what they plan to do until the situation returns to normal.
Saving is important because it provides the possibility Chinese American Phone Number List of having resources in the future, especially if you think about retirement issues.
The idea is that their savings will serve them during the retirement stages, when they will no longer receive any income from work, with the possibility of, for example, facing age-related diseases such as chronic degenerative diseases.
I left Nava BolaƱos , from the UNAM Economic Research Institute.
However, Gen Z and millennials do not save because they think not only that the future is uncertain, but that they may not reach it. The reasons are explained by inflation, climate change, the pandemic and the recent war between Russia and Ukraine.
What future? Young people ask themselves.
On the topic of inflation, in the United States alone consumer prices rose 7.9% compared to 2021, a figure that has been the highest since 1980. This increase in gasoline, food and rent is expected to continue to rise, partly due to the war in Ukraine. In addition, the problem with supply chains must be added to this.
The Russian invasion of Ukraine has put an end to the globalization that we have experienced for the last three decades.
Larry Fink , Chairman and CEO of BlackRock.
Even Fink, president and CEO of BlackRock, highlights the decoupling of the global economy from Russia and Ukraine, this would encourage companies and governments to:
Reevaluate your dependencies.
Analyze your manufacturing and assembly traces again.
millenial gen zy does not save russia and ukraine
In the financial sector, the acceleration of digital currencies stands out. While before the war some countries sought to integrate digital currencies and establish regulatory frameworks, the war will prompt countries to reevaluate their monetary dependencies and accelerate this process.
The current context is not simple, however, Rita Assaf, vice president of retirement at Fidelity Investments comments:
Although it may sound trite, there is never a 'good' time to save. Because there is no single definition of 'normal', young people should start saving now, she argues. There will always be reasons to postpone it.
Rita Assaf , vice president of retirement at Fidelity Investments.
Additionally, for Gen Z and millennials , retirement seems very far away in time, not to mention uncertain. That is, how to worry about the future in a context where climate change and the war in Ukraine question human existence, is it worth saving?
Looking more broadly at human history, the answer is yes. It is enough to remember the Cold War and the constant danger of nuclear war (as we live now). Those generations survived and even many members of Gen Z are fathers and mothers.
Does not saving only hurt me?
The reality is that savings have the purpose of guaranteeing resources for those who save, but it is not its only purpose, since savings is the basis of investment and with it various projects are generated.
For example, sustainable investing is about investing in progress and recognizing that companies that solve the world's biggest challenges may be better positioned for growth. In other words, it is about pioneering better ways of doing business and creating the momentum to encourage more people to opt for a better future.
In addition, there are environmental, social and governance (ESG) investments that promote projects in these areas. Literally saving is for the future not only as a means to retirement, but to promote a better world.