The workforce is getting younger. According to Credit Karma, millennials' average total debt is $48,611. As of September of 2023, prices have increased by 3.7% compared to September 2022 according to the 12-month percentage change in the consumer price index — the monthly inflation rate for goods and services in the US. Inflation persists in diminishing consumer savings as consumer savings rate fell to 3.8% in Q3.
Unfortunately, this is impacting the younger generation more than older generations. In fact, more than 7 in 10 Gen Zers and millennials are saving less due to those price pressures, compared with 66% of Gen X and 63% of baby boomers, according to Bankrate. Younger generations are seeking additional ways to save for the future other than just a 401(k) or Roth IRA account.
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