Millennials and Gen Z (people born between 1981-2012) are changing the way they define financial success. Home ownership, childcare, even a debt-free college education are dreams that some feel may be out of reach.
Two-thirds of Americans believe that Gen Z and Millennials face different hardships today versus previous generations. According to this Deloitte survey, Millennials and Gen Z experience mounting financial concerns. This includes the skyrocketing cost of housing, living paycheck-to-paycheck and the looming risk of unemployment.
Many of these factors are out of our control but planning for the future, even if it’s just a small financial safety-net, is something we can act on.
One of the best foundations for financial security is opening a savings account. The ideal emergency savings fund is to have enough money for three to six months of expenses. Emergency funds tend to grow as people get older and earn more money, so don’t feel like you’re behind if you’re struggling to save. Starting small and staying consistent is one great way to build that fund.
A savings account can also be used for short-term goals like a vacation or a new car. An easy, quick way to figure out how to reach that milestone is to use our calculators. Simply type in your goal, timeline and we do the math for you.
Opening a personal money market is another option to consider. These accounts earn you interest, so it may help your money grow at a faster rate. And while retirement seems like light years away, it’s never too early to invest. Our team can sit down with you, map out a realistic plan for what you are earning now and what you can put away.
No matter the goal of Millennials or Gen Z, starting small and staying consistent is one great way to build a plan and savings. Contact Ameris Bank today, so we can help you reach your goals.
Published January 2024
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Ameris Bank is not affiliated nor endorses the companies referenced in this article.