As inflation continues to rise, it has become noticeable everywhere, from grocery prices to travel costs. In fact, 40% of Americans say they plan to cut back their spending on food and travel if prices continue to increase.
"Whereas Gen Z has the highest salary expectations to be financially healthy, they have the lowest savings amount to be financially healthy," Deer says.
The noticeable jump between Gen Z and baby boomers' savings expectations may help explain why the younger generations crave higher salaries:"Lower savings for younger generations basically means you have a stronger need to be able to build a nest egg," says Deer. Each generation may also have different priorities. Around half of millennial respondents say they'll spend more time planning for a vacation than planning for retirement. They are also the generation least likely to cut back on travel as a whole because of inflation.
In times like these, it is important not to forget to live, Deer says. Everyone should be asking themselves,"Can you do what you want today while also positioning yourself positively for the future?"
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