Gen Z: Live It Up vs. Saving

Gen Z were born and grew up with the internet at their fingertips. For the first time in history, individuals have the opportunity to decide if they want to “live it up” or become financially independent. In their early 20s, most in the generation understand that this is a time in their lives that they can never get back.

A recent trend on TikTok show’s Gen Z posting videos with the caption, “I’ll make my money back, but I’ll never …” This is usually followed by a statement like, “be 21 and party on the beach in Cancun.” While this is true you will never get the money back that you are spending on all of these trips either. 

There is a fine line that Gen Z is constantly trying to walk. When it comes to saving money while also not letting life pass them by. So how does someone in Gen Z exactly do that? 

Well, that answer may vary depending on who you are talking to. There is a certain portion of the generation that simply want to live a comfortable life and want to be able to travel as they please. On the other side of this coin there are those that are trying to become financially literate and free. Those Gen Z are not only looking out for themselves, they are looking out for the people around them, Generation Alpha and future generations. 

You are seeing these young people invest in the stock market as well as planning for retirement. This is not something that you saw on a large scale in previous generations, with Gen Z being the ones who need multiple streams of income to get by. In many cases, you can now see that they are planning for the future sooner rather than later. 

Gen Z has an unsure financial future in many ways, but just like the previous generations they are trying to find a fine balance between saving and living a happy life.