Elder millennials are stuck in a lifestyle they can't afford

Elder millennials are stuck in a lifestyle they can't afford, per BI.

62% of Millennials say they’re willing to pay $7 for a daily coffee because of the joy it brings, per Empower.

67% of Americans say their income isn’t keeping up with inflation, and 42% say their standard of living is declining, per Empower.

Gen Z plans to retire the soonest of all generations, at age 54, per Empower.

72% of Millennials and 67% of Gen Z say money can buy happiness, per Empower.

Empower's "Financial Happiness" study reveals that 59% of Americans, including 72% of Millennials and 67% of Generation Z, believe money can buy happiness, with the perceived price tag being $1.2 million. However, 17% associate financial contentment with reaching a specific net worth.

The study explores the concept of "Return on Happiness," with factors like timely bill payment (67%), freedom from debt (65%), affording daily luxuries without worry (54%), home ownership (45%), spending on experiences with loved ones (53%), and retirement on their terms (37%) contributing to happiness. Some Americans anticipate delaying retirement by an average of three years, while those without a financial plan expect a five-year delay.

The study emphasizes the importance of financial planning, with 63% of respondents recognizing good money advice as key to achieving financial happiness. Financial stress is attributed to inflation (81%), rising costs (81%), interest rates (66%), and student loans (32%). The study underscores that a well-defined financial plan contributes to greater happiness, with 73% emphasizing its importance.

Read more: https://unusualwhales.com/news/72-of-millennials-and-67-of-gen-z-say-money-can-buy-happiness

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