The No. 1 Thing Holding Gen Z Back From Boosting Their Finances (And 5 Ways They Can Overcome It)

Core Insights - Financial well-being is a significant concern for Gen Z, with the oldest members around 28 years old and beginning to establish their careers [1] - A survey by Bank of America indicates that 53% of young adults feel that insufficient income is a barrier to achieving financial freedom [2][3] Economic Context - The cost of living has risen sharply in recent years, with inflation impacting everyday expenses and housing costs becoming less affordable [4] - As Gen Z starts their careers, their income may initially be lower, but it is expected to increase with experience and promotions [5] Financial Strategies for Gen Z - Regularly checking bank account balances is essential for understanding financial health and avoiding overdraft fees [5][6] - Tracking spending meticulously through budgeting apps or spreadsheets can help Gen Z become more aware of their financial decisions [7]