Gen Z Americans Don't Have Enough Saved To Cover a Single Month of Spending
An anonymous reader quotes a report from Fortune: Younger Americans don't have enough saved to cover a single month of spending, showcasing their vulnerability should the economy head into a downturn. Members of the Gen Z generation -- people born after 1995 -- were spending twice the amount they had in savings on average in February, according to Bank of America Institute analysis of internal account and card data released Friday. The ratio has increased in the past two years, and is much higher than for other generations. In part that's because Gen Z consumers, many of whom still hold entry-level positions and make less than their older peers, tend to spend a bigger share of their incomes on necessities including rent and utilities. But they're also more likely to shell out on discretionary categories like travel and entertainment. Spending in non-essentials among that cohort is up more than 25% from a year ago -- substantially above the overall rate.
While the report noted that Gen Z workers are still garnering robust pay gains compared to older groups, it showcases a point of vulnerability as households' views of the economy dim. [...] The Bank of America report also pointed to a worsening labor market for younger Americans. The number of Gen Z households receiving unemployment benefits rose by nearly a third in the past year -- the most of any generation. It also noted that, with underemployment on the rise, that could have long-term career effects for that cohort.
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EDEN CONFIDENTIAL: Adele's 'creepy' old haunt gets revamp to the anger of locals
EDEN CONFIDENTIAL:
Since paying Sylvester Stallone £45 million for his Los Angeles mansion, Adele has lavished millions more on having it completely remodelled.
Thomas Tuchel names his first England squad for World Cup qualifiers as Jordan Henderson makes shock return - with TWO players handed their maiden call-up
Myles Lewis-Skelly has also been named in his maiden Three Lions squad while Newcastle's Dan Burn, 32, has been included for the first time, as Mail Sport exclusively forecasted .
Half of Cabinet raise alarm over cut to benefits as Treasury stands firm
Deputy Prime Minister Angela Rayner , Home Secretary Yvette Cooper and Justice Secretary Shabana Mahmood spoke out in Cabinet as half of those present urged the Chancellor to think again.
Racehorse Corbetts Cross dies after suffering fall during Gold Cup at Cheltenham Festival
Corbetts Cross has died, aged eight, after suffering a heavy fall during the Gold Cup Chase at Cheltenham Festival on Friday afternoon.
Number of former MPs with access to Parliament surges to new high... despite promises of a crackdown
Some 449 former politicians are listed as having privileged access rights to the Westminster estate - up more than a third since the election.
Thomas Tuchel reveals whether he will sing the national anthem after the German named his first England squad
The German announced the first squad of his tenure on Friday, with a shock recall for Jordan Henderson and another for Marcus Rashford ahead of World Cup qualifiers against Albania and Latvia.
Thomas Tuchel admits it is 'not ideal' that Jack Grealish enjoyed Newcastle bender - as the England boss reveals why the Man City star was left out of his first Three Lions squad
Grealish frequented a pub in Gorton, two miles from the Etihad Stadium, before travelling to a social club on Wearside and finishing a night in Newcastle and was seen looking worse for wear.
US IRS To Re-Evaluate Modernization Investments In Light of AI Technology
The IRS is pausing its technology modernization efforts to reassess its strategy in light of AI advancements. Reuters reports: The agency will review a number of technology modernization initiatives that have been taken in recent years, including a new direct free filing system for tax returns that was launched last year under the Biden administration, the official told reporters. The official said the IRS did not have a specific number of staff cuts in mind as a result of the technology pause, but said there would be an opportunity to "realign the workforce to those new ways of doing business."
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Your ultimate guide to the new F1 season: All the drivers, the full race calendar and detailed rule changes ahead of what could be one of the most exciting years ever
Max Verstappen is bidding to win a record-equaling fifth drivers' championship in a row, but will face a tough task in fending off the likes of last year's rival Lando Norris and Charles Leclerc.
Joe Biden's daughter Ashley referred to IRS over Meghan Markle's $250,000 donation to her non-profit
Ashley Biden's nonprofit is facing an official IRS complaint after failing to publicly disclose its $250,000 donation from Prince Harry and Meghan Markle.
Servicewomen who cannot lock their doors will be moved to hotels for their safety
Women unable to lock their doors will be moved to hotels for their safety in a policy put in place after the inquest into the death of Gunner Jaysley Beck, who took her own life at Larkhill camp in Wiltshire.
Cape Town and Tokyo rank among top-rated value holidays... but British family-favourite clinches top spot
The region - favoured by Holly Willoughby, Wayne Rooney and former Chelsea owner Roman Abramovich - has taken top spot in a list of affordable destinations.
Trump says 'my ear is still throbbing' during speech to Justice Department eight months after being shot
Donald Trump said that 'my ear is still throbbing' eight months after the assassination attempt against him during his speech to the Department of Justice on Friday.
Google Is Officially Replacing Assistant With Gemini
Google announced today that Gemini will replace Google Assistant on Android phones later in 2025. "[T]he classic Google Assistant will no longer be accessible on most mobile devices or available for new downloads on mobile app stores," says Google in a blog post. "Additionally, we'll be upgrading tablets, cars and devices that connect to your phone, such as headphones and watches, to Gemini. We're also bringing a new experience, powered by Gemini, to home devices like speakers, displays and TVs." 9to5Google reports: There will be an exception for phones running Android 9 or earlier and don't have at least 2 GB of RAM, with the existing Assistant experience remaining in place for those users. Google replacing Assistant follows new Android phones, including Pixel, Samsung, OnePlus, and Motorola, launched in the past year making Gemini the default experience. Meanwhile, the company says "millions of people have already made the switch."
Before Assistant's sunset, Google is "continuing to focus on improving the quality of the day-to-day Gemini experience, especially for those who have come to rely on Google Assistant." In winding down Google Assistant, the company notes how "natural language processing and voice recognition technology unlocked a more natural way to get help from Google" in 2016.
Further reading: Google's Gemini AI Can Now See Your Search History
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Doctors no longer against assisted dying, ending two-decade opposition
The change comes as MPs in England and Wales consider legislation which could see assisted dying legalised in the two nations.
Debt-ridden Labour council and militant binmen who have transformed Britain's second city into a rat infested rubbish tip
I'm too scared to let my grandchildren play in the garden anymore,' warns elderly Kolpona Begum from the relative safety of her east Birmingham front porch.
DAILY MAIL COMMENT: This downturn is of Labour's own making
DAILY MAIL COMMENT: It's an old political maxim that when you're stuck in a mess of your own making the best thing to do is create a diversion.
Geri Halliwell oozes elegance in a white turtle neck jumper and trousers as she enjoys the last day of the races at Cheltenham Festival
Geri Halliwell oozed elegance in a white turtle neck jumper and trousers as she enjoyed the last day of the races at Cheltenham Festival on Friday.
Children's 'disgust' at judge for allowing man who is not their father and last saw them as newborns to be removed from their birth certificates after 15 years of child maintenance
The man, known only as 'Mr J', won a court battle this month to stop a monthly £240 child maintenance payment - after a judge found his name was wrongly put on their birth certificates.