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Gen Z Americans Don't Have Enough Saved To Cover a Single Month of Spending

2 months ago
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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US IRS To Re-Evaluate Modernization Investments In Light of AI Technology

2 months ago
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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Google Is Officially Replacing Assistant With Gemini

2 months ago
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

Read more of this story at Slashdot.

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