A recent survey found an overwhelming number of younger Americans are struggling to save because of inflation. InvestigateTV Consumer Investigator RachelDePompa gets expert advice from Bankrate on what you can do to still set some money aside.
. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions. “Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key. She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.Bankrate has 11
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