Bank of America: Nearly 75% of Americans Aged 18-25 Find It Challenging to Save Money

WASHINGTON (Sputnik) - Nearly three-quarters of Americans in the 18-25 age group find it challenging to save money and consider looking for additional sources of income, the Bank of America said on Tuesday.

According to 73% of American young people aged 18-25 years, also called Generation Z, such components of the modern economic reality in the United States as record inflation and higher cost of living make it problematic to save money these days, the Bank of America said in a release.

Generation Z say inflation has made it harder to save for financial goals (59%) and pay down debt (43%) and has created more financial stress (56%) in their lives while 40% say surging rents or home prices have made it challenging to afford day-to-day necessities, the release said.

At the same time, Generation Z is being proactive in the challenging economic environment and takes steps to earn additional income by changing jobs (34%), turning a passion into a source of income (31%), taking on a second job (26%) or even a job they do not like (23%), the release added.

More than half (56%) of Generation Z consider discipline to be a key trait to achieving financial success while two-thirds (66%) are actively saving to achieve their goals, according to the release.

The Bank of America press release is based on a study that was conducted June 24 - July 13 by Ipsos using nationally representative probability samples of 1,098 general population adults (age 18 or older) and a partially overlapping sample of 921 Gen Z adults (age 18-25). The margin of sampling error for the general population sample is +/- 3.2 percentage points at a 95 percent confidence level.