Gen Z faces economic challenges, with many struggling to find work during the pandemic. Despite easing inflation, the cost of living remains high. A Bank of America report found 52% of Gen Z employees are not making enough to live the life they want, with spending habits outpacing earnings.

Gen Z workers spend nearly twice as much as they earn, leading to vulnerability in case of layoffs. Their per-household spending on both necessary and discretionary items has increased, with entertainment and travel expenses rising 25.5%. Additionally, Gen Zers carry an average of $3,456 in credit-card debt and only 20% are saving for retirement.

To build wealth, Gen Z can use budgeting apps to track spending, prioritize savings, and automate contributions to savings accounts. Investing in stock market index funds or real estate through platforms like Wealthfront or Arrived can help secure financial futures. Seeking advice from a financial planner can also provide guidance on budgeting and investing strategies.

Read more at Yahoo Finance: Gen Z workers can’t cover a month’s expenses, but could leverage their big advantage over older counterparts