It’s a known fact that the cost of living has been on a constant rise for the past few years. It is a struggle to keep up with the current economy financially, and trying to save up altogether. At different ages, we worry about different struggles when it comes to money. Therefore, different generations have claimed their biggest financial stresses and they are listed below.
As the youngest generation, Gen Z has shared their own financial worries comprising of work, transportation, food, and travel. As education costs begin to rise, most Gen Z members are worried about either paying for their own or family member’s education and tuition fees. As young adults, they also feel a sense of responsibility by not relying on parents to support them financially however, as the price of basic necessities increase, they struggle to be financially stable. Especially with student loans and debt, they find it hard to save money for their future.
Millennials has self-described themselves as the ‘burnout generation’ and have revealed that work-related stress has been the main cause of financial stress. The fear of not being able to save enough money for a future family or a comfortable retirement plan keeps them working at a job they don’t like, causing further stress from being unable to chase their dreams or go for a career they really want due to financial issues. Other than that, housing costs and credit card debt has also been a cause of financial stress.
Gen X worry the most when it comes to their finances. Having a family to feed and a roof to keep over their heads, they have to pay for housing costs like mortgages or monthly rent as well as groceries and everyday expenses. At this point, Gen X members will be content with their jobs as long as it’s enough to pay for important debts and loans.
In this age group, most of the Baby Boomers are going into or are already in retirement. The biggest financial stress that they have to face is whether their retirement savings are enough to last for a comfortable life after retirement, healthcare payments, as well as insurance bills. Some have even said that after their partner passes on, they have to settle the funeral costs as well as their own in the future.
It is important to manage your finances properly. Whether in general going to day to day in life, or even when running a business. Luckily for you, you will be able to save money by subscribing to a Biztory plan! Compared to standard cloud accounting softwares, Biztory’s packages are subscription based which means you don’t have to pay thousands in one lump sum. It’s affordable and you don’t need to commit if you don’t want to! Check out our plans today and we’ll help you get started!