By Lauren Young, Digital Special Projects Editor
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We’ve published a bunch of great articles in the past few weeks focused on Gen Z. But my most favorite one is about a 28-year-old who is using nearly $40,000 in savings to travel around the U.S. and cheer on England in the World Cup.
Could you drop everything and blow your cash cushion on a bucket-list experience? Why or why not? Write to me at onthemoney@thomsonreuters.com.
While you’re at it, be sure to follow our On the Money coverage. And connect with me on LinkedIn, where I’m always posting the latest Reuters news.
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Gen Z loves to talk about money. REUTERS/Jonathan Drake
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Fewer young adults rely on family for financial help |
Speaking of Gen Z, while fewer young adults ages 18-29 are relying on their parents for financial support, affordability issues are preventing them from fully launching into the next stage of their lives.
I spoke to Will Smayda, head of financial centers at Bank of America, about a recent survey on the money challenges of early adulthood. One of the most surprising data points is how willing members of Gen Z are to talk about their finances: 60% speak candidly about money with friends. And they even share why financial hardships prevent them from socializing with peers — a practice known as "loud budgeting.”
In addition, more than half of the Gen Z respondents (56%) are single, and of those, only 11% say they are actively dating — with over half spending $0 a month on a love life!
Indeed, some members of Gen Z are approaching dating in a more frugal way.
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📚 Read. Watch. Listen. |
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👶 Are the new federal Trump Accounts right for your family? |
The U.S. government is seeding savings accounts for babies. REUTERS/Mike Segar
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With the official launch of federal Trump Accounts slated for July 4, plenty of parents are asking me if they should utilize this new tax-deferred investment vehicle — especially if their children fall outside the 2025 to 2028 birth window that qualifies for a one-time $1,000 seed contribution from the U.S. government.
The short answer? Yes. But with some caveats.
As a reminder, Trump Accounts are tax-advantaged investment accounts designed to boost the savings of U.S. citizens under the age of 18.
If you have set one up, I want to hear from you. Was it easy to do? Do you qualify for free money? Are you planning to max out the account? Email me at onthemoney@thomsonreuters.com.
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🦷 No healthcare, big regrets: A founder’s early money mistakes |
Samantha Coxe, Flaus Founder. Courtesy Samantha Coxe, Flaus Founder/Handout via REUTERS
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I met Samantha C. Coxe of Flaus at an AARP dinner last fall, and she was quick to share some of the astounding money mistakes she made as a first-time founder.
Coxe deferred her student loans and racked up $35,000 in credit card debt, which impacted her credit score. But that’s only a small sampling of her initial money woes.
I hope you can learn from some of her financial mishaps — and keep your mom from freaking out at the same time.
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Do you need last-minute tax help? Are you looking for cheaper homeowners insurance? Send questions to onthemoney@thomsonreuters.com, and I'll tap my extensive source network and braintrust for expert advice.
Don’t forget to subscribe to this newsletter! Even better, share it with a friend!
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⚽ World Cup newsletter alert |
Finally, if you’re following the World Cup action, be sure to sign up for our newsletter! Aadi Nair, a sports correspondent at Reuters, is guiding readers through the tournament — and helping you keep tabs on what matters with Inside Track, our sports newsletter. Subscribe here to stay on top of all game results and unmissable stories.
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This newsletter was edited by Mark Porter.
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