⛽ Pain at the pump! Iran war hits your wallet

Why younger Americans are saving for retirement

On the Money On the Money By Lauren Young, Digital Special Projects Editor As the Iran war continues, energy prices are soaring. Despite concerns of inflation and economic uncertainty, the Federal Reserve held interest rates steady this week. So far, global investors are reluctant to throw in the towel on stocks and bonds, though. How is global chaos impacting you? Have you made any money moves – big or small – in recent weeks? Are you rethinking travel plans? If so, I want to hear about it. Email me at onthemoney@thomsonreuters.com. Have you filled up your tank and experienced sticker shock? REUTERS/Mike Blake ⛽ Pain at the pump Experts say Americans face long-term pain when it comes to energy prices. "It's the most in-your-face reminder of affordability concerns, and it's almost impossible to convince voters of some kind of contextual case that outweighs their emotional reaction," says Chris Borick, a pollster and political science professor at Muhlenberg College in Pennsylvania. Oil prices have surged as the Iran conflict disrupted global supply. U.S. crude topped $100 a barrel for the first time since the 2022 Russia-Ukraine shock. U.S. diesel climbed above $5 a gallon, its highest level since late 2022. And the average price of gas at the pump is $3.79 per gallon in the U.S., up from $2.92 a month ago. If you drive your car a lot, it's not easy to cut fuel costs. Experts recommend keeping your tires inflated, using cruise control (which is my favorite car feature!) and removing excess weight.  Are you making any lifestyle changes to cut down on the price of fuel? Let me know at onthemoney@thomsonreuters.com. 📚 Read. Watch. Listen Prices for new cars have soared. Here's one big reason why Whistleblower Brittany Kaiser on how politics, tech and ethics collided in her early career  One-third of Americans cut back on other expenses to cover healthcare in 2025, survey shows  It's Adam Smith's time to shine  The fragile economies at the heart of rural hospitals How a millennial is turning rare collectibles into profit  Is coffee the new cocoa? Some expect coffee prices to also crash Voters rocked by war and tariffs could add to market angst in upcoming elections  📹 Video of the week   Is cautious investing the new edge? With Middle East tensions shaking global markets, dividend ETFs are back in the spotlight. Mike Khouw from YieldMax ETFs highlights their appeal – stable, cash-rich companies that deliver consistent payouts and offer a rare steady hand when volatility takes over. Watch the interview here. 🤑 Why younger Americans are saving for retirement    Boston-based financial analyst Ryan Lowe in Rome. Courtesy Ryan Lowe/Handout via REUTERS This makes me happy! Gen Z and millennial savers have started contributing to their workplace retirement plans at ages 23 and 28, respectively — nearly a decade earlier than Gen Xers and boomers, according to a 2025 Nationwide report. That preparation is paying off: About half of Gen Z are on track to maintain their standard of living in retirement, according to Vanguard's 2025 Retirement Outlook report. Shai Gothreau, the founder and financial planner at Infinity Financial Services, says the key for young people is to build a strong financial foundation with assets that compound over time. That starts with the basics: understanding your cash flow, building an emergency fund, keeping debt low and managing lifestyle expenses. Here is how one 26-year-old is prepping for an early retirement. Are you a younger reader of this newsletter? Are you saving for retirement? Why or why not? Write to me at onthemoney@thomsonreuters.com.  And for subscribers of all ages: I love retirement questions! So send them my way. 👗 How to rent out your wardrobe   Gabriella Levinson, a 25-year-old social media specialist. Courtesy Gabriella Levinson/Handout via REUTERS To cope with the high cost of living in big cities, young people are turning to their wardrobes to make extra money. Approximately 34% of Gen Z shoppers used an online rental service in the past year, according to an Industry Research Online Clothing Rental Market report. Indeed, Brian McMahon, the CEO and co-founder of the New York-based reselling app Pickle, tells Reuters that Gen Z and millennials make up 60% and 40% of its hundreds of thousands of users to date, respectively, with top lenders earning roughly $5,700 per month. Hanna Horvath, a New York-based certified financial planner, says renting can be a financially smart move. "Maybe you're going to a wedding and you need to rent a dress and you're going to spend $500 on the dress and you can rent it for $100," she says.  Have you rented out your clothes or tried a clothing subscription?  (I've used Rent the Runway for black-tie events a few times.) Let me know about your experience: onthemoney@thomsonreuters.com. A$k Lauren     I have lots of personal finance ideas, but the very best stories come from readers! What personal finance questions do you have about saving, spending, healthcare, credit and more? Write to me at onthemoney@thomsonreuters.com. 💰Follow the latest Middle East news For breaking news about the Iran war, be sure to follow our live blog and markets page.  You should also sign up for the Reuters Iran Briefing for the top headlines from our coverage. For more in-depth analysis, be sure to subscribe to the Gulf Currents newsletter. This newsletter was edited by Mark Porter.   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Reuters On the Money is sent every other week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036