• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Be more intentional about spending

It’s important for young Americans to be more deliberate and thoughtful when it comes to their everyday spending, says Nick Antonelli, senior vice president and chief marketing officer at Bread Financial.

He explains that these small online buys may seem insignificant, but people often don’t realize how frequently they make them — or how they can add up over time.

In the meanwhile, according to the Bread Financial study, boomers are less likely to make impulse purchases and more likely to plan for their expenditures.

Antonelli says planning is the first step towards making healthier financial decisions. He recommends building a budget to keep account of all your purchases and to plan for bigger expenses.

Need cash fast? Turn to Credible for hassle-free personal loans!

With competitive rates and transparent terms, Credible makes borrowing simple and stress-free. Whether it's for a new car, home improvement, or debt consolidation, find the perfect loan for your needs

Find the best rate for you

Pay down debt

Credit Karma recently analyzed credit card use by generation. And while Gen Z may carry the smallest amount of debt, they’re also racking it up faster than any other generation — increasing their average balances by 3% between May and December 2022, according to Credit Karma’s report. Meanwhile, over that same period, boomers avoided significantly adding to their debt, with the smallest percentage increase of all generations at 1.11%.

That being said, regardless of age, dealing with credit card debt is a top priority. Once you clear that credit card balance, you won’t have to worry about accruing high interest on your monthly bills anymore and you can free up space to save or spend on things you need.

And it has an effect on your whole financial picture: Having a lower debt-to-income ratio also boosts your credit score — meaning, which means you’ll appear more reliable to a potential lender when you apply for more credit or loans, like a mortgage.

Depending on your situation, there are a number of ways to tackle your debt. You might start with your highest-interest debt first and work your way down or do the opposite by getting smaller debts out of the way first.

Another option if you’re having trouble keeping track of your various lines of credit is to roll all your balances into a lower-interest consolidation loan.

If you’re feeling overwhelmed, it might be helpful to consult a qualified professional adviser to help get you on the quickest path to financial freedom.

Read more: Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate — without the headache of being a landlord. Here's how

Start planning for the long-term

Plenty of boomers may already be well into their golden years — but how did they get there? By preparing. So if Gen Z wants to retire comfortably one day, they better start building their wealth now.

Do your research, set up a brokerage account or try out an investment app and develop a well-balanced, diversified portfolio.

Even if you don’t have thousands of dollars to dump into an investment account, you can start off small with just a few dollars. The sooner you start, the sooner you’ll be able to watch the magic of compound interest grow your balance over time.

Alternatively, if you might need that cash at some point, another options is to stash some of paycheck in a high-yield savings account to earn interest, or a certificate of deposit (CD).

A high-interest savings account could come with a 4% interest rate (compared to a traditional savings account, which is typically just 0.30%). And some CDs are currently offering an even greater yield.

Antonelli recommends starting off by opening an account and scheduling in small increments based on your personal cash flow and financial situation. Automatic deposits are another great way to keep yourself on track — you can always adjust the amount when your income or priorities change.

Find a financial adviser in minutes

Are you confident in your retirement savings? Get advice on your investment portfolio from a certified professional through WiserAdvisor. It only takes 5 minutes to connect with an adviser who puts you first.

Get Started

About the Author

Serah Louis

Serah Louis


Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.

What to Read Next


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.