2025-07-01 00:00:36.95

From no-buy years to second-hand shopping, Gen Z seems to have its own unique spending habits. A global rise in the cost of living combined with a highly competitive job market means that 69% of Gen Z use some sort of budget to manage their finances. Their priorities, and what they choose to save for, are different from their boomer counterparts. Gen Z is more likely to spend money on subscriptions, from meal kits to Spotify. There’s also the trend of "doom spending", which is purchasing non-essential items to cope with either personal or wider political issues. To better understand their spending, four Gen Zers tell us about budgeting, saving and what makes them splurge. Jenna, 26, Cincinnati, Ohio Occupation: buyer for a food production company Salary: $64,000 (£47,000) Rent (including water): $1,150 (£849) This is my main expense. Fortunately, I inherited a good vehicle from my uncle which should last for 10 years or so. Also my medical and dental healthcare are provided by my employer and they reimburse me for using my mobile. I’m not working towards saving for a house as I don’t want to buy one until I’m living in an area where I know I’ll be staying for a good few years. I’m thinking of maybe going back to school to study, so I’ll probably be leaving Ohio soon. Utilities: $80 (£60) $40 for electricity $40 for internet Travel: about $195 (£144) About $85 on average for gas $110 for car insurance Retirement savings: $1,230 (£908) I came up with the goal of 25% of my pre-tax salary through research on modern money management. I mix this payment between an employer-sponsored retirement plan (401K), a Roth individual retirement account (IRA) and a health savings account (HSA). There are some suggestions that you should save 10% or 15% of your salary for retirement, but if I feel like I have a little bit extra I’ll put in 20%. I don’t think I’ll get great market returns which is why I aim for 25% as it helps me feel safe. I don’t trust that by the time I retire we’ll have a strong social security system. Food: about $475 (£351) I prefer to shop locally for my groceries which can make it more expensive. I love to cook, and I like buying the pricier grass-fed milk or small-farm eggs for $12 a dozen. As someone who works in food production, it’s worth it for me to know exactly what’s in my food. Medical/healthcare: about $309 (£230) $100 for upcoming medical procedure [not included in medical healthcare] $530 for six months of medical testing, so about $89 $120 for supplements such as painkillers, vitamins, collagen powder and protein powder Subscriptions: $15 (£12) for Spotify which is my only subscription Fitness: $40 for gym membership (£30) Cosmetic care: about $175 (£130) I don’t wear makeup but I use a ton of moisturizer due to eczema and dry skin. I guess skincare is where I “splurge”, but for me it’s worth it. Clothes: annual spend is around $500 so about $42 a month (£31) Sometimes I go months without buying anything and other times I spend $200 in one day. In May, I spent $4 for a bra at Goodwill and $62 to get two dresses tailored. I mostly buy clothes secondhand or vintage, but I’ll splurge on a new pair of jeans, because the sizing is so particular. Eating out: about $250 (£185) I’ve almost completely stopped getting takeout for myself. I only save it for social events. Although I will treat myself to a coffee once or twice a month. Most of the money I spend on meals outside the house is for my friends’ birthday dinners. Very few of my friends save as much as I do, although one of my closest friends gets to save 60% of his income through living at home. If I wanted to save more, the first thing I would cut out is probably eating out and social drinking. After that, I would swap some of my bougie food choices with alternatives from Aldi. Monthly total: about $4,139 (£3,054) Jake, 28, Seattle, Washington Occupation: customer service adviser for a campervan rental company Salary: about $700 a week so $2,800 monthly and $33,600 annually (£24,792) My income is only temporary as my job is seasonal. Prior to last month, I was barely making $1,000 a month. I finished my postgraduate degree last year and spent six months applying for jobs before graduating. It still took nearly two years before I landed my current job. My wife works as a barista and her salary is similar to mine – I just created a shared bank account for us so all our expenses come out of it. When it comes to saving, we put away money for emergency expenses like car breakdowns or vet bills. I don’t believe in having a lot of money just sitting there in a savings account. Anything I do save I plan to put in safe investments but I’m pretty pessimistic about the stock market right now. We would love to build our own small home on vacant land since housing is so unaffordable, but that’s a major long-term goal. Rent: monthly spend for my wife and me is $1,700, so alone it’s about $850 (£628) Utilities: $78 so about $39 (£29) $45 for phone $25 for internet $8 for renters’ insurance Travel: $575 so about $288 (£213) $150 for gas $250 for car insurance $100 for car repairs $75 for public transport Food and household: $285 so about $143 (£106) $250 for food $25 for bathroom supplies $10 for household supplies Dog bills: $216 so about $108 (£80) $111 for insurance $105 for food Fitness: $17 (£13) Subscriptions: $40 so about $20 (£15) $20 for Spotify $12 for Hulu $8 for Apple arcade Eating out: $100 so about $50 (£37) Monthly total: about $1,515 (£1,121) Mark, 26, Raleigh, North Carolina Occupation: data scientist for a bank Salary: $72,000 (£53,1325) I paid off my student debt about two years ago and started saving straight after I finished my undergraduate degree. I have high variable entertainment and travel costs as my significant other lives in the UK. My at-home entertainment costs are pretty low. I have no streaming services and if I do spend money, it’s mostly on going out with friends, soccer leagues and seeing movies. Rent and utilities: about $1,850 (£1,366) About $1,825 for rent $25 for phone Renting is insanely expensive. My aim is to save enough for a down payment on a house and even though I make a pretty good salary, I am still nowhere near able to afford one in an area where I want to live. Travel: $160 (£119) $60 for gas $600 for six months of car insurance, so about $100 This month it was $1,200 as I took a road trip and needed to buy new tires. Groceries: about $300 (£222) I’m at home two to three times a week so I tend to cook and bring any leftovers I have into the office. Dog bills: about $50 (£37) $10 for food About $40 for medicine and vet bills Fitness: annual spend is around $300 so about $25 a month (£19) I run, play soccer, or use the gym in my apartment block. Equipment like running shoes, football boots and league fees are the only costs and they’re pretty infrequent. Cosmetic care: about $4 (£3) I don’t really spend much on skincare or cosmetics but when I do, it definitely averages out to less than $5 a month. Clothes: I mostly thrift so spend only about $20 a month (£15) Eating out: about $100 (£74) I eat out only two or three times a week – nothing fancy. This can be higher when I’m traveling, which is fairly often. Miscellaneous: about $267 on average for four return flights a year to the UK (£197) I try to visit my partner in London every couple of months. Round-trip flights are around $800 and we spend a bit more on dates, eating out and entertainment while there, but I do have a place to stay when visiting so there are no big lodging costs. Among my friends my expenses are pretty average but it depends on where they live as my friends who live in Washington DC spend way more. Nationwide I’m definitely in the higher-earning, higher-spending category though. Monthly total: about $2,776 (£2,049) Anna, 22, Washington Occupation: part-time teacher and writer Salary: about $700 a month and $8,400 annually (£6,198) I’m self-employed and still live at home with my family so don’t have any rent or utility expenses. I’m also still on the family’s health insurance. I do not actively budget my money in terms of allocating a specific percentage for different expenses. Rather, I keep a record of my income and expenses and I adjust my spending as necessary. For me, non-essential spending is money spent on things that I can technically live without and be content, such as a special TV/streaming subscriptions, new clothes, decoration for my room, books, CDs/digital music, hobby-related goods, or “fun” purchases, like an antique. Splurges just come at random times for me. Sometimes it’s because I find something really special that I want to purchase, other times it’s because I find something that is the only one of its kind left for sale. My passions are music and history, so it’s usually one of those two things I’m spending money on. For instance, I splurged once on buying antique newspapers from the first few weeks of the second world war. Another time, I splurged on buying an antique first (and only) edition of an old English book by Jane Porter. I will also sometimes give to charities (mostly overseas) that I appreciate – more so lately. Food: $140 (£104) as I don’t eat out much at all. Savings: $455 (£336) I’m young and because of my lifestyle I don’t have certain expenses that I will probably have in a few years (like a car, gas, auto insurance etc.) so I save most of my money. Miscellaneous: about $95 (£71) for TV subscriptions and work-related software costs. Monthly total: about $690 (£510) All names have been changed

2025-06-26 06:00:54.637

The S&P 500's recent surge has brought it within striking distance of a record high, a remarkable turnaround from its near-bear market conditions just two months prior. While the index closed flat on Wednesday, its recent gains, fueled by a fragile ceasefire between Israel and Iran, have investors questioning the market's future trajectory. Concerns remain about tariffs, earnings, the federal deficit, and the impact of President Trump's policies. Despite headwinds like potential inflation from higher tariffs, some analysts believe the market has room to rise further, predicting a gradual upward trend. The year has been marked by volatility, with a sharp drop in March and April followed by a strong recovery in May and June. The market's rebound has been partly driven by the easing of trade tensions and a resurgence in tech and AI stocks, with companies like Nvidia reaching new record highs. However, some experts caution that the market's current valuation might not fully reflect underlying economic risks. Uncertainty persists regarding the long-term effects of tariffs, future economic growth, and the potential impact of upcoming earnings reports and geopolitical events. While some advise maintaining a long-term investment strategy, others highlight the need to monitor key economic indicators and potential risks.

2025-06-25 06:01:09.544

Oil prices took a sharp dive on Tuesday, falling to pre-conflict levels following a ceasefire announcement between Iran and Israel. Brent crude dropped 6.1% to $67.14 a barrel, while West Texas Intermediate crude fell 6% to $64.37 a barrel, mirroring prices before the June 13th conflict. The ceasefire, announced by President Trump, appeared fragile as Israel accused Iran of violations, claims Iran denied. Despite this, global markets reacted positively. US stocks surged, with the Dow closing up 507 points. The S&P 500 and Nasdaq also saw significant gains, nearing all-time highs. The CBOE Volatility Index dropped 12%, indicating market calm. Positive sentiment extended to Asia and Europe, with major indexes closing higher. Analysts expressed cautious optimism, with some suggesting the conflict may be over, while others warned of potential volatility if tensions re-escalate. The ceasefire eased concerns about disruptions to global oil supplies, particularly the potential closure of the Strait of Hormuz. Goldman Sachs previously estimated oil prices could exceed $100 a barrel if the strait were blocked. Experts believe the threat of severe economic consequences likely motivated both sides to agree to the ceasefire. Prior to the ceasefire announcement, oil prices had surged following the start of the conflict, reaching a five-month high last week, but experienced a significant drop after Iran's targeted missile strikes on US bases in Qatar.

2025-06-24 12:00:43.458

Following US airstrikes on Iranian targets, initial concerns sent oil prices surging 6%. However, these gains quickly evaporated as Iran's response, a missile attack on a US airbase in Qatar, did not significantly impact oil flow. The price of oil dropped 7.2% to settle at $68.51, nearly returning to pre-conflict levels. This sparked a rally in US stocks, with the S&P 500 climbing 1%, the Dow Jones Industrial Average adding 0.9%, and the Nasdaq composite gaining 0.9%. Analysts attributed the market's positive reaction to Iran's apparent lack of interest in disrupting oil supplies, a move that would harm its own economy. While some experts remain cautious about Iran's future actions, the absence of a major oil supply disruption eased market fears. Tesla's stock performance also significantly boosted the S&P 500, rising 8.2% after commencing self-driving taxi tests. Conversely, Hims & Hers Health plummeted 34.6% following Novo Nordisk's decision to end their partnership. European markets saw mixed results, while the bond market showed easing yields after a Fed governor signaled potential rate cuts.

2025-06-24 06:01:00.628

The use of Buy Now, Pay Later (BNPL) loans is becoming increasingly popular, and soon, how well you manage them could significantly affect your credit score. FICO plans to integrate BNPL data into its FICO Score 10 and FICO Score 10 T models later this year, giving lenders a clearer picture of consumers' repayment behavior. While this could help some build credit, it could also negatively impact those who overspend or misuse BNPL services. Concerns exist about the lack of regulation and the potential for overspending, particularly with the rise of "phantom debt." FICO's new approach aims to address this by aggregating BNPL data to avoid over-penalizing consumers with multiple accounts. However, the rollout might be slow due to the complexity of the credit industry and the varied adoption of different FICO scoring models. The integration of BNPL data represents a step towards a more comprehensive and accurate representation of consumer credit activity, but the full impact remains to be seen.

2025-06-13 00:00:26.721

U.S. stock indexes rose on Thursday after encouraging inflation data. The S&P 500 increased by 0.4%, the Dow Jones Industrial Average gained 101 points (0.2%), and the Nasdaq composite rose 0.2%. Oracle's strong profit and revenue fueled a 13.3% jump, offsetting Boeing's 4.8% loss following a plane crash. Easing Treasury yields, due to better-than-expected inflation and higher jobless claims, further supported the market. While the Federal Reserve is expected to hold interest rates steady next week, market sentiment anticipates a rate cut in September. President Trump's tariffs continue to be a source of uncertainty. Chime Financial saw a 37.4% surge on its first trading day, while GameStop dropped 22.5% after announcing a $1.75 billion borrowing plan. Global markets were mixed, with Hong Kong's Hang Seng index falling 1.4%.

2025-06-03 18:00:46.867

U.S. stocks experienced significant gains on Tuesday, with the S&P 500 rising 0.6% and nearing its all-time high. The Dow Jones Industrial Average increased by 170 points (0.4%), while the Nasdaq composite saw a 1% rise. Dollar General led the gains, jumping 14.3% after exceeding profit and revenue expectations. However, the company cautioned about uncertainties due to tariffs. Many companies have revised their financial forecasts downward due to tariff-related uncertainty. The OECD projected a 1.6% growth for the U.S. economy in 2023, down from 2.8% in 2022. Despite tariff-related pessimism, the impact on the economy has been moderate so far, with a solid job market and relatively low inflation. A report showed a surge in job openings in April, suggesting a healthy labor market. Hopes remain high for trade deals that could lower tariffs, particularly with China, although a Chinese spokesperson denied knowledge of a planned meeting between Presidents Trump and Xi. Constellation Energy rose 0.7% following a deal with Meta Platforms. Treasury yields remained relatively steady, with the 10-year Treasury yield at 4.47%. Global stock markets showed mixed results, with Hong Kong's Hang Seng index rising 1.5% despite slowing Chinese manufacturing activity. South Korean markets were closed due to a snap presidential election.

2025-05-30 12:00:37.284

TOKYO (AP) — European shares rose while Asian benchmarks finished mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump’s sweeping tariffs. France’s CAC 40 rose 0.2% in early trading to 7,796.14, while Germany’s DAX jumped 0.6% to 24,122.42. Britain’s FTSE 100 added 0.6% to 8,771.71. U.S. shares were set to drift lower with Dow futures down 0.1% at 42,217.00. S&P 500 futures declined 0.1% to 5,914.75. Japan’s benchmark Nikkei 225 lost 1.2% to finish at 37,965.10. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia’s S&P/ASX 200 rose 0.3% to 8,434.70. South Korea’s Kospi declined 0.8% to 2,697.67, ahead of a presidential election set for next week. Hong Kong’s Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49. Earlier this week, the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court’s ruling also affects only some of Trump’s tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court’s decision. Un energy trading, benchmark U.S. crude rose 24 cents to $61.18 a barrel. Brent crude, the international standard, edged up 23 cents to $64.38 a barrel. In currency trading, the U.S. dollar declined to 143.96 Japanese yen from 144.12 yen. The euro cost $1.1342, down from $1.1367.

2025-04-06 18:05:45.948

CNBC host and market commentator Jim Cramer issued a stark warning: America could face another "Black Monday" market crash, echoing the devastating 1987 collapse, if President Trump doesn't revise his tariff strategy. Cramer pointed to the 22.6% single-day Dow Jones Industrial Average plunge in 1987 as a potential precedent, given the recent two-day sell-off following Trump's sweeping tariffs on nearly 90 countries. He stated that if Trump doesn't compromise and reward countries and companies that abide by the rules, a similar scenario could unfold, potentially culminating in a significant market drop by Monday. The recent tariffs triggered a brutal two-day sell-off, resulting in a 3,910-point Dow plunge—the worst since the pandemic—and a total market loss of $6.6 trillion. Experts like Apollo chief economist Torsten Slok even warned of a potential recession if the tariffs persist. Despite these warnings, Treasury Secretary Scott Bessent affirmed the administration's commitment to its current course, downplaying recession fears and emphasizing long-term economic goals. Cramer, initially supportive of Trump's tariffs, indicated he would withdraw his support if Monday brings a negative market outcome, and would become furious if Europe retaliates against American tech companies.

2025-03-17 00:00:36.48

Gold prices surged to a record high of $3,005 an ounce on Friday, fueled by investors seeking safe haven assets amid concerns about President Trump's tariffs and the ongoing geopolitical instability. The price briefly touched $3,000 before settling slightly lower. Experts attributed the surge to the "extreme uncertainty" surrounding global trade due to the Trump administration's policies and retaliatory measures from other countries. The rising gold price reflects broader investor concerns about the US economic outlook, with former Treasury Secretary Larry Summers citing a lack of confidence in the country's leadership. The imposition of 25% tariffs on steel and aluminum imports, along with Trump's threat of a 200% tariff on EU alcoholic beverages, further exacerbated the situation. This uncertainty is paralyzing businesses and fueling fears of a global economic slowdown. The war in Ukraine also significantly contributed to the rise in gold prices, with Russia's rejection of a US-proposed ceasefire adding to geopolitical instability. The conflict has driven a 60% increase in gold prices since the 2022 invasion, partly due to central banks increasing their gold reserves to mitigate risks associated with foreign reserves. A weakening dollar also boosted gold's appeal to international buyers.