Latest news with #BetterMoneyHabits
Forbes
2 days ago
- Business
- Forbes
Gen-Z's Guide: Credit Cards That Reward You While Grocery Shopping And Dining Out
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Think Gen-Z is all about avocado toast and $20 smoothies? Think again. Economic pressure is reshaping how young adults plan their meals, turning grocery carts and dining tables into strategic financial battlegrounds. According to a Bank of America report, 64% of Gen-Z is actively cutting expenses to cope with the higher costs of living. Specifically, 23% are spending less on dining out, and 41% are shopping at more affordable grocery stores. To accumulate more savings, the right credit card that rewards dining and grocery purchases can complement young adults' strategic food shopping. Amid today's soaring prices, a new report from Bank of America's Better Money Habits team reveals 33% of nonstudent Gen-Z adults receive financial help from their parents, and 27% rely on family support for essentials like groceries, rent, phone plans and health insurance—not luxury splurges. Rising food prices have made planning meals tougher for Gen-Z. Instead of dining out, many are getting creative—switching from pricey brands to store labels and learning how to meal prep at home. It's not just about saving money; these trends reflect ways young adults are continuing to consume their favorite meals without overspending. Dining out is still on the table—but with a twist. Gen-Z is cutting back on how often they eat at restaurants, but when they do, they're more intentional. They share plates, take advantage of promotions or stick to budgets for dining out. Additionally, the same report found that over half of young adults spend nothing on dates each month, a striking sign that romantic dinners are being replaced with budget-conscious hangouts at home or free outdoor activities. Earn 100,000 bonus points + $500 Chase Travel℠ promo credit after you spend $5,000 on purchases in the first 3 months from account opening. Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. One savvy way people can stretch their food budgets is by using a credit card that offers elevated rewards on grocery purchases and dining out . Many cards now offer boosted cash back on groceries, restaurant purchases and even food delivery services—purchase categories young adults still enjoy spending in, but are more financially conscious of. The Chase Sapphire Reserve® stands out for food lovers willing to pay a higher annual fee. New cardholders can earn a massive welcome offer: 100,000 bonus points, plus a $500 Chase Travel℠ promo credit after spending $5,000 on purchases in the first three months from account opening. Beyond the bonus, the card rewards dining heavily, with 8 points per dollar on all purchases through Chase Travel℠, including The Edit℠, 4 points per dollar on flights and hotels booked direct, 3 points per dollar on dining worldwide and 1 point per dollar spent on all other purchases. It also comes with $300 in annual dining credits, a year of DashPass delivery service and exclusive DoorDash promos, making it a solid pick for Gen-Z and others looking to maximize cash back while eating out or ordering in. These perks and credits, when utilized in full, also help offset the card's $795 annual fee. If you want to avoid an annual fee, the Bilt World Elite Mastercard® (rates & fees) is worth a look. Known chiefly for offering rewards on rent payments, it also shines in dining rewards, earning 1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company) and 1 point per dollar on other purchases. The card must be used at least 5 times each statement period to earn points. Plus, every time you earn 25,000 points, you unlock Milestone Rewards. These can include bonus points for purchases at grocery stores, providing budget-conscious foodies further value. Gen-Z's approach to food spending shows just how seriously they take control of their money. By dialing in with budgeting, finding creative places to shop and using credit cards that reward grocery and dining spending, Gen-Z is putting themselves in a better spot financially.
New York Post
6 days ago
- Business
- New York Post
Gen Z can't afford love — most spend $0 on dates every month, new survey reveals
They're a budgeted bunch of penny-pinching pups. Gen Z is not wooing the objects of their affection with top-tier rendezvous nor top-shelf spoils. In fact, most 20-somethings, grownups born after 1997, aren't spending a dime on dates — and it's paying off big time, per Bank of America's new Better Money Habits study. 'The cost of adulting is high,' said Holly O'Neill, president of Consumer, Retail and Preferred Banking at Bank of America, in the report. 'But Gen Z is not giving up, they're getting savvy.' 4 More than half of Gen Z men and women are spending $0 per month on dates, according to a recent study. Drobot Dean – Savvy, stingy — either way you slice it, they're not breaking the bank for love. Researchers determined that a staggering 53% of Gen Z gents and 54% of their lady counterparts spend $0 a month on dates. But a slightly less-tightfisted faction of Zoomers, 25% of men and 30% of women, keep their canoodling costs under $100 each month. The newcomers to adulthood aren't shy about setting boundaries with pals and romantic partners when it comes to money. A whopping 66% of Gen Zs claim they simply don't give in to 'pressure' from others to spend beyond their means. Within that faction, 42% say they're comfortable declining invitations to social (including romantic) opportunities they can't afford and 23% admit to bailing on hot plans in order to save a few extra coins. 4 Finance specialists found that 20-somethings are being especially frugal when it comes to social and romantic outings. Bank of America It's a cheapskate trend on the rise amid nationwide financial woes. Although the US economy is doing its darnedest to avoid another recession, anxious Americans of all ages are busy changing their spending habits in preparation for the worst-case scenario. Investigators from Affirm, a fin-tech company, recently found that 50% of folks are keeping stashes of cash on hand in fear of unexpected expenses or financial uncertainty, while 41% are managing their budgets with fixed, predictable payments, and 36% are thinking more long-term than ever about their finances. Forward-thinking, rather than wining-and-dining, seems to be the name of the game for Gen Z. 4 Expensive dates at fancy restaurants are becoming a thing of the past thanks to budget-conscious Gen Zers. Guillem de Balanzí³ – A shocking 51% of the youngsters surveyed in Bank of America's poll identified the high cost of living as a barrier to financial success. Thirty-five percent admitted that their total monthly expenses — including groceries, rent, utilities and dining out — are higher than they'd imagined before becoming financially independent. 'Even though they're facing economic barriers and high everyday costs,' said O'Neill, 'they are working hard to become financially independent and take control of their money.' Over the last year, 72% of the Zs have taken steps to improve their financial health, such as putting money toward savings (51%) or paying down debt (24%), according to the data. 4 Members of the Z-demographic are saving more money by making small, yet effective changes to their spending habits and money-management practices. KMPZZZ – An impressive 64% are doing away with their frivolous expenses, seeing 41% cut back on dining out — be it solo or with a sweetheart. Skimping instead of splurging is a key reason Gen Zs are outpacing older generations in savings. So, there may be some value in being young, dumb — but flush with funds.
Time of India
02-08-2025
- Business
- Time of India
Gen Z faces the worst financial crisis of any generation as soaring debt costs and stagnant wages threaten their financial future
Gen Z faces significant financial hurdles, including high debt and rising living costs, yet they are actively striving to improve their financial well-being. Many are cutting expenses, saving when possible, and prioritizing financial responsibility in relationships. Despite systemic challenges like the housing crisis and student debt, Gen Z demonstrates resilience and a proactive approach to navigating a difficult economic landscape. Tired of too many ads? Remove Ads Reality check: Adulthood is more expensive than expected Debt: A generational burden Tired of too many ads? Remove Ads What they're doing right 51 percent have actively put money into savings over the past year 24 percent have focused on paying down debt 54 percent receive less than $500/month in family support, down from 44 percent a year ago Only 25 percent contributed to a retirement account in the last year, but they aspire to do more The double-edged sword Debt, education, and the housing crisis Tired of too many ads? Remove Ads Gen Z, the cohort born between 1997 and 2012, is stepping into adulthood with the odds stacked firmly against them. According to Bank of America's newly released 2025 Better Money Habits study, 72 percent of Gen Z adults (ages 18–28) are actively taking steps to improve their financial well-being, despite record levels of debt, rising living costs, and an economy that many experts say is 'less forgiving' than ever cost of growing up has risen sharply. According to Bank of America's study conducted with Ipsos, a majority of Gen Zers report th at their monthly expenses are significantly higher than anticipated, particularly for groceries (63 percent), rent and utilities (47 percent), and dining out (42 percent). Over half (51 percent) say that the high cost of living is a direct barrier to achieving financial a result, 64 percent have attempted to cut down on discretionary spending, 41 percent have reduced dining out, and 23 percent have switched to more affordable grocery options. In more intimate ways, they're dialing back too as roughly half of Gen Z men (53 percent) and women (54 percent) reported spending nothing on dating per month, underscoring how finances influence even their romantic lives.A separate report from Vola Finance paints a starker picture. It reveals that 63 percent of Gen Z users have already experienced delinquencies, far above the 37 percent recorded among older generations. The same study noted that Gen Z's average personal debt stands at a staggering $94,101, compared to $59,181 for millennials and $53,255 for Gen mounting pressure, the Better Money Habits study shows that Gen Z is anything but complacent:The study also reveals that 66 percent of Gen Z don't feel pressured to keep up with their peers' spending, and 42 percent are comfortable telling friends they can't afford certain activities. In romantic relationships, 78 percent say financial responsibility is a 'green flag' when choosing a Gen Z faces a systemic issue as 55 percent say they don't have emergency savings to cover even three months of expenses, and 43 percent admit they're not on track to save for retirement in the next five small acts of self-care are both comforting and costly. 57 percent of Gen Z say they buy themselves a treat at least once a week to celebrate wins or manage stress. But for 59 percent, these indulgences often lead to financial anxiety sets in, 90 percent take proactive steps like checking bank balances or budgeting. Yet, a full third (33 percent) admit to avoiding their finances out of stress, while 30 percent splurge to feel better, a cycle familiar to many struggling with financial financial pressure cooker Gen Z lives in is compounded by systemic forces. The Bank of America Institute notes that while median deposit levels for Gen Z remain elevated compared to 2019, this may not last long as costs continue to outpace students receive financial aid, and the average net price paid at private colleges is closer to $24,000 per year, according to Ron Lieber's The Price You Pay for College. In-state public university tuition often sits around $15, home prices remain at record highs, and mortgage rates have made it increasingly difficult for Gen Z to enter the housing market, despite earning higher inflation-adjusted wages than prior generations, according to The warn that if these trends continue, the implications could be national in scope. A generation unable to build wealth risks delaying key milestones, homeownership, family formation, retirement savings, and ultimately slows economic Z is often stereotyped as impulsive or financially irresponsible. But the numbers and their actions tell a different story. They're learning quickly, saving when they can, cutting costs, and navigating adulthood in an economy that wasn't built for them.
Yahoo
17-05-2025
- Business
- Yahoo
4 Easy Ways To Improve Your Financial Literacy Through Your Bank's Resources
In a 2024 article aimed at the industry it serves, the Bank Insurance and Securities Association (BISA) advised banks and credit unions to prioritize financial literacy because educated customers are empowered customers and empowered customers are good for business. Many financial institutions have seen the light and developed valuable programs, services, materials and tools designed to educate their clients and customers about managing, safeguarding and growing their money. There's a good chance your bank offers free and helpful financial literacy resources that can guide you on your financial journey. Here's how to take advantage of them. Check Out: Read Next: Nearly all big banks and many smaller ones offer a vast range of financial education resources, from primers on the basics of money management to in-depth tutorials on complex concepts like options trading. If your bank dedicates a section of its app or website to financial literacy, that should be your first stop for high-quality, concise and credible information on a variety of financial topics. For example, Bank of America's Better Money Habits portal offers educational articles, videos and tips on: Budgeting Saving Investing Homeownership Debt Credit Paying for college Buying and financing cars Personal banking Taxes Income Retirement planning Learn More: Many banks offer fun and informative podcasts that cover general financial literacy or niche topics — and you don't have to be a customer to tune in and learn. The following is a mix of examples from big banks, a small bank and a credit union: Veritex Community Bank: 'Truth in Texas Banking' First Alliance Credit Union: 'Good Money Moves' J.P. Morgan Chase: 'Making Sense' HSBC: 'Global Viewpoint' (If you can't listen on Apple Podcasts, most podcasts will also be on Spotify and other podcast platforms.) Webinars are virtual presentations or seminars that, like podcasts, some banks offer and others don't. Also like podcasts, anyone can take part no matter where they keep their money. For example, Chase offers its monthly 'Markets: In The Know with J.P. Morgan Wealth Management,' which features experts who break down and explain various wealth management concepts and strategies. More financial institutions are offering their customers sessions with financial advisors, coaches and counselors to give them personalized advice and help them craft customized strategies according to their goals and resources. For example, Navy Federal Credit Union offers free financial counseling sessions to all its customers, as does USAA. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 8 Items To Stock Up on Now in Case of Tariff-Induced Product Shortages 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses Sources BISA Portfolio, 'Empowering Customers: Why Banks and Credit Unions Should Prioritize Financial Literacy for Long-Term Success' Bank of America, 'Better Money Habits' Chase, 'Markets: In The Know with J.P. Morgan Wealth Management' Navy Federal Credit Union, 'Free Personalized Finance Counseling' USAA, 'Financial Planning Services' This article originally appeared on 4 Easy Ways To Improve Your Financial Literacy Through Your Bank's Resources Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-04-2025
- Business
- Yahoo
5 Free Money Resources for Families From Chase and Other Big Institutions
Not a lot of things are offered or advertised as free these days. Even so, if you do your homework and thoroughly research, you can find that there are actually plenty of no-cost money resources available from a number of bigger names in the financial game. In fact, you and your family probably have some available to use right now at your current bank or credit union. 'Financial blogs and podcasts put out by financial institutions or other media outlets can offer valuable insights and guidance on managing your finances with a variety of detailed topics,' said Xiomara De Leon from Addition Financial. She explained that topics can 'range from everyday life situations like saving for the holidays or vacationing on a budget. But they can also range throughout the different cycles of your life, such as preparing for college, what costs really go into getting married or starting a family, and even investing in your retirement early.' Read Next: Find Out: If you're not sure where to start or exactly what you need, check out these five free money resources from Chase and other big financial institutions. In partnership with JPMorgan Chase, the First Responders Children's Foundation offers free virtual financial wellness workshops tailored to the unique challenges faced by first responder families, according to Janeil Pierre, an accredited financial counselor. 'These workshops cover topics such as budgeting, credit maintenance, disaster recovery and more,' Pierre said. Be Aware: Money Roots is a free financial wellness program from Ally Financial designed to help people understand how their thoughts and views on money affect spending, saving and investing decisions. Anyone is able to explore the reasons driving their money behaviors so they can take better control of their finances. 'Grounded in money psychology, the program offers virtual workshops focusing on uncovering personal money beliefs and behaviors to promote better financial health,' Pierre said. In partnership with the Khan Academy, Capital One offers a free, self-paced financial literacy course to anyone interested in learning more about personal finance. Pierre explained that this program 'covers a wide range of topics, including budgeting, saving, credit, investments, insurance and taxes, aiming to demystify personal finance and promote financial well-being.' In order to better understand our finances, we have to examine our habits with money. That's why Bank of America's Better Money Habits is a great resource. Pierre called Better Money Habits 'a comprehensive financial education platform providing free, easy-to-understand resources on topics such as saving, budgeting, managing credit and debt, and tax planning. The platform offers personalized content tailored to various life stages and financial goals.' The Consumer Financial Protection Bureau (CFPB) has the Money as You Grow initiative, which provides free resources to help parents and caregivers teach children about money management. 'The program offers activities, conversation starters and storybooks designed to instill key financial skills and habits in children from a young age,' Pierre said. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on 5 Free Money Resources for Families From Chase and Other Big Institutions Sign in to access your portfolio
