Lanre Dokun, a psychiatrist in New York, has a lot of clients with financial anxiety. For the older ones, the stress is usually situational: Perhaps they've lost their job, or they're worrying about medical costs. But for young adults, he's noticed, the concern is downright existential. It's a 'chronic background stressor,' he told me, or even 'a character in their lives.' Clients who are objectively on solid ground are worried they one day won't be. Some are obsessive about budgeting. Others are scared of being replaced by AI. One high-earning client consistently saves 40 percent of her income, yet still feels she's behind. Gen Z does seem to be a financially savvy and hypercautious bunch. A 2024 Charles Schwab survey found that the average Zoomer started saving at age 18, younger than other generations had. (The typical Boomer, for comparison, began at 34.) Nearly half are investing, and most began that before age 20. According to a study by the Investment Company Institute and...
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