Adulthood has always come with its share of challenges, but for Generation Z and Millennials, the financial hurdles seem especially steep. According to a recent Bank of America report released on September 5, 2025, nearly three-quarters of young adults are already taking proactive steps to improve their financial health. The report comes at a time when economic uncertainty and persistent inflation have forced many to rethink their spending habits and savings strategies.
But what exactly is driving this surge in financial self-awareness among younger adults? And are these efforts enough to shield them from the broader economic headwinds that experts warn could undermine their stability?
Bank of America’s Magen Tune, who spoke with KATV, offered a range of practical tips for young adults trying to get their finances under control. Her first piece of advice was refreshingly simple: track your expenses for two to three months. “Budgeting can feel overwhelming, but it doesn’t have to be,” Tune explained. By categorizing expenditures—whether entertainment, food, or transportation—individuals can get a clear sense of where their money is actually going. “You can categorize those things into entertainment or other categories... to ensure you have more coming in than you have coming out,” she said, underscoring the importance of living within one’s means.
One area where many young adults can tighten their belts is subscriptions. From streaming services to meal kits, it’s easy to lose track of monthly charges that quietly drain bank accounts. Tune recommended a regular review of all subscriptions. “The more that you manage those and make sure that you’re not... having a subscription that you’re really not utilizing can help save you some money,” she told KATV. It’s a small step, but one that can add up over time.
Impulse spending, fueled by the ever-present lure of social media ads and one-click purchasing, is another pitfall for Gen Z and Millennials. Tune suggested a few ways to curb these impulses, starting with filtering out targeted ads and deactivating the “buy now” feature on shopping apps. But her favorite strategy is the “24-hour cool-off period.” As she put it, “The one that I really love is the 24-hour cool-off period,” allowing time to reconsider purchases before committing. This simple pause can be the difference between a regrettable splurge and a well-considered investment.
Credit cards, often the first taste of financial independence for young adults, can quickly become a source of stress if not managed carefully. Tune’s advice here was straightforward: don’t overspend, and always make payments on time. “Make sure that you’re making the payments on time and when at all possible, pay it off,” she stressed. Timely payments not only avoid costly interest charges but also help build a strong credit history—an asset that will serve young adults well as they navigate future milestones like buying a home or starting a business.
For those living paycheck to paycheck—a reality for many in this demographic—saving money can feel like an impossible dream. Yet Tune believes it’s essential to make savings a priority, even if the amounts are small. “Pay yourself even if it’s a small amount,” she advised, suggesting that automatic transfers to savings accounts can help build a safety net over time. It’s a philosophy rooted in the idea that consistency, not size, is what matters most when it comes to saving.
Bank of America also offers a suite of online resources designed to help young adults take charge of their finances. “It’s got great tools and a little bit of everything for everybody when it comes to your finances,” Tune encouraged. These resources provide guidance on everything from budgeting to investing, offering a roadmap for those feeling overwhelmed by the complexity of modern personal finance.
But while individual strategies are important, some experts warn that the challenges facing Generation Z and Millennials go far beyond personal habits. According to a video published around September 5, 2025, and highlighted on Fox Business and Fox News, a woman who famously predicted the 2008 financial crisis weighed in on the unique vulnerabilities of today’s young adults. She argued that, despite their best efforts, these generations are expected to be “very weak” financially compared to their predecessors.
The discussion, which aired on national platforms, focused on the broader economic landscape that has shaped the experiences of younger Americans. The expert referenced the 2008 financial crisis—a seismic event that upended global markets and left lasting scars on the economy—as a backdrop for understanding current vulnerabilities. She pointed out that, while previous generations benefited from decades of economic growth, affordable housing, and relatively stable job markets, today’s young adults face a very different set of circumstances.
Stagnant wages, rising costs of living, and mounting student debt have all conspired to make financial security more elusive than ever. Even as Gen Z and Millennials adopt better money management habits, the structural challenges remain daunting. The expert’s warning was clear: without significant changes at the policy level—such as affordable education, housing reform, and stronger job protections—personal finance strategies may only provide limited relief.
Still, there is reason for cautious optimism. The fact that nearly three-quarters of young adults are actively working to improve their financial health is a testament to their resilience and adaptability. As Tune’s advice makes clear, even small steps—like tracking expenses, reviewing subscriptions, and prioritizing savings—can make a meaningful difference over time.
Moreover, the rise of digital tools and financial literacy resources means that today’s young adults have more information at their fingertips than any previous generation. From budgeting apps to online courses, the opportunities to learn and grow financially are vast, provided individuals are willing to seek them out.
Ultimately, the story of Gen Z and Millennials is one of both challenge and opportunity. The economic landscape may be more treacherous than in decades past, but with careful planning, discipline, and a willingness to adapt, young adults are proving that they can weather the storm. As the expert who predicted the 2008 crisis cautioned, the road ahead will not be easy. But with the right tools and mindset, there is hope that this generation can carve out its own path to financial security—even if it looks different from the one traveled by their parents and grandparents.
For young adults navigating this uncertain terrain, the message is clear: Don’t underestimate the power of small, consistent actions. The future may be unpredictable, but taking charge of your finances today is a step toward greater stability tomorrow.
