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Year Ahead:What Will Happen in 2023: All the Latest Predictions for the Year Ahead
Wealth
Savings & Retirement

How Gen Z Should Prepare Their Finances for 2023

Building an emergency savings fund is essential as economic turmoil looms in the new year.

Business woman thinking account,account,accounting.Close up of hand woman using laptop and calculator while working from home.
Business woman thinking account,account,accounting.Close up of hand woman using laptop and calculator while working from home.Photographer: thianchai sitthikongsak/Moment RF

For Gen Z, it’s daunting to think about saving, investing and planning for retirement.

As young workers start their careers, the stock and bond markets have been in turmoil, with the S&P 500 headed for its worst annual performance since 2008. A recession is looming. Wages haven’t kept pace with inflation. Credit card debt and interest rates are rising. Housing costs have surged. And a massive retirement savings shortfall has gotten worse.