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Gen-Z outpaces millennials in setting 5-Year financial plans amid economic challenges

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Gen-Z outpaces millennials in setting 5-Year financial plans amid economic challenges

Gen-Z adults are more likely than Millennials to have a five-year financial plan, according to a new survey by First Direct. The survey, conducted by OnePoll in October among 4,000 participants, found that 59% of Gen-Z savers—those born after 1996—have set financial goals for the next five years, compared to just 40% of Millennials (born between 1981 and 1996).

Compared to Millennials, Gen-Z individuals are more likely to have a five-year financial plan

Despite a challenging economic environment, including rising living costs and wage stagnation, both generations remain committed to achieving their financial aspirations. Around 73% of Gen-Z respondents and 76% of Millennials said they are determined to reach their financial goals, though many have had to delay milestones like home ownership or career progression.

Also read: Andhra achieves 10.44% growth in GSDP in 2023-24, shows economic survey report

For Millennials, the most common financial goals include achieving a better work-life balance (34%), saving for retirement (29%), and increasing income (29%). However, half (50%) of Millennials reported that the cost-of-living crisis has delayed their financial plans, with economic uncertainty and stagnant wages cited as major factors.

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Carl Watchorn, head of banking at First Direct, commented, “Younger people have very high aspirations when it comes to achieving their financial goals. Despite facing challenges like higher living costs and the aftermath of the pandemic, they remain incredibly resilient and committed to improving their standard of living.”

Also read: Micro-mance to future-proofing: Dating trends 2025 for Genz and millennials

Tips for Financial Resilience

-First Direct also shared several tips for boosting financial resilience, including:

-Speak to your bank about available tools and support.

-Set specific goals, such as saving for a trip, and adjust spending to meet those targets within a set timeframe.

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-Use budgeting apps to track spending and compare it with your goals.

Also read: Rural women entrepreneurs: Overcoming economic & social adversities

-Build a financial buffer by setting aside a regular amount each month, with some financial products offering good returns for consistent savings.

As both Gen-Z and Millennials navigate economic pressures, their focus on long-term financial planning highlights a generation committed to securing a stable future.

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Finance

Exclusive: U.S. bank regulators ramp up scrutiny of AI use at financial companies

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Exclusive: U.S. bank regulators ramp up scrutiny of AI use at financial companies
U.S. banking regulators are stepping up scrutiny of how lenders deploy artificial intelligence as the developing technology sweeps through the industry, pressing firms on everything from data access and governance controls ​to risks posed by third-party vendors, according to people familiar with the situation.
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Finance

Crime Stoppers of Michigan could shut down while in dire financial straits

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Crime Stoppers of Michigan could shut down while in dire financial straits

Crime Stoppers of Michigan is in jeopardy. The anonymous crime tipline, responsible for helping solve countless cases, needs a financial fix and fast.

Big picture view:

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FOX 2 got a pretty frantic call from Detroit police brass Thursday morning to explain what was going on with Crime Stoppers, and essentially they told us the nonprofit is in dire financial straits.

Since then, we have learned that if Crime Stoppers of Michigan doesn’t raise upwards of $250,000 by July 1, they’re going to cut almost all of their services, specifically, 90% of their services.

The only thing that would remain is the anonymous tip line you know it: 1-800-SPEAK-UP.

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By the numbers:

They generate 5,000 anonymous tips a year, but a bulk of their work is elsewhere. This cut would mean no additional services for victims of crimes.

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No press conferences. No posters. No community events.

“Sometimes I think people see the press conferences, the posters or the social media, and they forget there’s a mother, there’s a father, there’s a child. They have no clue what’s going on, and they’re seeking help from us, saying, ‘Please help us, please do something,’” said Dan DiBardino, President & CEO of Crime Stoppers.

A huge chunk of those 5,000 tips goes to Detroit police. They could be seriously affected by this if Crime Stoppers folds.

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Finance

Political committee backing Ken Welch misses campaign finance reporting deadline

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Political committee backing Ken Welch misses campaign finance reporting deadline

The political committee backing St. Petersburg Mayor Ken Welch’s reelection campaign missed the latest campaign finance reporting deadline, adding another wrinkle to a fundraising operation that has already faced scrutiny this cycle.

St. Petersburg Progress, the political committee supporting Welch, missed its latest finance report deadline due to a family emergency, PC Chair Adrienne Bogen told Florida Politics.

“Due to a family medical emergency we will be filing a day late,” Bogen said.

The missed deadline comes as Welch works to build support for a second term in a race that includes former Gov. Charlie Crist — the fundraising leader with $1.6 million raised for the race — City Council Member Brandi Gabbard, former St. Petersburg Fire Chief Jim Large, Maria Scruggs, Kevin Batdorf and Paul Congemi.

The late report follows previous campaign finance issues tied to political committees supporting Welch. Florida Politics previously reported that Welch launched St. Petersburg Progress in January after his previous committee, The Pelican Political Action Committee, became mired in allegations that a former treasurer stole more than $200,000.

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That took place after Welch’s first committee, Pelican PAC, had its registration revoked by the state in late 2024 after warnings and fines tied to missed, late or improper filings.

Welch trails Crist’s political operation in fundraising, and tension between the two candidates was palpable during the first St. Petersburg mayoral debate this week. 

In the first quarter, Welch raised just under $220,000 between his campaign account and St. Petersburg Progress — though $85,000 of that came from a transfer connected to a prior committee. Without the transfer, Welch raised about $135,000 in new money during the quarter.

Crist’s affiliated political committee, St. Pete Shines, raised nearly $500,000 in the first quarter and entered April with about $1.1 million on hand. The committee recently announced it had reached $1.6 million.

The election is August 18. If no candidate receives more than 50% of the vote, a likelihood given the number of candidates running, the top two finishers will advance to a November runoff.

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