"Embracing 'Soft Saving': Younger Generation Redefines Retirement Plans"

A "soft saving" trend is emerging among younger workers, particularly Gen Z, who prioritize experiences and a better quality of life over saving money for the future, according to a report by Intuit. This trend reflects a shift in financial priorities, with younger investors putting their money into causes that align with their personal views and seeking emotional connections with brands and professionals. Personal saving rates among Americans have also decreased, influenced by factors such as the rebound from the pandemic and inflation. While concerns about retirement persist, younger generations are redefining retirement and are more likely to work past the age of 65 or pursue paid work during retirement. Despite saving less, Gen Z appears to be living within their means and spending on hobbies and non-essential experiences, such as travel and entertainment.