Young Adults Struggle to Save as High Costs and Debt Weigh on Their Financial Future

Young adults' wealth is growing but high costs of living prevent saving and planning ahead
Many feel forced to spend money on enjoyment in the present rather than save for the future
High inflation and interest rates make credit card debt and homeownership harder for young people
Financial uncertainty causes most young people to not feel confident about retirement or long-term goals
Racial inequality persists, with Black Americans less likely to have recovered wealth lost during the pandemic