A new survey from Policygenius confirms that when it comes to wealth accumulation and making financial decisions, Gen Z and Gen Y are taking a very different path from the generations that came before them.Drawing from a survey of around 4,000 Americans, the 2024 Policygenius Financial Planning Survey reveals that millennials, defined as those ages 27 to 42, and Generation Z, those 18 to 26, are as likely to own cryptocurrency (21 percent) as they are to own real estate (20 percent). This comes against a backdrop in which home affordability has plummeted to its lowest level since the Great Recession. Factors such as elevated interest rates, stagnant wages, and a thin housing supply have rendered homeownership a distant dream for many. The Policygenius study found that across generations, baby boomers led the charge in amassing housing wealth, with 45 percent of those surveyed citing real estate as a component of their asset portfolio

New Policygenius survey shows younger Americans are also more likely to try viral "hacks" and turn to social media for financial adviceNEW YORK, April 9, 2024 /PRNewswire/ -- When it comes to wealth, younger Americans — specifically millennials and Gen Z — have some catching up to do, especially considering adult members of these generations own just 74 cents for every $1 of wealth that baby boomers owned at the same age.New data released today shows that together Gen Z (ages 18-26) and millennials (ages 27-42) are almost equally likely to own cryptocurrency (21%) as they are to own real estate (20%). They are also more likely to try financial "hacks," often popularized on social media. In fact, 62% of the members of these younger generations have tried at least one of the six financial hacks we asked about in the survey, with the "no spend challenge" the most popular with Gen Z (21%) and almost two in 10 millennials (19%) having tried extreme couponing. Only 36% of Gen X (ages 43-58) and baby boomers (ages 59-77) have tried any of the financial hacks — maximizing credit card rewards was the most popular hack for these generations (21% and 19% respectively).New survey shows younger Americans — specifically millennials and Gen Z — have some financial catching up to do. Post thisThe 2024 Policygenius Financial Planning Survey found that the feelings different generations have about their finances vary greatly as well, with around three-quarters of baby boomers (78%) saying they feel at least somewhat proud of their finances, compared to 70% of millennials and 64% of Gen Z.The survey also found that:Gen Zers are more likely to own cryptocurrency (20%) than they are to own stocks (18%).than they are to own stocks (18%). 14% of Gen Z have tried " infinite banking " — a term for borrowing against the cash value of a whole life insurance policy." — a term for borrowing against the cash value of a whole life insurance policy

Well-known financial adviser Suze Orman shared an essential insight on her podcast: the critical importance of fully understanding financial products before investing."It's better to do nothing than something you don't understand," she said.Orman raises concerns about a trend where individuals are investing in complex life insurance policies — such as whole, universal and variable life insurance — without a complete grasp of the consequences. She has observed an increase in listener inquiries about life insurance policies, indicating a broader lack of understanding of these financial products.Don't MissThe average American couple has saved this much money for retirement — how do you compare ?Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.Orman explains that life insurance is generally aimed at younger people who have not yet built substantial wealth and have dependents. However, the need for such insurance decreases as your financial situation improves with age. Despite this, many are enticed by the appealing, though misleading, idea of benefiting from an investment and life insurance simultaneously.Orman uses detailed examples to point out the drawbacks of these investments, including instances where people were misled about the returns they could expect. She notes that the optimistic projections offered by insurance agents often fail to match guaranteed outcomes, posing a risk of financial loss.“You are being told by some insurance agent that you can have your cake and eat it, too," she said. "You cannot