Millennials and Gen Z (people born between 1981-2012) are changing the way they define financial success. Home ownership, childcare, even a debt-free college education are dreams that some feel may be out of reach.

Two-thirds of Americans believe that Gen Z and Millennials face different hardships today versus previous generations. According to this Deloitte survey, Millennials and Gen Z experience mounting financial concerns. This includes the skyrocketing cost of housing, living paycheck-to-paycheck and the looming risk of unemployment.

Many of these factors are out of our control, but it’s important to plan ahead by building a small financial safety-net.

One of the best foundations for financial security is opening a savings account. The ideal emergency savings fund covers three to six months of expenses. Emergency funds tend to grow with age and income, so don’t feel like you’re behind if you’re struggling to save. Starting small and staying consistent is one great way to build that fund.

A savings account can also be used for short-term goals like a vacation or a new car. An easy, quick way to figure out how to reach that milestone is to use our calculators. Simply type in your goal, timeline and we do the math for you.

Opening a personal money market is another option to consider. These accounts earn you interest, so it may help your money grow at a faster rate. And while retirement seems like light years away, it’s never too early to invest. Our team can help map out a realistic plan for how much you can serve.

No matter your goal as a Millennials or Gen Zer, you can benefit from starting small and staying consistent to build your savings. Contact Ameris Bank today, so we can help you reach your goals.

Reviewed April 2025

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Ameris Bank is not affiliated nor endorses the companies referenced in this article.