As a young adult, you were probably told by parents, teachers, and well-meaning relatives to “save early”. The idea is that if you start young, even small amounts will grow into big wealth over time. It sounds smart, and in theory, it is. But in reality, focusing on saving alone can be shortsighted and even detrimental to your financial health. It overlooks the financial struggles young people face today, like sky-high living costs, student debt, and stagnant wages. Saving is important, but it’s not a solution for everyone. Here we’ll discuss why the classic “save early” advice might actually be setting young adults back and what smarter steps to take instead.
