72% of Americans Would Slow Financial Progress to Enjoy Life Now, SoFi Survey Finds
SoFi found 72% of Americans are willing to make slower progress on financial goals to prioritize family, travel and meaningful experiences.
TL;DR
- Gen Z and millennials are embracing "maxxing" trends, including "moneymaxxing" and "lifemaxxing."
- A SoFi survey found 72% of Americans prioritize experiences like family time and vacations over rapid financial progress.
- While traditional financial goals like homeownership and retirement savings are still desired, enjoying life is now a primary definition of financial success for 59% of Americans.
- Barriers like high home prices and student debt make traditional milestones harder to reach, especially for younger generations.
- Financial experts advise prioritizing resources based on personal values and having a clear plan for managing any debt incurred for life experiences.
- Overspending without a repayment plan can jeopardize future financial happiness.