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How Young People Are Saving Money in a Challenging Economy



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Shea German-Tanner tries to put a portion of her paycheck, even if it is only $50, into her savings account. But most of the time, she has to reroute the cash back to her checking to afford her expenses. Ms. German-Tanner, 22, has about $600 in her savings account right now and has not started saving for retirement.“Everyone’s telling you to save money and do this and invest, and I feel like I can’t do that because I’m living paycheck to paycheck,” Ms. German-Tanner, a social worker in Fort Wayne, Ind., who makes about $40,000 a year, said. She said she feels as if inflation has impeded her ability to save money.Young people who are just starting to get their footin …

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