Latest news with #Peng
Newsweek
3 days ago
- Business
- Newsweek
Gen Z's Financial Reality as Nearly Half Run Out of Money Each Month
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Nearly half of Gen Z runs out of money each month, and less than a quarter consider themselves financially stable, according to a recent survey from Step. Why It Matters Born between 1997 and 2012, Gen Z is expected to make up approximately 30 percent of the global workforce, according to the U.S. Bureau of Labor Statistics. Gen Z is facing potentially higher financial pressures than their predecessors, amid high inflation, recession fears, a student debt crisis, and widespread housing unaffordability. What To Know Step, a modern financial platform designed for Gen Z, surveyed 1,500 respondents using an in-app program for active users on the platform. The survey reported that 41 percent run out of money nearly every month, and only 22 percent consider themselves to be financially stable. A further 25 percent reported that they had gone more than a week without being able to afford essentials, such as rent, food, and bills. Twenty-nine percent report having nothing by the end of the month, and 34 percent say they have less than $100. Twenty percent of respondents reported working more than one job to make ends meet. Photo-illustration by Newsweek/Getty/Canva Newsweek spoke to Professor Ling Peng, a finance professor at Baruch College about Gen Z's financial struggles. "There are two primary factors contributing," she said over email. First, she pointed to structural economic challenges, which she broke down into three key areas: high costs of education, housing and healthcare costs and stagnant wages and job insecurity. "Many Gen Z individuals carry substantial student debt as the cost of higher education has risen significantly over the past few decades. The burden of these loans, combined with the rising cost of living, leaves little room for financial flexibility," Peng said, adding "Housing affordability continues to be a significant barrier, especially in urban areas where rent has skyrocketed. Similarly, healthcare costs in the U.S. remain a major strain, even for those with insurance." Peng then noted, "While unemployment is generally low, many entry-level jobs offer stagnant wages that have not kept up with inflation, leaving young workers struggling to make ends meet. The prevalence of gig economy jobs exacerbates financial instability, as these roles often lack job security, benefits, and predictable income." Peng also highlighted social media and consumerism culture as the other primary contributing factor to Gen Z's financial insecurity. "Social media has created a pervasive culture of consumerism, where Gen Z is constantly exposed to influencers and peers showcasing aspirational lifestyles. What's often overlooked is that influencers are outliers, and much of the content they share is either sponsored or curated to portray an idealized version of life," Peng said. She added, "This creates a "keeping up with the Joneses" effect, where young people feel the need to match the consumption patterns they see online, often leading to overspending or financial stress. Social media also amplifies financial anxiety, as curated posts from peers can create unrealistic comparisons, compounding pressure to achieve a similar lifestyle." This report is far from the only alarm sounding when it comes to Gen Zers and their finances. A recent poll by Talker Research for Newsweek showed that Gen Z had the highest average personal debt when compared to older groups. Gen Z's average personal debt was already at $94,101, significantly higher than that of millennials ($59,181) and Gen X ($53,255). A recent survey from found that half of U.S. parents are still financially supporting their adult Gen Z and millennial children. Step's survey highlighted a similar pattern when it comes to young people relying on the bank of mom and dad, reporting that when money runs out before payday, 28 percent turn to their family or friends for help. In an email shared with Newsweek, Step's CEO CJ MacDonald said "What this means for Gen Z is simple: without tools that meet them where they are and grow with them, we risk an entire generation being locked out of wealth-building opportunities before they even begin." "We need to do more to help this group and set them up for success," MacDonald said. Peng meanwhile, told Newsweek that in order to address these challenges, there needs to be "both structural reforms and a revamped approach to financial education." She pointed to reforms like affordable education, housing and healthcare access. Peng also said that a "modernized financial education curriculum," should be emphasizing "budgeting and saving, understanding debt, recognizing social medias role and coping with financial stress." A series of recessions and economic crises, including the Great Recession of 2008 and the COVID-19 pandemic, in Gen Z's formative years has made it harder for them to accumulate a stabilizing amount of wealth, or the type necessary for crucial life milestones. And the current economic outlook is rocky. Fears of a stock market crash are bubbling, according to a report by predictive consumer data company Resonate. Meanwhile, the Conference Board's latest Leading Economic Index (LEI) indicates that the economic outlook is continuing to deteriorate, despite some positive developments. What People Are Saying Step CEO CJ MacDonald, in an email shared with Newsweek: "This is one of the toughest financial moments Gen Z has faced — they're juggling student loan repayments, rising living costs, and now Buy Now Pay Later programs that could quietly damage their credit without any new requirements to educate them around the impact this can have and how to avoid the pitfalls. Traditional systems aren't just outdated — they're undermining and praying on a generation trying to get on stable financial ground." Professor Lin Peng, in an email shared with Newsweek: "Gen Z's financial instability stems from a combination of structural economic challenges and social factors like consumerism fueled by social media. Addressing these issues requires a two-pronged approach: structural reforms to reduce the cost of living, alongside practical, modernized financial education that prepares young people for today's financial realities." What Happens Next As optimism over the economy declines and recession fears grow, Gen Z's financial stability may be continually impeded.
The Citizen
25-06-2025
- Entertainment
- The Citizen
Exchange night a call to action for youth to step forward
On the evening of June 23, the Fairtree Atterbury Theatre in Pretoria east was transformed into a vibrant hub of cultural celebration, dialogue, and inspiration as it hosted the China-South Africa Youth Exchange Night. Organised by the Embassy of China in South Africa and the National Press Club, the event served as a powerful reminder of the importance of youth empowerment, cultural understanding, and global partnership, values that resonate deeply during South Africa's Youth Month. At the heart of the evening was the shared commitment to fostering mutual understanding and long-term collaboration between China and South Africa. Guests were treated to a rich programme that included the launch of the book China Through My Eyes: A Journey of a Young South African to China by Michael Mayalo, and a screening of the emotionally moving film Ordinary Hero. Dignitaries and thought leaders also made thoughtful speeches. The evening kicked off with a finger buffet of traditional Chinese dishes, where guests mingled and networked, setting the tone for an evening of reflection and shared experience. As the formal programme commenced, Ambassador Wu Peng took to the stage, his words striking a chord with many in the audience. The evening was attended by more than 200 young adults from both China and South Africa. 'China is South Africa's largest trade partner since 2009,' he remarked, highlighting the depth of economic ties. 'There are over 200 Chinese companies doing business in South Africa. One of our strongest trade links remains agriculture, but we want to expand our partnership to also include more manufactured products from South Africa.' Peng's focus was not merely economic. He emphasised the importance of people-to-people diplomacy, adding, 'You can always have a meaningful conversation with South Africans when you want to build bridges of friendship. The exchange programme is the outflow of that'. Peng stressed the role of education in shaping tomorrow's leaders. 'Education is a top priority in China, and we want to carry this value into our exchange programme with South Africa. Over the next three years, we aim to offer more training and learning opportunities to the South African youth.' One of the evening's most anticipated moments was the appearance of the young South African author Mayalo, whose newly launched book explores his journey in China. His speech was deeply moving, grounded in lived experience and honest reflection. 'Living and studying in China changed me,' he said. 'One of the things I've learned in China again is that you can go far in life if you are humble. Traditions, like I have discovered in China, are also always a journey of discovery and not merely historical cultural detail.' Mayalo's message to his peers was urgent: 'The youth are not the future. They are the present. We are shaping our societies today. And every opportunity to learn from others, especially across cultures, is an opportunity for growth.' His book serves as testament to this mindset, drawing readers into his journey of transformation, identity, and discovery in a foreign land. The screening of Ordinary Hero added an emotional and inspirational layer to the evening. The film tells the story of everyday individuals who rise above challenges to create meaningful change in their communities. It served as a powerful metaphor for the role young people can and should play in society: champions of kindness, determination, and service. The audience was visibly moved by the film's core message: that heroism is not limited to grand gestures. It is often found in the quiet resolve of people who simply care. Albi Modise, executive member of the National Press Club, praised the event's significance. 'It is good to attend a function that celebrates young people during Youth Month,' he said. 'We appreciate the hand of friendship extended to South Africa. In an era where artificial intelligence, climate change, and global shifts are affecting the youth's lives and career paths, international support and cultural exchange have never been more vital.' ALSO READ: Homeless get more than warmth at shelter Do you have more information about the story? Please send us an email to bennittb@ or phone us on 083 625 4114. For free breaking and community news, visit Rekord's websites: Rekord East For more news and interesting articles, like Rekord on Facebook, follow us on Twitter or Instagram or TikTok. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Axios
18-06-2025
- Business
- Axios
Business Insider CEO details post-layoff strategy
Business Insider's recent layoffs and changes were "very difficult" but necessary to put the business back on track, CEO Barbara Peng said at an Axios event at Cannes on Wednesday. "We have a responsibility to build a sustainable business. If we can't support ourselves, we actually can't do all the good journalism that we want to and really reach that potential," she said. Why it matters: Publishers are reckoning with declining search traffic across the media industry and reinvesting as they prepare for potentially even greater disruption from AI. What they're saying:"We had to let go of a lot of really talented people, and that's hard for an organization, but the reason we made these changes was because of our strategy," Peng said. "About a year and a half ago, I took us back to being Business Insider after we were Insider for many years and focused us back in on our core and our strengths and what people love about us, which is business, tech and innovation journalism," she said. Catch up quick: BI laid off 21% of its staff last month as the organization goes "all-in on AI." In May, Peng said in a staff memo that BI has launched several AI-driven products, including onsite search and paywall technology. "This just in general is not new for Business Insider. We were born in the moment that the smartphone launched, and it was really a moment that we embraced. We were very curious. We found joy in it. We tried things. We were risk tolerant, and we're approaching this moment exactly the same," she told Axios on Wednesday. Zoom in: Peng said BI has pulled back on areas that were sensitive to search traffic like its SEO- and Google-driven commerce business and has invested in new experiments like an AI-generated audio briefing. "You can imagine that this really opens up other times in the day, other audiences that wouldn't have had access to us," Peng said. Peng said BI's revenue will be more heavily weighted to subscription and events. Its audio briefing isn't yet monetized. "One of the things you have to think about especially with innovation and trying things is you kind of have to give a little bit of space for the product to launch and to take hold," Peng said. "If we can engage an audience, if we can bring them value, we can monetize it afterwards."
Yahoo
10-06-2025
- Sport
- Yahoo
Chelsea bring in Livia Peng as first summer addition
Chelsea have confirmed the signing of Swiss international goalkeeper Livia Peng from Werder Bremen on a four-year contract. The 23-year-old will officially link up with the Blues on 1 July, once her current deal expires, and is expected to compete with Hannah Hampton for the starting spot under new head coach Sonia Bompastor. Advertisement Peng arrives as a direct replacement for Sweden's Zecira Musovic, who is set to leave the club this summer when her contract runs out. Capped seven times by Switzerland, Peng previously enjoyed success at FC Zurich, where she helped the side secure league and cup doubles in both 2019 and 2022. She joined Werder Bremen in 2023 and quickly became their first-choice keeper, starting all but one of their Frauen-Bundesliga matches last season as they finished seventh. Speaking about his move, Livia said: "I'm excited about everything. I'm looking forward to meeting the team, the staff, and everyone at the club. The support here is so big, I can't wait to play at Stamford Bridge. Advertisement "I'm excited to meet the fans at the stadium. I've heard so many good things about them. I'm looking forward to seeing what the Chelsea family is like. I want to feel their passion and support."
Yahoo
10-06-2025
- Sport
- Yahoo
Chelsea sign Swiss international keeper Peng
Chelsea have completed the signing of Swiss international goalkeeper Livia Peng on a four-year deal. WSL Full-Time were informed of the news via an official club press release from The Blues this afternoon. Advertisement Peng will officially join Chelsea from German Google-Pixel Frauen-Bundesliga club Werder Bremen when she becomes a free agent on 1 July 2025. The player started her senior career in her native Switzerland with FC Zürich. Spells with BK Häcken and Levante followed before Peng joined German club Werder Bremen in 2023. On the international stage, Peng has nine senior caps to her name for Switzerland. The keeper will now test herself alongside some of the world's very best players at new club Chelsea. After joining The Blues, Peng said 'It feels so good to be here. When I was 10, I dreamed of playing for Chelsea. Now, my childhood dream has come true and it's so exciting. I'm really happy to join the Chelsea family and get started. It's such a big club. Chelsea want to win titles and so do I. We're a good match. I'm hungry to win here.' Peng comes in as a replacement for Swedish keeper Zećira Mušović who is moving on this summer when her contract with the South West Londoners comes to an end.
