New Data From DailyPay Reveals What Gen Z Workers Are Saving Up For

New data culled from DailyPay’s Savings Jar feature reveals what the youngest members of the workforce are actually saving up for. According to the new research, Gen Z workers are using the DailyPay Savings Jar feature for a rainy day, new car, and rent as the top items, while ‘fun’ placed a distant last on their list.

The overall findings of what Gen Z workers (born 1997-2012) are utilizing the Savings Jar for include the following:

• Rainy Day – 27%

• Car/New Car – 19%

• Rent – 18%

• Bills – 14%

• Vacation/Travel – 13%

• Birthday – 6%

• Fun – 3%

“We are laser-focused on creating products and solutions on our platform that address the needs of millions of hard-working people,” noted Jack Rubin, Senior Vice President, Consumer Financial Solutions, DailyPay. “We are encouraged to see so many workers using our Savings feature to positively impact their financial wellness journey – and at least some, saving for something that brings their families joy like a vacation or birthday.”

DailyPay’s Savings Jar feature, launched in 2024, is the first savings product attached specifically to the DailyPay Visa® Prepaid Card and provides a vehicle for users to begin a true personal savings initiative, jump-starting and cultivating the habit of saving and long-term financial security. It was created to address one of the top user needs — building an emergency fund for unexpected expenses. And it couldn’t come at a more relevant time for the American worker. Research shows that the majority of Americans are living paycheck-to-paycheck, with little or no money to adequately save for the future or cover an untimely expense.

In addition, according to a new Bankrate study, only 46% of U.S. adults have enough emergency savings to cover three months of expenses, with 24% having no emergency savings at all.