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Gen Z may not be able to afford a house or the cost of living now—but give it 10 years. They’re on track to gain $36 trillion and become the richest generation

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  • Gen Z is expected to become the largest and richest economic force by 2035. According to a recent Bank of America report, the youngest generation of workers will amass over $74 trillion in income by 2040. It will be a stark—and welcome—change from their current reality of flying by the seat of their pants. 

Gen Z is living the paycheck-to-paycheck twenties lifestyle—splurging on high rent costs and dishing out 99-cent ramen noodles. Yet in just a decade, they’ll be the most powerful economic force.

Only two years ago, Gen Z had amassed $9 trillion in income, but by 2030 they’re expected to have $36 trillion. And by 2040, that number rises to $74 trillion. A recent Bank of America report shows this will place them as the richest—and largest—generation by 2035, as Gen Z is expected to grow to 30% of the global population in the next decade. 

Gen Z’s projected economic dominance can feel worlds away from their current economic situation. But there might be light at the end of the tunnel as they climb up the corporate ladder and take on their family’s inheritance.

Gen Z’s current economic woes: no houses and no kids 

Many young people are strapped for cash, stepping out of college and into an uncertain job market. Gen Zers are having to turn down job opportunities because they can’t afford commuting expenses. They’re spoiling their pets in lieu of having children, which have become too expensive to raise, and abandoning the pipe dream of purchasing a home—unless they receive an inheritance. 

Gen Z is also struggling with holding down a job. Young households receiving unemployment surged 32% year over year in February, according to the report. But it’s not for a lack of trying, despite the naysayers. The report says Gen Zers are “overeducated and underemployed,” and amid a tough white-collar labor market, unemployment for new entrants was up over 9% year over year in February. This results in Gen Z taking gigs that they may be overqualified or not the right fit for, which can have long-term career ramifications. 

Yet in just 10 years, this could all flip on its head. The Bank of America report notes that wage growth for Gen Z increased by 8% year over year in February. A part of this bump can be attributed to the generation finally entering the full-time job market, leading to higher wages. But the biggest contributing factor in their financial boost is the Great Wealth Transfer, expected to hit Gen Z bank accounts in the years to come.

The great wealth transfer into the pockets of Gen Z

With the odds stacked against them, Gen Z’s best bet on living comfortably is coming into wealth. 

About $84 trillion is anticipated to pass down from seniors and baby boomers to Gen X, millennials, and Gen Z by 2045, according to a 2021 report from Cerulli Associates. Most of the money will be handed over to Gen X and millennials—but 38% of Gen Z still anticipate they will receive an inheritance, according to a separate survey.

Gen Z’s share of the pie, alongside their stark wage increases, will lead to a ballooning of their economic power. Even in the current day, the young generation is a force to be reckoned with. They have higher discretionary spending habits compared to others, and their global spending is expected to reach $12.6 trillion by 2030, compared to $2.7 trillion in 2024. Their spending growth per household has also been stronger than the overall population, including both necessity and discretionary spending, according to the report. 

There’s a few reasons why Gen Z spends so much of their money: They’re pouring funds into their high rents and education costs; “doom spending” on essentials and small luxuries, instead of saving up for bigger investments that feel unattainable; and trying to escape their high credit card and student loan debt. 

But businesses should take note: Once Gen Zers have money to burn, they’ll be in the driver’s seat of the economy. Companies are already taking note of their preferences: luxury, e-commerce, wellness and beauty, and pets. Gen Z is also deeply invested in fintech, new media, gaming, and big tech, according to the Bank of America report. Their tastes will shape which business will thrive in 2035. 

“It’s likely they will be among the most disruptive generations to economies, markets, and social systems,” the Bank of America report says. “Whether it’s due to changing diets or reduced alcohol consumption or saving and housing, Gen Z will redefine what it means to be a U.S. consumer.”

This story was originally featured on Fortune.com



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Cathie Wood says most memecoins will end up ‘worthless’

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Most of the so-called memecoins that are flooding the $2.6 trillion cryptocurrency space will probably end up “worthless,” according to Cathie Wood. 

The combination of blockchain technology and artificial intelligence is creating “millions” of meme cryptocurrencies that “are not going to be worth very much,” the ARK Investment Managment LLC founder and CEO told Bloomberg Television on Tuesday, adding that her private funds are not putting money into these coins. 

Memecoins are a type of digital asset often inspired by jokes, current events or trends in popular culture. In February, the US Securities and Exchange Commission said memecoins are not considered securities so they will remain unregulated.

“If I have one message for those listening who are buying memecoins: buyer beware,” said Wood. “There’s nothing like losing money for people to learn, and they’ll learn that the SEC and regulators are not taking responsibility for these memecoins.”

This story was originally featured on Fortune.com



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JPMorgan stock traders score windfall as Trump jolts market

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A chaotic run in stock markets is unleashing a windfall for banks’ equities traders.

JPMorgan Chase & Co. is on track to boost revenue from equities trading by more than 30% this quarter from a year earlier, according to people with knowledge of the matter. If the trajectory holds, the firm would surpass its $3.3 billion record set four years ago.

Such a trend could spell even bigger bounties at Goldman Sachs Group Inc. and Morgan Stanley, which typically vie for the industry’s stock-trading crown. While JPMorgan’s increase is particularly steep, Goldman’s equities unit is also running ahead of its pace last year, when it reaped $3.3 billion in the first three months, the people said, asking not to be named because they weren’t authorized to speak publicly.

Market swoons set off by President Donald Trump’s abrupt policy announcements are — for banks, at least — creating a rare bright spot amid signs of economic trouble. But the gyrations have tripped up hedge funds, stalled dealmakers’ talks on prospective mergers and shaken consumer confidence.

The resilience of equities desks is a nod to their evolution since the 2008 financial crisis. Their earnings hinge less on taking risks with their balance sheets and more on facilitating surges in client trading in response to price swings. Individual stock moves have unleashed bursts of derivatives trading, driving up banks’ gains.

Representatives for JPMorgan and Goldman Sachs declined to comment.

The boon for banks contrasts with the impact on multistrategy hedge funds — the big, all-weather investing platforms geared toward eking out gains irrespective of market conditions. The two largest, Ken Griffin’s Citadel and Izzy Englander’s Millennium Management, posted rare losses in February and slumped further in early March.

There’s pain in other corners of investment banks. Some dealmakers are ruing predictions that Trump’s return to the White House would unleash a wave of activity. Instead, they’re grousing about the uncertainty created by sudden tariff proclamations. The volume of new transactions announced globally this year is lower than at the start of 2024.  

Morgan Stanley Co-President Dan Simkowitz said as much on Tuesday. Merger and acquisition announcements and new equity issuance are “certainly on pause” as clients assess Trump’s policies, he said at a conference hosted by his bank.

Before 2008, big US banks made proprietary bets on stocks to reap billions of dollars a year, rather than confining themselves to just passively fielding client orders. But as new regulations reined in risk-taking, banks leaned on other aspects of their businesses, such as providing financing to clients interested in levering up bets to juice returns.

Three banks have dominated the stock-trading business over the past decade. Morgan Stanley held the top spot for seven years starting in 2014 before ceding it to Goldman. 

Along with JPMorgan, the trio raked in almost $36 billion from their equities businesses last year, pulling further ahead of competitors.

This story was originally featured on Fortune.com



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How to watch the First Four of the 2025 NCAA Tournament for free—and without cable

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  • The First Four games of the NCAA Tournament are being held Tuesday and Wednesday, March 18 and 19. They’re an appetizer, of sorts, for the first round of March Madness, one of the most anticipated basketball tournaments of the year.

Selection Sunday is behind us. Now it’s time for March Madness to get underway. (Sorry, HR directors!)

The NCAA Tournament is one of the highlights of spring and while the Round of 64 will get underway later this week, fans will get an appetizer starting tonight with the First Four games.

This matchup sees the four lowest-seeded automatic qualifiers and the four lowest-seeded at-large teams face off in an attempt to make it to the official tournament. It’s where Cinderella stories are born and where longshot bets can pay off (though rarely do).

Here’s a look at who’s playing in the First Four—and some options to watch them.

What is the schedule for the NCAA Tournament’s First Four games?

Here’s who’s playing in the First Four.

Tuesday, March 19

St. Francis vs. Alabama State, 6:40 p.m. ET on TruTV

UNC vs. San Diego State, 9:10 p.m. ET on TruTV

Wednesday, March 20

Mt. St. Mary’s vs. American, 6:40 p.m. ET on TruTV

Xavier vs. Texas, 9:10 p.m. ET on TruTV

How can I watch the First Four games for free?

Ok, here’s the bad news. None of the First Four games will be broadcast over the air, meaning you’ll need either a cable subscription or a streaming service to watch. Many streaming services have done away with free trials, but a few remain. See below for details.

Can I watch the 2025 First Four games online?

Yep! Here are a few other options.

Max

The one-time HBO Max doesn’t have a free trial, unfortunately. Subscriptions start at $9.99 per month.

Disney+

Disney’s bundle of Disney+, Hulu and ESPN+ no longer has a free trial, so you’ll have to pay $17 per month for all three combined (or $30 per month for no ads on Hulu).

Including Live TV in the bundle bumps the price to $77 per month ($90 with no ads).

Hulu with Live TV

The free trial on this service lasts three days. Afterward, it will cost you $77 per month.

YouTubeTV

After a free trial, you can expect monthly charges of $73.

Sling TV

Dish Network’s Sling lower-tiered “Orange” plan will run you $40 per month. Adding the more comprehensive “Blue” plan bumps the cost to $55 per month. The seven-day free trial has disappeared, unfortunately.

DirecTV Stream

Formerly known as DirecTV Now, AT&T TVNow and AT&T TV, this oft-renamed streaming service will run you $80 per month and up after the free trial option.

Fubo TV

This sports-focused cord-cutting service carries broadcast networks in most markets. There’s a seven-day free trial, followed by monthly charges of $80 and up, depending on the channels you choose.

Can I watch any March Madness games on Amazon Prime Video?

No. March Madness do not stream on Amazon, unless you purchase a subscription to a streaming service.

This story was originally featured on Fortune.com



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