Insider Finance - Business - The strange pandemic-savings paradox

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April 10, 2023

Hello, Insiders. Matt Turner, editor in chief of business, here. We’ve got a lot to go over today, including:

How young people wound up trapped in a volatile cycle of saving, spending, and debt.
Why Amazon, Meta, and other tech giants will regret cutting middle management.
Incredible photos show what Niagara Falls looks like when it’s “turned off.”

ICYMI: We’re hosting an exclusive event about art and AI on the evening of April 18 in New York City. Write to insidertoday@insider.com and tell us know AI will transform your role, your company, or your industry. We’ll extend invites to three of the most fascinating responses.

— Matt Turner

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THE LATEST

Putin, Trump, & Musk

Elon Musk painted over the "w" on Twitter's sign at its San Francisco headquarters. It now reads “Titter.” See it for yourself.
Trump’s attorney says Manhattan is an “unfair venue” for the former president, calling it “pro-Joe Biden.” Yet that's where he built his empire. More here.
Vladimir Putin was captured on video appearing to awkwardly wait for applause that never comes following a speech at the Kremlin. Watch the moment here.

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THE BIG STORY

Boom-Bust Generation

Getty Images; Alyssa Powell/Insider

Young people are trapped in a volatile cycle of saving, spending, and debt that will haunt them for decades.

For millions of Americans, the past few years have redefined their relationship to money and their finances. While the pandemic recession was quick and painful, paradoxically, savings have soared — and so has spending.

Gen Z and millennials, in particular, have seen the critical years of their financial lives defined by the shifting sands of the pandemic economy.

Experts say the financial scars of the pandemic era run deep. And as overlapping crises only intensify in the next few decades, the behaviors young people have around money will stick around.

READ THE FULL STORY HERE

TOP READS

Work spouse, Hawaii trip, & more

NBCUniversal

Everyone needs a work spouse. Some millennials "disapprove” of having a work spouse, according to a new survey. But Insider's Rebecca Knight argues the term really just refers to a “work best friend” — and because work can be lonely and annoying, it’s important to have one. Here’s why.
The culling of middle management by tech giants like Amazon, Meta, and Salesforce could backfire. Cutting middle managers — or "flattening" their org charts — could reduce costs in the short-term, but the risky move has long-term consequences. Here's what to know.
"I spent $4,500 on a weeklong family vacation on Oahu." For anyone considering a spring break (or summer) trip to Hawaii: Our travel editor is opening up about her weeklong trip – during which she saved with points but splurged on a Disney hotel. Go inside her vacation.
A Big Law firm is drawing ire for a leaked list of “non-negotiable expectations” for associates. The leaked list for junior associates at the law firm Paul Hastings included expectations of being online 24/7, and likened the junior staffers to waiters or "a concierge at the Four Seasons." More here.
What Niagara Falls looks like “turned off.” The US Army Corps of Engineers dumped 27,000 tons of rock to dam the Niagara River and stop the American Falls back in 1969. See the astonishing photos.
A worker is quitting her 6-figure job so she won't have to return to the office full time. A 53-year-old administrator in Arizona said she was more productive when she was working virtually — and that being in the office is a downgrade for her team’s culture. Read her story.
What you might have missed in the final season of “Succession” (so far). We urge any fans of the HBO show to check out Insider’s roundup — and fair warning, spoilers ahead. From the symbolism of suit colors to Nazi-Germany references, dive in here.

TAKE A LOOK

Not selling

Google Maps

The owners of a 1,900 square foot house next to the Masters golf course keep turning down millions of dollars to sell. Take a look at the property.

WATCH THIS

Big Business

A lot of the things we buy at the grocery store have traveled thousands of miles. Watch how 23 popular foods, including bananas, popcorn, cheese, caviar, and more, make it onto shelves.

CAN'T GET ENOUGH?

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This edition was curated by Matt Turner, and edited by Lisa Ryan and Dave Smith. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - The strange pandemic-savings paradox

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