Ted Rossman senior industry analyst at BankrateIn addition to soaring food and housing costs, millennials and Gen Z face other financial challenges their parents did not as young adults. Gen Z workers are the biggest cohort of nonsavers, Bankrate also found. Most financial experts recommend having at least three to six months' worth of expenses set aside. "Every dollar you set aside in your 20s will compound over time," Rossman said. "Compound interest is the eighth wonder of the world," Rossman added, referring to an earlier comment Einstein reportedly said.

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Persons: Ted Rossman, Gen Zers, Gen, Bankrate, Kara Duckworth, Duckworth, Rossman, Einstein Organizations: Getty, Financial Independence, Bankrate, Bank of America, Intuit, Mercer Advisors