A recent study by Fidelity Investments found that 45 percent of people aged 18 to 35 “don’t see a point in saving until things return to normal.” In that same age group, 55 percent said they have put retirement planning on hold.

For some, like Ms. Narang, the isolation of pandemic life triggered the decision to enjoy the moment, financial consequences be damned. For others, the motivation has come from worries over climate change, Russia’s invasion of Ukraine, domestic political instability, soaring inflation, through-the-roof housing costs and a topsy-turvy stock market…

That dim view of what’s to come can be exacerbated by issues like climate change. Danilo Jiménez, who is planning to go to graduate school to study environmental policy in the fall, said he has put saving for retirement on hold in favor of spending that money on weekend trips and moving out of his parents’ home to live with roommates in Brooklyn.

“The idea that I’m going to put money away into an account that I can’t access until I’m 60 — that’s 2056!” said Mr. Jiménez, 25, who has worked as a youth soccer coach and carpenter’s helper. “A lot of things are going to change by then, with respect to climate change.”