Millennials and Gen X are now the parents of Gen Z. So what must a Millennial or Gen X mom know about the new generation of kids, teens, and college students? A lot!!! Here are 5 things every Millennial and Gen X mom should know based on our new national study on Gen Z.
56% of Gen Z discussed saving money with their parents in the last 6 months. Parents play a huge role in helping Gen Z understand how better to shape their financial future. Talk with your kids about money—even if your parents did not talk with you about money when you were a kid.
53% of Gen Z discussed earning money with their parents in the last 6 months. Gen Z doesn’t shy away from speaking to their parents about earning money, making them more financially aware and positioning them to be more self-reliant in the future. Celebrate this type of conversation. Talking about earning money is always better than talking about just receiving money.
48% of Gen Z say they will often or always get input from friends and family before making a purchase. Parents are still the top influence when it comes to Gen Z’s buying power. It’s important to help Gen Z understand the difference between a need and a want as well as saving money instead of spending it all.
48% of Gen Z have a money or payment app on their phone right now. They embrace technology as digital natives and think money is not necessarily cash, check, or even a credit card. For parents of Gen Z, realizing that money physically looks differently than traditional $20 bills is important. It’s much easier to send money via Venmo than trying to find an ATM!
85% of Gen Z watched at least one online video in the past week to learn a new skill! This generation is unafraid to try new things and willing to ‘DIY’ just about anything—as long as they can find a how-to video online. Encourage this DIY learning to drive DIY behaviors so Gen Z solves their own challenges and gets good at problem-solving. Then they can get good at solving a key generational challenge: wowing their mom on Mother’s Day!
As any mom can see, Gen Z is going to be quite different from previous generations. But one thing is for sure: we hope this new generation takes the time to thank their mom in style and with sincerity on Mother’s Day—whether that’s by HouseParty, Facebook Messenger, Instagram, or a good old fashion hug.
Are you a #GenZ celebrating a #millennial or #GenX mom in your life? Share your thoughts about this post on Twitter at @JasonDorsey or @WhatTheGen !