Gen Z Infographic – Money, Saving, and Debt

GEN Z IS LEARNING FROM MILLENNIALS' MONEY MISTAKES

#GenZstudy   |   @WhatTheGen

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Members of Generation Z have strong feelings about debt

  • 29% of Gen Z believe personal debt should be reserved for select items

  • 23% of Gen Z believe personal debt should be avoided at all costs

  • Millennials show similar numbers to Gen Z on their feelings about debt: 28% think it should be reserved for a few select items while 21% believe it should be avoided at all costs. But they are coming at it from hindsight—post-college—rather than foresight. 

 

And how they pay for college

  • 38% of Gen Z plan to work during college

  • 24% of Gen Z say they will pay for college through their personal savings 

 

Gen Zers are even listening to their parents

  • 56% of Gen Z discussed saving money with their parents in the last 6 months

  • 53% of Gen Z discussed earning money with their parents in the last 6 months

  • How does this compare to Millennials who largely embrace debt as a fact of life? Evidently, the younger Gen Z is learning from Millennials’ experiences and having far more conversations about money and debt with their parents than Millennials ever did.

 

They’re saving early

  • 21% of Gen Z had a savings account before age 10

  • 15% of Millennials had a savings account before age 10

 

Not in banks

  • 46% of Gen Z have not been inside a bank in the past month

  • 29% of Millennials have not been inside a bank in the past month

 

But on their phones

  • 48% of Gen Z have a money or payment app on their phone right now. This percentage will undoubtedly increase as more members of Gen Z acquire phones and make money.

  • 72% of Millennials have a money or payment app currently on their phone 

The above insights are from a national study led by The Center for Generational Kinetics in 2017. The national study surveyed 1,004 members of Gen Z ages 14 to 21 and 1,000 Millennials ages 22 to 38.

To schedule a media interview with the Gen Z experts at The Center for Generational Kinetics, contact Shannon at 512-259-6877 or Shannon@GenHQ.com

For the complete publicly available study findings, visit GenHQ.com/Gen-Z-2017.

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