Gen Z Infographic – Money, Saving, and Debt
GEN Z IS LEARNING FROM MILLENNIALS' MONEY MISTAKES
#GenZstudy | @WhatTheGen
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