Headlines remind us daily about the mountain of debt piling up on Millennials. But there is promising new data to suggest that Generation Z will not follow in Millennials’ footsteps. Our newest research at The Center for Generational Kinetics reveals that Americans ages 14-21 are demonstrating conservative economic tendencies at an early age.
The Throwback Generation
Not since the Baby Boomers has there a been a generation so concerned with financial responsibility. Some of the notable financial behaviors of Gen Z identified in the study are:
- 77% already currently work in some capacity to earn spending money
- 56% recently discussed finances with their parents (within the past 6 months)
- 21% had a savings account before age 10
- 12% are already saving for retirement
- Click here for the complete findings: www.genhq.com/gen-z-2017
Jason Dorsey, President of The Center for Generational Kinetics, predicts that Gen Z could potentially surpass Millennials in influence in a short period of time. Dorsey, who is a researcher and expert on the two generations, says, “Gen Z’s practical and fiscally conservative behavior is already making them part of businesses and our economy, despite their young age. We’re watching this generation closely at The Center and working to help marketers, managers, and leaders start to understand them and adapt ahead of the curve.”
A Bright Future
Whether the reason is watching the struggles of the generations before them, dissatisfaction with government solutions to debt problems like college affordability, a combination, or something else, Gen Z is motivated to action now. Showing an economic sensibility more mature than many of those over ten years older than them, Gen Z is determined to break the cycle of debt and live financially independent.
At The Center for Generational Kinetics, we are on a mission to unlock the potential of Gen Z through research and solutions. Click on the following links for our latest research-based resources.
- White paper: The State of Gen Z 2017
- Infographic: Gen Z: Meet the Throwback Generation
- Infographic: Gen Z Is Learning from Millennials’ Money Mistakes
- Infographic: Gen Z Consumers Spend Money Differently
- Contact us here to see how we can uniquely help you
Check out our white paper on the new #GenZStudy and join the conversation on Twitter at @JasonDorsey or @WhatTheGen and don’t forget to add your #generation!