Take a dive into the world of Gen Z to learn about their financial habits and motivations.
Although the rising post-millennial generation, Gen Z, is just entering their money making years, research suggests these young consumers are already planning for their financial future. According to Forbes, 89% of Gen Zers say planning for their financial future makes them feel empowered.
Understanding Next-Gen Investors
With 72% of Gen Zers saying they're stressed about their finances and 51% afraid money will prevent them from doing what they want in life, they will likely seek financial advising services early on in their careers according to Afterpay. Understanding these next-gen investors' financial habits and attitudes can help you learn how to better serve them in the future.
Financial Habits of Gen Z
· They are pragmatic and take financial responsibility seriously because they witnessed problems of the previous generations, such as the Great Recession.
· The pandemic has taught them to be frugal, and they've begun saving and investing earlier than previous generations did.
· They are proactive about debt management. Learning from the mistakes of their predecessors, many Gen Zers are opting for lower-cost higher education, and they address debt strategically.
· They have their sights set on homeownership and are less interested in renting than Millennials were at their age.
Seeking Financial Guidance
Despite their willingness to address their finances head-on, Gen Z has consistently expressed concern about their lack of financial knowledge. Gen Zers are seeking guidance where they know best through online resources and social media. There is a real opportunity for those in the finance industry to help shape their futures by engaging with Gen Zers early on to build their confidence and trust.
If you are interested in hosting a workshop designed to appeal to Gen Z, reach out to an Executive Marketing Consultant by phone (844) 949-9497 or visit our website for more information.