Gen Z has been dealt a rough hand. They grew up during the 2008 recession and are now coming of age in a pandemic world with record-high inflation.
While this generation has earned a reputation for speaking up about politics and mental health, a new study from business software company Intuit finds that Gen Z has trouble speaking about finances. Intuit surveyed over 4,000 people from the United States and Canada about their attitudes on personal finances. Here are the key findings:
Social media might make Gen Z feel behind: 73% of Gen Zers say that they feel behind in accomplishing their life goals compared to others, versus 55% of the general population who feel that way. One-third of Gen Zers say they compare themselves to people on social media compared to 14% of the general population, and 70% of Gen Zers who compare themselves to others on social media feel behind, compared to 50% of the general population.
Gen Z does not talk about finances, but they want to: While about 30% of Gen Zers say they are comfortable discussing mental health, sexual experiences, and politics, only a quarter are comfortable talking about their salary and savings. While 56% of the general population says they would rather talk to their family about their dating life than how much debt they have, this jumps to 64% for Gen Z. However, 69% of Gen Z says they wish people were more open about personal finances.
Half of Gen Z has lied about how much they make: 58% of Gen Zers say they would lie about how much debt they’d have, and 54% said they have lied about how much money they make. Moreover, 68% say they only have enough money for their necessities, compared to 55% of the general population.
Meanwhile, Gen Z feels pessimistic about their financial future: 73% say the current economy makes them hesitant to set up a long-term savings goal, 66% worry they’ll never have enough money to retire, and 70% say they know it’s important to invest but they don’t know how to.
“The economic shocks of the last few years have transformed how Gen Z views success, and this survey revealed that prosperity means something different to everyone, particularly zoomers,” said ?Brittney Castro, Intuit’s consumer financial advocate, in a statement.