Gen Z Video Insights:
Money Management & Budgeting
Let us whisper these two words, “Generation Z.” What comes to mind? Hopefully, it’s no longer pre-teens or adolescents. Gen Z is entering adulthood and quickly becoming a substantial part of the US economy.
$44 billion in personal spending power? Yep, that’s them. But it doesn’t stop there. This generation directly influences up to $600 billion. Neglecting Gen Z is no longer an option. It’s time to know them inside and out. And that starts with digging into how they spend and manage their money – trends that are already shaking up industries like finance and fintech.
To help brands dig deeper into Gen Z’s grasp of their own dollars, we’re tapping into our 60,000 Gen Z consumer network so you can hear directly from the voices of Gen Z. Here are our Voice of Consumer Insights on: Gen Z’s Money Management & Budgeting.
What’s guiding Gen Z’s savings behaviors?
1. Tightening for Splurges
We heard frequent mentions of near-sighted goals and of a tendency to “tighten” normal, unnecessary spending in order to save for bigger “splurges” – like trips, vacations & tech.
2. “Safe” & “Comfortable” Future
Growing up through the ’08 recession, many of Gen Z’s saving habits are geared around a “safe” future, and even though they may be young, it’s top-of-mind when allocating their income.
3. “Don’t touch me” Savings Accounts
We’ve seen Gen Z’s savings accounts also be set up as general emergency funds – which they often reference as “don’t touch me” savings accounts.
4. Savings for Immediate Needs
With a general aversion to debt, Gen Z saves a large portion of their income to cover immediate needs – like college, meals, transportation, etc – to better ensure a debt-free future as best they can.
How is Gen Z approaching budgeting?
1. Frequent Account “Health Checks”
2. Weekly Spend Journaling
3. Strict Rules + Couponing
Want to dig deeper into Gen Z’s spending patterns and the direct impact it’s placing on industries? Knit’s got you covered:
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