FAQs
Many Gen Zers are more interested in cryptocurrency or NFTs than traditional, more transparent investment vehicles. A recent survey found Gen Zers are saving more than they are spending, and identified their preferred investments.
Where do Gen Z invest their money? ›
Diversify your portfolio
Data shows that 55% of Gen Z invest in cryptocurrencies, 41% in stocks, and 25% in NFTs.
Where are Gen Z spending their money? ›
46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.
How is Gen Z doing financially? ›
The median pay (adjusted for inflation) for those aged 18 to 24 was just over $15,000 in 1993. Zoomers in 2023 were raking in about $20,000. Older Gen Zers are also faring better, making almost $10,000 more than young adults three decades prior. Even so, young people's money doesn't go as far as it once might have.
What is Gen Z's source of income? ›
According to the study, 47% of Gen Z who earn money on social media say they earn more money through content creation than they do working a traditional 9-to-5 job. This makes sense when you consider 61% of Gen Z don't believe their pay has kept pace with the cost of living.
What does Gen Z usually buy? ›
Gen Z is the thriftiest generation
Like those who were raised during the Depression, they are more likely to look for a bargain or shop secondhand. An astonishing 80% of Gen Z stated that they were more likely to shop for secondhand items.
Which generation holds the most money? ›
Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
What is Gen Z most interested in? ›
Gen Z is all about gaming, showing higher engagement rates compared with previous generations. This generation's media habits reflect a clear shift toward digital experiences and interactive content.
What generation is the biggest spenders? ›
In 2022, the average expenditures in a household led by a Millennial in the United States came to 74,782 U.S. dollars per year. The only generation with higher expenditures were households led by someone from Generation X with around 91,382 U.S. dollars per year.
Do Gen Z have no savings? ›
"Gen Z and millennials are notably behind, with over three in five (60%) either having no savings for retirement or having saved less than $5,000. But 17% have saved between $5,000 and $50,000."
Gen Z is sinking deeper into debt as higher costs for education and housing weigh them down, new data shows.
Which generation cares most about money? ›
Aligning on money is all the more pressing for younger generations, who are earlier on in their relationships and careers—nearly half (49%) of Gen Zers view financial compatibility as more important than physical compatibility. That's compared to 40% of millennials, 35% of Gen Xers, and 30% of baby boomers.
Which generation is going to be the richest? ›
Millennials could stand to inherit trillions worth of property and property assets passed down by ancestors in the next 20 years. Millennials could potentially become the wealthiest generation ever, according to estate agent Knight Frank's 2024 Wealth Report.
Where are Gen Z investing their money? ›
While the older generation has traditionally favoured investments such as real estate, bonds, and stocks, GenZs are boldly charting the new waters of cryptocurrency, forex trading and non-fungible tokens (NFTs). Others say they have taken up gambling as a form of investment.
Where is Gen Z spending their money? ›
5 Things Gen Z Will Spend Money On. According to the 2023 Consumer Culture Report by 5WPR, Gen Z will “splurge” in three areas: electronics, health and wellness, and clothing and fashion. With some additional research, we also found that Gen Z pays special attention to small businesses and education.
Are Gen Z motivated by money? ›
Through a compilation of Gen Z interviews and studies from Bain & Co, CFA Institute, EY, and others, the article concludes that the youngest generation in the workforce is motivated by competitive compensation and quick career growth, and is quick to move on to other opportunities if they don't get that.
Is Gen Z in debt? ›
A new report from TransUnion released Wednesday shows Gen Z adults, ages 22 to 24, are opening up more credit cards, racking up more debt and have a higher rate of delinquencies than their millennial counterparts did at the same age range a decade ago.
What percent of Gen Z owns crypto? ›
Gen Zers are more likely to own crypto than stocks as they take a different approach to financial planning than older generations, according to a Policygenius survey. About 18% of GenZers own stocks and 20% own cryptocurrency, according to the 2024 Policygenius Financial Planning Survey released on Tuesday.
Does Gen Z have a capital? ›
gen z – the cohort roughly born from the mid-to-late 1990s until around the mid-2000s – have also gone as far as turning off the automatic capital letter function on their phones to avoid seeing and using them altogether. pop stars have also embraced the art of smaller letters.
Are Gen Z leading the side hustle economy? ›
Side hustles are common among young Americans. In fact, 55% of Gen Zers ages 18 to 26 and millennials ages 27 to 42 have a side hustle. Breaking that down further, young men (58%) are more likely to have a job on the side than young women (51%).