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When it comes to their financial lives, Gen Z may be wiser than you think. This is a financially resourceful generation, already focused on generating income, saving for short-term needs and even investing for the future, according to our recent Logica® Future of Money Study. For financial brands, this newest generation of adults is worth engaging early.
Forty-six percent of Gen Z report having a side hustle to earn additional money. They are managing multiple income streams, along with expenses, and more than two-thirds (67%) of Gen Z report stress regarding their financial situation.
Despite the fact that some are experiencing immediate financial stressors, 22% of Gen Z are investing more in the stock market than they were before the pandemic. During our study, we learned that they are investing differently from other generations, seeking short-term gains and alternative income sources. While only 9% of Gen Z currently owns cryptocurrency, a full 54% plan to invest in crypto in the next five years.
Members of Gen Z are most likely to turn to friends and colleagues for financial advice (31% vs. 15% for Millennials and 17% for Gen X and Boomers), but they also look to financial institutions (21%) and financial advisors (20%). More than any other generation, they are seeking newer and convenient financial tools to build wealth. This generation also perceives the brands of more traditional financial services providers as trustworthy. This generation takes a very resourceful approach to managing their money—talking to family, friends, colleagues and trustworthy financial professionals and institutions.
How do you deepen brand engagement with Gen Z? Start by conducting research to understand this newest generation. Get the insights you need to inform how to:
Learn more about Gen Z by accessing the recording of our recent webinar.
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