Our new Future of Money Study is here, and we put together a special highlight report for you that includes generational financial data—looking at the way Gen Z, Millennials, Gen X and Boomers make, save, spend and manage their money.
Gen Z (Age 16-25) and Money
Gen Z has started to earn a reputation for job hopping, and our Logica Future of Money study shows that indeed these early career workers are more likely than other generations to switch jobs (63%). Another aspect we look at in the study is how important it is to each generation to receive financial advice from their employer, and 86% of Gen Zers feel it’s important to get this advice.
Fifty-one percent of Gen Zers are saving more than other generations, are more likely to buy stocks (15%) and are needing help with these financial decisions from financial brands. They do tend to seek advice from family and friends over professional advisors and also like to utilize YouTube, TikTok and Instagram to influence where they open financial accounts.
Millennials (Age 26-41) and Money
While Gen Z is the most likely to switch jobs, Millennials run a close second at 57%. Also like Gen Z, they are looking for financial advice from employers (81%). In terms of how Millennials pay, they are the most likely of all the generations to pay in person with an online app (91%), and they prefer to use a debit card when paying online. The current economic conditions are causing 39% of Millennials to save more, and they are also the most likely generation to invest more in the next 12 months (24%). Professional financial advice can come to this generation through many avenues, with this generation looking first to financial advisors, next to family and friends, and they also look to YouTube for savings and debt advice.
Gen X (Age 42-57) and Money
In contrast to Gen Z and Millennials, Gen X are likely to stay put at work with only 37% responding that they are likely to change jobs. Seventy-two percent of Gen X feel it is important to get financial advice from their employer and want advice on HSA and retirement plans. This generation (30%) is saving more than Boomers due to the current economy but less than younger generations. They also lag behind the younger generations in buying stocks (9%) and in investing (14%). Gen X prefers to get financial advice during in-in person, one-on-one meetings but will use easy DIY apps for savings.
Boomers (58-76) and Money
Not surprisingly, Boomers are more set in their ways and not changing jobs. They are also the least likely to seek financial advice from employers (59%) of all the generations, but when they do seek advice, they’re looking for input on HSA and retirement. For saving and investing, Boomers are less likely to save more than other generations in the next 12 months (32%). Although this generation isn’t looking for a lot of professional advice, when they do seek advice, they want to meet in person.
Take a look at what Gen Z, Millennials, Gen X and Boomers are looking for from financial brands, and the unique trends for these age groups by downloading the Logica Future of Money Highlight Report. The full Logica Future of Money research report is delivered twice yearly as part of the Logica Future of Money Insights Kit
. The Insights Kit offers a 360° snapshot of the current consumer money mindset with detailed data tables, access to analysts for your own custom questions, and more. If you want important insights that will future-proof your business, contact us today