What’s Going On With Gen Z and Money?

Logica writes for Advisorpedia on the Future of Money Study and Gen Z

Recently, we released the latest wave of the Logica® Future of Money Study and it included a look at generational financial personas—including data on what’s happening with Gen Z. Some of the key findings were featured in an article for Advisorpedia: “What’s Going on with Gen Z and Money?” 


How Gen Z Works

In the article, we first took a look at Gen Z’s approach to employment—something that’s gaining a lot of buzz lately with their quiet quitting, technology usage and workplace expectations. One of the workplace expectations uncovered in our study is that “employers need to be ready with a variety of tools in order to appeal to Gen Z and to retain them as employees…more than 80% of them want their employers to offer programs to help them manage their money.” Gen Zers are looking for employers that can give them financial advice on savings, retirement, insurance and managing debt. 


How Gen Z Spends Money

Gen Z and payments is also explored in the Advisorpedia article. Our study shows that 75% of Gen Z use cash to pay because it feels more secure and 66% use cash to pay because it helps manage their budget. As far as payment technologies go, “this generation is the most likely to use PayPal for online purchases and they also use Buy Now, Pay Later (BNPL) installments to purchase. Some of the services they use or plan to use in the next 12 months include PayPal’s Pay in 4, afterpay, PayPal Credit and Klarna.”


How Gen Z is Investing

The Logica® Future of Money Study shares about Gen Z’s investing and saving trends. “This generation is more likely than the older generations of Gen X (14%) and Boomers (4%) to invest more in the next 12 months (21%)… [and] they are saving more than other generations due to current economic conditions (51%).”


To find out more about what Gen Z needs in terms of financial advice, and even more information on how they are making and managing money, read the Advisorpedia article or download our quick-hit, 20-minute webinar covering the generational financial personas here.

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