MIAMI–Gen Z is the least financially confident generation when it comes to financial knowledge and skills, according to a new study.
The findings are included in WalletHub’s Generational Finances Survey, which asked about everything from how people feel about homeownership and where they get their financial advice to how financially secure they are and what’s holding them back.
Key Findings
Among the key findings in the survey, according to WalletHub:
- Confidence Crash. Gen Z is the least financially confident generation, as more than one-in-four Gen Zers say they are not confident in their financial knowledge and skills.
- Gen Z seems averse to risk. 57% of Gen Zers think savings accounts are the best way to invest their money, while 46% of Baby Boomers say investing in stocks is a better option.
- Different age groups have different struggles. 48% of Baby Boomers say inflation is holding them back more than their income, debt, and housing costs, compared to only 39% of Gen Zers.
- Some young people lack budgets. Almost 30% of Gen Zers don’t have a budget for managing their monthly expenses.
- Good examples are important. Over 34% of Gen Zers say their parents did not set a good example for them financially - more than any other generation.
- Generations look to different sources of insight. While most Baby Boomers (60%) prefer a financial professional as their go-to source for financial advice, Gen Zers (39%) prefer a family member.
For the full survey, go here.
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