Gen Z's Financial Habits and Thinking: From Spending to Saving and More

These young adults think differently. Generation Z’s mindset and behavior have become a new inspiration for future-oriented experts and entrepreneurs. They spend money and choose brands based on entirely different factors than their parents. Gen Zers saw the Great Recession in 2008, and they are here during the COVID-19 economic downturn. They are aware of money pitfalls like student loan debt, credits, housing challenges, etc.

What are their money habits? Obviously, they are much different than Gen Xers, Baby Boomers, and Millennials have. Brands across different verticals must be well-aware of Gen Z’s financial behavior to address their needs in the digital era. This growing cohort of consumers has started making an impact on business and finance from their birth.

Unlike Millennials or their predecessors, Gen Zers choose brands and banks based on trust, even if other companies offer lower prices or fees. The organization’s ethics and values are what makes Gen Z’s choice. They do care whether or not the company cares about its consumers and the common good. Gen Z’s mindset is about bringing change and improvement into the world, and they want to see the same aspiration from brands and financial institutions. New social enterprises and fintech startups that stand for financial inclusion are the luckiest to earn this generation’s loyalty and trust.

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