While broad generational labels are not always accurate or desirable, they won’t be coming to an end anytime soon. Gen Z will soon be the fastest growing generation of employees, customers and trendsetters. A new study from The Center for Generational Kinetics suggests this emerging generation, born between 1996 and 2015 (though the ending birth year is still TBD), “thinks and acts more like Boomers than Millennials”—especially when it comes to money. Here are some highlights from The State Of Gen Z 2017:
- Gen Z is smarter with money than Millennials. Twelve percent are already saving for retirement, while 21 percent of people ages 14 to 21 had a savings account before the age of ten. And Gen Z has a conservative view of debt, with more than half believing that personal debt should be reserved for a few select items, or avoided at all costs.
- Gen Z is shaping up to be a true "throwback generation," already working, saving money and determined not to end up like Millennials. Seventy-seven percent of Gen Z currently earn their own spending money through freelance work, a part-time job or earned allowance. This is a powerful finding given that this is also true for about the same percentage of Millennials surveyed, who are 10 years older!
- Gen Z is primed to become more influential than Millennials, and it’s happening quickly. Their practical and fiscally conservative behavior is making them part of businesses and our economy even at their young age.