October 18, 2019

Gen Z and Money Management

Will the Youngest Generation of Adults Drive FinTech?

Findings released in the most recent Logica Future of Money Study show that Gen Z is pioneering work opportunities in a social and tech-based workforce. Key findings also indicate an increasing interest in computer-based advice to guide investing, saving, and spending decisions.

 

Gen Z and the Future of Work

Gen Z is entering the workforce during a tech-based and frequently volatile economy.  According to the Future of Money Study, nearly one in three Gen Zers (31%) and Millennials (30%) are using side hustles as their only or primary sources of income.  They cite tech-based work for these side hustles.

 

Generational Financial Decisions

Differences in financial stress and debt burden are notable by generation in the study.  While self-reported confidence in making personal financial decisions is relatively high for all Americans, nearly three quarters of Millennials (74%) and Gen Zers (72%) are stressed about finances, while just over half (55%) of Boomers feel the same.  The majority (66%) of Americans in the study also say they are likely to use one central hub to manage their financial life.  They want features such as push notifications on how they are doing against financial goals and on how they are doing on daily spending.  Desire for these push notifications is up from 2018. 

You can read the full study results on PR Newswire.

 

Access the latest Future of Money study from Logica to keep up to date on the latest trends.