Z is for Generation Z and their Finances

Z is for Generation Z and their Finances

Generation Z, or those born between 1997 and 2012, are starting to enter adulthood. Gen Z is the most educated and diverse generation yet. And, thanks to growing up constantly exposed to technology, they are also changing the ways we pay for things. But just because they have a significant social and economic impact, it doesn’t mean that Gen Z has their finances hacked.

Like any group of young people, they are still learning about finances and adulthood. The world is changing rapidly, and Gen Z is proving to be an adaptable generation. But as things change, it comes with many difficulties as well. The economic and workforce future is uncertain right now. And while Gen Z has had the privilege of learning from Millennial’s mistakes and challenges, they are not out of the clear just yet. 

Most of Gen Z is still in their teenage years. So whether you are part of the Gen Z generation or perhaps you have one living in your home, here are some things to know and keep in mind as you navigate finances. 


Gen Z is the most tech-savvy generation yet. Unlike others, technology was ingrained into their lives from the start. Gen Z is not only used to doing most things digitally; that is all they know! Thanks to Gen Z, peer to peer payment platform use has skyrocketed. They also prefer online banking rather than brick-and-mortar services. While all this is great, it’s good to learn how to properly budget and balance an account, especially since their money is digital and not tangible. Especially since self service and digital platforms continue to take over in person banking services. Gen Z will have to make more financial decisions on their own than previous generations.

Socially responsible

Gen Z has seen a lot transpire in their few years, and because of this, many of them are more socially responsible. In addition, Gen Z has a global perspective, like the generation before them, making them comfortable with communicating openly and advocating for change in online social communities. Because of this, Gen Z places high value on working for and investing in socially responsible companies and being financially cautious about the future. 

Future oriented

Gen Z witnessed the previous generations’ battle with student loans and debt. Unfortunately, this has influenced Gen Z’s financial habits making them extremely hesitant to take on debt. While this may seem positive, Gen Z will have to move out of their comfort zone to take on small and manageable debt to help build credit to take out mortgages and loans for more significant financial decisions later in life. 

Enjoys personalized help

Gen Z values individuality. And while self-sufficiency is good in many ways, they may prefer personalized and knowledgeable financial support to help aid in improved and personalized loans and bank accounts options. So while a financial advisor may be out of most of Gen Z’s scope of view right now, it may help them differentiate between when self-service is the best option and when it is not.

No matter how old you or your Gen Z child are, it is never too early to start making sound financial decisions. Whether learning to budget for the first time or pay rent with their first real job’s salary, Gen Z has so much time to get ahead of their finances and enjoy a successful financial future!


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