Gen Z is venturing into personal finance at a time when banks are crumbling and layoffs are widespread, having seen their millennial predecessors struggle with debt burdens, so are hesitant to take on more.

Even though they shun debt, young adults are taking proactive steps towards financial security by saving, budgeting and planning for the future.


Gen Z has had difficulty saving money, yet they remain determined to reach their financial goals. Though faced with multiple obstacles – high rents and student loan debt as well as rising inflation – Gen Z remains focused on saving and is investing in retirement accounts and real estate properties.

Budgeting apps like Digit and Qapital provide them with tools for automating savings and investing for long-term returns. Many of these apps also offer educational resources like podcasts or personal finance influencers that help users develop financial strategies.

Gen Zers are setting savings and homeownership goals for 2023; many also report seeking ways to increase their incomes (with 39% citing that goal this year). Most Gen Zers receive their financial advice/education from parents/families or Google, personal finance influencers/social platforms such as TikTok.


Gen Z and millennials are eager to gain knowledge about insurance products, while also working closely with financial professionals to understand all of its complexities. If insurers can establish strong relationships with these generations, they have an opportunity to build long-term relationships that could ultimately expand their business.

According to a recent survey, Millennials and Gen Z consumers tend to trust family when selecting insurance products, so positive experiences with an insurer will likely ensure they remain with that provider even after life events such as marriage, children and home purchases have occurred.

While Millennials and Gen Z consumers may want to learn how to manage their money more effectively, they’re also feeling pressured by debt issues and financial stability concerns that prevent them from building wealth securely and meeting their goals with confidence. More guidance and wealth-building tools may help overcome any hurdles to financial literacy; however, in order for financial literacy truly transform young consumers’ lives.


Gen Z has seen first-hand how the Great Recession and student debt have affected their parents and peers, so they are taking proactive measures to establish financial security for themselves. Saving and investing habits have been established, while others may employ side hustles or find additional sources of income.

LendingTree conducted a 2021 study which revealed how these habits have allowed Americans to save over 50 percent of their paychecks. Many are also turning to financial influencers (content creators who provide advice about budgeting, investing, retirement savings and home buying) in order to learn how to make sound financial decisions.

But despite these encouraging trends, Gen Zers are still having difficulty managing their financial journeys effectively. According to one survey of millennials and Gen Zers conducted last year, 39% reported experiencing some type of regret in regards to spending or saving. If these spending and saving behaviors cannot be effectively managed then long-term health could suffer significantly.


Millennials and Gen Z are living through challenging financial circumstances, from an unstable job market to mounting student loans; both of which make it hard for younger generations to save for retirement comfortably.

Gen Z should become educated on how to manage debt effectively, including how best to utilize credit cards. They should also understand how debt affects future borrowing options for more expensive purchases like houses.

Gen Z has access to an abundance of information via finfluencers – an emerging category of social media content creators offering advice and assistance in areas like budgeting, saving, investing, retirement savings, home buying, car purchasing and credit card usage. Gen Z can find this content via YouTube, TikTok and internet search engines; some channels also feature educational tools and apps designed to assist consumers make wise financial decisions.

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