Gen Z is the first generation to be so financially literate at a very young age. But how do they educate themselves on financial planning? What investment products do they (wish to) invest in? And what is their take on debt?
This infographic – based on proprietary quantitative research amongst 1,075 consumers (458 Gen Z, 212 Gen Y, 194 Gen X and 211 baby boomers) in Australia – visualizes how Gen Z takes on finance, how they deal with financial planning, and what this means for brands.
50% of Gen Z in Australia states their interest in financial planning and/or investing has increased in the last two years. Rather than following expensive business courses, they self-educate online. 29% of Gen Z does this by following influencers on social media, aka ‘fin-fluencers’. Next to saving (63%), Gen Z is eager to invest (65%), with stocks (28%) and education funds (18%) taking up a big share in their investment portfolio. Yet this generation goes beyond traditional investment products and sees a lot of potential in cryptocurrencies (20%) and luxury fashion & exclusive streetwear (12%). 13% also indicates to have invested in art. Next to saving and investing, Gen Z is focused on enjoying life; 43% says they spend their money to live their best life.
So, what does this mean for brands? Gen Z expects accessible and actionable financial advice, supporting them with building financial resilience.
Want to explore how your brand can connect with this woke consumer? Discover what our Gen Z research toolbox and expert power can do for your brand!
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