Gen Z grew up with computers, smartphones, and the internet but have also faced financial crisis and family debt. They are mostly still at school. More than 84% depend on their parents but they are concerned about their finances. After graduating from high school, they face the downturn, long-term unemployment, the threat of world war. What about their finances and their future plans?

Gen Z's Debt

Born into financial crises and family debt, they have to bear the burden of borrowing from university. Two-thirds of Gen Z have opened accounts and have credit card debt, according to a Raddom study. Gen Z borrow to study but expect to get loans for property in the future. Nearly half of Gen Z consumers use traditional shopping methods but get credit with online purchases at least once a year, according to a survey by eMarketer.

Gen Z and Financial Planning

Having seen family financial crisis, Gen Z plan their spending relatively carefully. More than 74.6% have regular savings, with about 10% for their treats. Plus, 64% have already started to seriously study and plan their investments.

Offline Shopping

With 84% dependent on their parents, Gen Z make each purchase with care and see price as the main factor. They are tempted by many online channels such as Instagram and Tiktok. Ninety percent use social media to compare prices and research products. But 34% still like shopping in real places, despite COVID-19.

Digital Retirement

According to a Capitalize survey, 56% Gen Z view cryptocurrencies, or NFTs, as part of their retirement strategy. Gen Z are comfortable investing in cryptocurrencies despite the bans announced in several countries. A 2021 study by Stilt found that Gen Z make up over 94% of crypto owners. Additionally, 59% of Gen Z believe they can become millionaires by investing in cryptocurrencies. Research firm Engine Insights found that, despite seeing its high volatility, Gen Z still choose to save and invest in crypto for retirement.

What’s your view? Do you agree? Please share your opinions in the comments.

Information from: https://bit.ly/3JRbwbD, https://bit.ly/3iOrDuF, https://bit.ly/3tNKxs6, https://bit.ly/373gunq, https://on.wsj.com/3NzYMIE, https://bit.ly/3NwBfZh

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