One in four Gen Zers say they are not confident in their financial knowledge and skills, according to recent findings from WalletHub.
01/31/2024 2:00 P.M.
1 minute read
According to a recent nationally representative Generational Finances Survey conducted by WalletHub, Generation Z is the least financially confident generation, with over 25% expressing a lack of confidence in their financial knowledge and skills.
The survey explored factors like budgeting habits, financial security, and perceived obstacles to financial success. Despite the common aspiration for each generation to surpass their parents financially, Gen Z faces challenges in achieving this goal.
Here are the survey’s key findings:
- “Fifty-seven percent of Gen Zers think savings accounts are the best way to invest their money, while 46% of Baby Boomers say investing in stocks is a better option.
- Forty-eight percent of Baby Boomers say inflation is holding them back more than their income, debt, and housing costs, compared to only 39% of Gen Zers.
- Almost 30% of Gen Zers don’t have a budget for managing their monthly expenses.
- Over 34% of Gen Zers say their parents did not set a good example for them financially—more than any other generation.
- While most Baby Boomers (60%) prefer a financial professional as their go-to source for financial advice, Gen Zers (39%) prefer a family member.”
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