Gen-Z’ers considered most financially concious

Generation Z could be the most financially-conscious generation yet, with new research showing how Gen Z is the generation that cares most about their financial security (27% 18-24 vs 18% 55+) and worries most about how the current economic climate will impact on their short-term (73%) and long-term (70%) goals. Perhaps most surprisingly, 18-24-year-olds have, on average, a lower outstanding balance of £199 on buy now, pay later products than their elders (compared with £224 for Gen X).

55% of Gen Z believe they are seen by older generations as being “financially irresponsible”, and that there is a lack of understanding about how expensive it is to live these days (51%) according to the research from Virgin Money, who questioned 5,000 individuals in the UK across different age groups. However, although many are in the early stages of their careers, 18-24-year-olds on average have an impressive £4,935 in savings, just behind Millennials with £6,053 and Generation X at £6,701.

To help Gen Z manage their buy now, pay later spending with one easy payment, while building their credit score, Virgin Money has created Slyce, a way to buy now, pay better. It combines the flexibility of a BNPL product with the benefits of a regulated credit card and allows customers to manage their money in a way that works for them.

Aston spoke to personal finance influencer Timi Merriman-Johnson a.k.a Mr MoneyJar.

Photo by Colin Watts on Unsplash