FT Adviser reports on our Gen Z survey and quotes William Marriott and Sally Ashford on the financial behaviours of this cohort
Our recent survey of 2,000 Gen Z adults (18-27 year olds) reveals that nearly a quarter of Generation Z seek investment advice from financial advisers or professionals, highlighting their emerging role as strategic financial planners.
Gen Z prioritises saving and wealth building, with only 15% relying on social media for financial advice and a mere 6% not seeking advice at all, compared to 26% of Millennials.
Gen Z's cautious approach is likely influenced by financial strain, including low home ownership rates and high student debt. This cohort are also more open to discussing inheritance, with 81% having conversations about future inheritances.
Gen Z prefers using financial support for long-term goals, such as buying property, rather than one-off purchases or travel.
Commenting on our data, William Marriott, Partner and Head of Private Property says:
Financially savvy and equipped with more resources and knowledge than previous generations, Gen Z understands the importance of financial planning as early as possible.
"When it comes to financial literacy, younger people are worrying about planning their financial future and not spending their money on unnecessary or extravagant things, but above all, they worry about saving money.
"On the other side, we’re also seeing that they are more curious and interested in learning how products and services work.
Read the full piece in FT Adviser here.
Related coverage:
Financial Planning Today, Fintech Times, Financial IT, Solicitors Journal
