Almost half (45%) of Gen Zers surveyed said they planned to open a regular savings account in the next three months, according to Dentsu’s Consumer Navigator Report.
This compares to just 29% of millennials, 16% of Gen X and 14% of baby boomers.
And it’s not just savings where Gen Z is pulling ahead of other generations in this respect. Almost 40% were considering buying stocks and shares, while a third were thinking about investing in cryptocurrency and 32% were considering contributing to an ISA over the same period.
General consumer confidence is low but Gen Z’s outlook is sunny
The cost-of-living crisis has certainly dented consumer confidence – the report found that 80% of Brits believe the economy is in poor shape and 46% reported that they struggle to afford essentials like food, utilities and rent or mortgage payments.
Despite this, 36% of Gen Zers expected their personal finances to improve within the next month – compared to just 13% of Gen X and 7% of boomers.
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And the relative financial optimism of Gen Z goes further still – people in this generation are twice as likely as the general population to have increased their spending over the past year (at 24% versus 12% respectively).
Gen Z’s financial behaviour
Perhaps surprisingly, despite being digitally native, Gen Z values in-person interactions the most out of any generation when accessing financial services. Almost a third plan to bank in branch this year, compared to 26% of millennials, 26% of Gen X and 23% of boomers.
Despite Gen Z’s preference for in-person banking, people in this cohort are still very digitally engaged. Roughly half of Gen Z respondents planned to use apps (52%) or websites (49%) to engage with financial brands, which the report stated showed that omnichannel experiences are crucial for meeting their expectations.
Key decision-drivers for Gen Z when choosing financial services providers include value for money (which was cited as a priority by 34% of respondents), loyalty rewards (27%), customer experience (32%) and sustainability (25%).
Fiona Hart, integrated financial services client lead at Dentsu, said: “Gen Z is rewriting the rulebook for financial engagement. As the first digital-native generation, they demand more from financial services brands – not only in terms of convenience and value but also in transparency, ethics, and relevance.
“Brands that succeed in earning Gen Z’s trust will be those that balance digital-first strategies with authentic opportunities for human connection.”
