Gen Z Would Rather Talk about Anything But Their Finances
31 Janeiro 2023 - 8:00AM
Business Wire
New survey from Intuit reveals Gen Z finds
politics and sex easier to talk about than finances, and how a
TikTok trend is shaping the way they save…or don’t save
Generation Z, the first generation of digital natives who are
more than twice as likely* to compare themselves to others on
social media, feel like they are falling behind their peers
financially, according to a new survey by Intuit (Nasdaq: INTU),
the global financial technology platform that makes TurboTax,
Credit Karma, QuickBooks and Mailchimp.
Just as heavily doctored images of beauty on Instagram
contribute to insecurities, ‘filtered finances’ are having a
massive impact on 18 to 25-year-olds. Increasingly, honest
conversations around formerly taboo subjects are the norm. But new
data shows that Gen Z’ers would rather talk about politics,
parenting struggles, sex and infertility than debt, their salaries
and bad investments. In fact, despite their modern lives, they are
part of the 55% of Canadians who would rather talk to their
children about sex than speak to them about their own finances.
Survey data also identified a new trend: “soft saving” —the
financial spinoff of the boundary-setting ‘soft life’ trend focused
on comfort and minimizing stress. Currently taking over TikTok
feeds, this philosophy extends to money. A stark departure from the
F.I.R.E. (Financial Independence, Retire Early) movement, hustle
culture and the Girlboss ethos dominating the past decade, Gen Z is
embracing “soft saving.” Three in four Gen Z’ers say they would
rather have a better quality of life than extra money in the bank.
In fact, experiences matter more than money to Gen Z, as 68% say
they are only interested in finances as a means to support their
current interests.
Gen Z has more access to financial information than any other
generation, but this doesn’t always translate into decision-making.
From financial tips on TikTok to Reddit forums on investing, the
survey illustrates that Gen Z is frequently paralyzed by
conflicting advice and could benefit from new ways to save:
- Nearly three in four say they know how to make a budget and
track their income, but haven’t done it (74%).
- Nearly three in four know it’s important to invest, but they
don’t know how (73%).
- 65% say they have financial knowledge, but are unsure how to
use it.
- Nearly half bought cryptocurrency even though they don’t fully
understand blockchain (49%).
- Two-thirds say they’re not sure they’ll ever have enough money
to retire (64%).
“The economic shocks of the last few years have transformed how
Gen Z views success, and this survey revealed that prosperity means
something different to everyone, particularly Zoomers,” said
Brittney Castro, Intuit consumer financial advocate. “At Intuit,
we believe that everyone should have the ability to prosper—however
they define that for themselves. Intuit is delivering innovative
and personalized financial solutions through TurboTax, Credit
Karma, QuickBooks and Mailchimp that our customers need to make
more money, save time, and build confidence.”
Additional Canadian survey findings include:
- Quality of life is being held hostage by poor finances,
especially for Gen Z, the generation that values quality of life
the most. 62% of Gen Z feel like they will never have the things
they want in life because of their financial situation.
- 59% of Canadians feel anxious going with friends to restaurants
and bars they know they can’t afford (70% for Gen Z).
- 53% of Canadians say giving a gift for a special occasion would
put a strain on their monthly finances (67% for Gen Z).
- Nearly half of Canadians (45%) say they have spent less time
with friends or family due to financial constraints (56% for Gen
Z).
For more information on Intuit and how the company is helping
its customers make more money, save time, and build confidence when
it comes to their personal or business finances, visit
www.intuit.com/ca.
*Statistics from 2022 Intuit survey of 1,500 Canadian consumers
ages 18+. Gen Z is three times as likely to compare themselves to
others on social media (30% vs. 10% Canadian general
population).
Survey Methodology
The Intuit Prosperity Index Survey was conducted Dec. 2‑Dec. 9,
2022, via a 15‑minute online questionnaire. Intuit surveyed 1,500
Canadians ages 18+ plus an additional oversample of Gen Z (ages
18-25) in order to discover current attitudes around money and
personal finance.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With more than
100 million customers worldwide using TurboTax, Credit Karma,
QuickBooks and Mailchimp, we believe that everyone should have the
opportunity to prosper. We never stop working to find new,
innovative ways to make that possible. Please visit us for the
latest information about Intuit, our products and services, and
find us on social.
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Edelman (on behalf of Intuit) Nora Hickey
nora.hickey@edelman.com
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