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Gen-Z adults are more likely than Millennials to have a five-year plan for their finances, a survey has found.
Six in 10 (59%) Gen-Z savers born after 1996 said they have committed to financial goals over the next five years, First Direct said.
This compares with four in 10 (40%) of Millennials, born between 1981 and 1996.
The OnePoll survey among 4,000 people in October was commissioned by First Direct to mark its 35th anniversary this year.
Younger people have very high aspirations when it comes to achieving their financial goals
Carl Watchorn, First Direct
The research found that despite the tough economic landscape, with younger generations facing delaying financial goals such as home ownership or achieving the salary level they wanted, around three-quarters of the Millennial (76%) and Gen-Z (73%) generation said they are determined to reach their goals.
Half (50%) of Millennials said the cost-of-living crisis had forced them to delay financial milestones, with economic uncertainty (28%) and a lack of wage growth (27%) also meaning money goals had been delayed.
The most common goals for Millennials surveyed were achieving a better work-life balance (34%), saving for retirement (29%), travelling to new places (29%), achieving financial independence (29%), earning substantially more money (29%) and advancing their career path (29%).
Carl Watchorn, head of banking at First Direct, said: “What our data shows is that younger people have very high aspirations when it comes to achieving their financial goals.”
He added: “Having navigated a range of challenges, including higher costs of living and the aftermath of the pandemic, they are also an incredibly resilient generation that’s committed to building a good standard of living.”
Here are some tips from First Direct for boosting financial resilience:
– Consider speaking to your bank to find out what tools and support are available.
– Set some goals. If your aim is to go on more trips, for example, then you can set some savings targets based on average cost of visiting your destination of choice, then adjust your spending to meet this goal within a decided timeframe.
– Make the most of apps and tools to set a weekly budget and consider your daily spending. Try to work out your current average weekly spend, so you can compare it with your target for spending.
– Focus on building a financial buffer. You could try setting aside an affordable amount monthly. Some financial products are designed to give a good return for putting money away regularly.
