Saving Generation Z: How 16 - 27 year olds save and spend

New Public First research for Yorkshire Building Society looked to investigate how Gen Z (16 – 27 year olds) save and spend. Through new polling and economic modelling, the report takes a deep look at the financial challenges facing young people today. Findings include that:

1. Five million members of Gen Z haven’t saved in the last two years, overwhelmingly because they say they cannot afford to
2. Almost two thirds (63%) of the adult population from older generations agree that today’s young adults face more hurdles to achieving financial wellbeing
3. Only two-fifths (42%) of Gen Z say they received financial education at secondary school despite it being on the National Curriculum since 2014
4. Over a third (39%) of Gen Z say they lack the knowledge to make important financial decisions

Recommendations from the report include:

• Improving financial education in schools - by making financial education part of the national curriculum in all primary and secondary schools in the UK so that all students receive it and improving the breadth and quality of what is provided.
• Targeting financial information at Gen Z more effectively - by improving our understanding of what influences their financial behaviours and reflecting this in the way financial organisations and charities communicate.
• Developing financial products that reflect the challenges facing Gen Z - through offering services that incentivise and enable them to reach financial goals in new ways.

You can read the full report here and see Opinium's polling tables here and here.