AUSTIN, Texas--(BUSINESS WIRE)--A new national study by The Center for Generational Kinetics found that Gen Z, ages 14-21, will not be making the same financial mistakes as Millennials. The research revealed that this group is a true “throwback generation,” already working, saving money, and determined not to end up like Millennials. In fact, 77% of Gen Z currently earn their own spending money through freelance work, a part time job, or earned allowance. This is a tremendously powerful finding, given that this is also true for about the same percentage of Millennials surveyed, who are ten years older!
The research results are part of The Center’s “The State of Gen Z 2017” study which, in addition to discovering Gen Z’s views toward money and spending, goes on to reveal insights into Gen Z as consumers, shoppers, and brand trendsetters. The data found that unlike previous generations, whose parents didn’t mention money or focus on financial topics with their kids, 56% of Gen Z discussed saving money with their parents in the past six months. The result is a young generation that behaves more like Baby Boomers than Millennials and is making plans to work during college, avoid personal debt at all costs, and save for retirement. In fact, 12% are already saving for retirement, and a significant 21% of this generation had a savings account before the age of ten.
Jason Dorsey, President of the Center for Generational Kinetics and Gen Z and Millennial expert, shares his insight, predicting that “Gen Z is primed to become more influential than Millennials, and it’s happening quickly. Their practical and fiscally conservative behavior is making them part of businesses and our economy despite their young age. We’re watching this generation closely at The Center and working to help marketers, managers, and leaders start to understand them and adapt accordingly.”
The Center for Generational Kinetics is the #1 Millennial and Gen Z research, speaking, and consulting firm. Their team of Ph.D.’s work with more than 160 clients annually to solve tough generational challenges through original research, on-site innovation, and consulting solutions tied to measurable outcomes. The Center’s diverse clientele ranges from global automakers and financial service pioneers to retailers, CPG, private equity, and technology companies. The work of The Center’s co-founders to explore, understand, and bridge different generations has been featured in hundreds of media outlets around the world, from 60 Minutes and the BBC to The Washington Post. Learn more about The Center and access their team’s latest research at http://genhq.com.