Gen Z & Money

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By Taylor Hugo • Illustration by Rocco Baviera

Those born in 1996 to the present, also known as Generation Z, don’t remember a time before online shopping and smartphones. At 13- to 22-years old, they may be one of the country’s youngest age groups, but when it comes to their money habits, they are wise beyond their years. So much so that they’re often referred to as the “Throwback Generation,” fitting the ideals and attitudes of their ancestors into their tech-focused lives. Translation: They have a strong work ethic and a desire to save money, and are achieving those goals on their own terms. Here’s a look at how these up-and-comers are earning, spending and saving their dollars.*


12% already saving for their post-career life and

35% planning to start saving when they reach their 20s.


21% had a savings account before they were 10.


68% read at least three online reviews before making a first-time purchase with their own money, a technological convenience that didn’t exist for previous generations.

Digital banking

This young generation is changing the way society banks. Nearly half (48%) of Gen Z have a money or payment app on their phones right now, and only 54% visited a bank branch in the past month, compared to 70% of millennials.

Where do Gen Zers get their money?

38% are given money from their parents

25% work a part-time job

23% work odd or short-term jobs

22% earn allowance with chores and other responsibilities

*Source: The Center for Generational Kinetics