Gen Z openly Discussesโ Finances, Actively Seeks Financial Wellness, Study Reveals
A โฃrecentโ studyโข by Bank of America indicates a meaningful shift in how young adults approach โฃmoney, with 72% of Gen Z actively taking stepsโ to improveโข their financial health. Unlike previous generations who frequently enough kept โfinances private, members of Gen Z โคare demonstrating a remarkable openness about money matters.
Dominique Washington of โBankโ of America โhighlighted this trend, stating, “Previous generations have โคbeen a lot โขmore taboo โabout thisโฆAnd โthat doesn’t seem โขto be the case from the most โpart withโฃ Gen Z.”โฃ Washington noted Gen โขZ’s willingness to discuss finances with friends, establish financial boundaries,โค and โeven consider financial responsibility when choosing โpartners.
The study comes as many inโค Gen Z โขare facingโค higher-than-anticipated living costs coupled with lower earning potential early in their careers. This economic reality is prompting a proactive approach toโข financial management.
Washington emphasized the importance of establishing a financial plan, even a basic one. “When you have a spendingโค plan orโ any plan of some sort it helps reduce financialโฃ stress a โlittle bitโข and even when that plan doesn’t goโ as was to be expected, it’s much easier to identify the โขone or two things that might potentially be contributing to the plan not working,” he explained, “Rather than not having aโ plan at all and really not knowing where to โขstart.”
Resources are readily availableโค to helpโฃ Genโ Z navigate these challenges. โฃbank โof America โขoffers aโข free financial education platform at Bettermoneyhabits.com, providing guidance on budgeting, saving, and โคcredit building. Washington also recommends seeking advice โคfrom parents, trusted advisors, or โขprofessional financial planners.
