Gen Z openly Discusses Finances, Actively Seeks Financial Wellness, Study Reveals
A recent study by Bank of America indicates a meaningful shift in how young adults approach money, with 72% of Gen Z actively taking steps to improve their financial health. Unlike previous generations who frequently enough kept finances private, members of Gen Z are demonstrating a remarkable openness about money matters.
Dominique Washington of Bank of America highlighted this trend, stating, “Previous generations have been a lot more taboo about this…And that doesn’t seem to be the case from the most part with Gen Z.” Washington noted Gen Z’s willingness to discuss finances with friends, establish financial boundaries, and even consider financial responsibility when choosing partners.
The study comes as many in Gen Z are facing higher-than-anticipated living costs coupled with lower earning potential early in their careers. This economic reality is prompting a proactive approach to financial management.
Washington emphasized the importance of establishing a financial plan, even a basic one. “When you have a spending plan or any plan of some sort it helps reduce financial stress a little bit and even when that plan doesn’t go as was to be expected, it’s much easier to identify the one or two things that might potentially be contributing to the plan not working,” he explained, “Rather than not having a plan at all and really not knowing where to start.”
Resources are readily available to help Gen Z navigate these challenges. bank of America offers a free financial education platform at Bettermoneyhabits.com, providing guidance on budgeting, saving, and credit building. Washington also recommends seeking advice from parents, trusted advisors, or professional financial planners.
