Gen Z Stressed About Finances, But Expect To Retire Young and Rich

Morning Consult Intelligence that surveys thousands of Americans every  day to spot disruptive culture and fashion changes for major corporate  customers just released a report that Generation Z ages 18 to 27 year olds  are already in financial trouble, but believe they will rebound to be richer  and retire younger than their parents. 

Gen Zers’ lives have already been plagued with financial obstacles that  include record high inflation and bloated education loans. These  challenges are especially compounded by hyper-inflated rents, a decade of rising gas prices and shrinkflation at the grocery prices 

Gen Z adults are reporting that they are financially hurting, with about 13%  completely underwater and 40% just barely scraping by. That number  would be substantially higher, but about 35% of adult Gen Zers are  reporting that they are still getting an allowance or other form financial  subsidization from their parents.  

Gen Zers must be listening to Dave Ramsey or too broke to get credit,  because 37% of Gen Zers say that debit cards are their primary payment  method for apparel.  

Retail brands report are going all-in to help Gen Zers understand that  looking good is the best revenge by proliferating so called “buy-now, pay later” plans. About 16% of American Gen Zers are already using BNPLplans, and the market is expected to pass $100 billion in 2024. eMarketerforecasts that by 2025 year end, 47.4% of Gen Zers will be using BNPL.  

Despite a rough start, about 60% of Gen Zers say they are optimistic about their financial future and over half believe they will be richer than their  parents. Gen Zers are exceptionally confident that they will soon start  saving and become rich by making excellent investment decisions.  

Gen Zers report that they absolutely love new brands. This explains why  Gen Z is the only generation that digital shopping is dominant, with 36%  favoring online to just 32% that favor brick and mortar at the mall.  

Moring Consult warns its big corporate clients that although Gen Z  customers are easier to attract with new and trending offerings, Gen Zers  actually pride themselves for having extraordinarily little brand loyalty.