The Changing Landscape of Young American's Spending Habits

The Changing Landscape of Young American's Spending Habits

 

August 2020 survey reveals how America's youngest adult population is approaching finances.

Generation Z has become more savvy & practical than former generations

Generation Z has become more savvy & practical than former generations

Nearly half of Gen Z’ers already have a savings account, a quarter have an emergency fund and two in ten have cash in stocks and shares.

 

70% of Gen Z say financial security is a key focus for them.

 

As many as 68% of respondents plan to make smarter financial decisions than other generations.

 

 

 

Gen Z are saving on average $386.55 a month from earnings, discounts and from making clever purchase decisions including buying second hand.

Despite their young age, the average Gen Z’er has been saving and/or careful with money for three and a half years; the average millennial has only been doing so for just over five years.

 

Many are turning to creative ways to save and make money

Many are turning to creative ways to save and make money

 

72% are constantly trying to think of creative ways to save or make money.

 

Gen Z’ers are more likely to save money by purchasing second hand clothing, mobile phones and gaming equipment, as well as selling their old clothing and mobile phones.

 

Generational differences for selling items to make extra money

Generational differences for selling items to make extra money

 

Clothing

Cell Phones

Accessories

Today’s economic climate is driving even more interest in saving for the future

Today’s economic climate is driving even more interest in saving for the future

Due to the economic impact of the pandemic, 69% say that they are even more intent on saving and making money.

 

Nearly a quarter are staying with their parents amidst the pandemic in order to save more.

 

26% are cutting back on convenience services like UberEats.

 

25% are selling their old used tech, clothes, books and toys.

 

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Methodology: Survey was fielded to 3,000 U.S. residents including 1,500 respondents aged 18-25 and 1,500 respondents aged 26+ for comparison purposes. Survey was conducted via OnePoll