Generation Z (ages 14 to 21) are already working, saving money, and determined not to end up like Millennials, according to a national study by The Center for Generational Kinetics.
The Center’s “The State of Gen Z 2017” study found 77% of Gen Z currently earn their own spending money through freelance work, a part time job, or earned allowance. In addition, 12% are already saving for retirement, and 21% of this generation had a savings account before the age of ten.
Members of Generation Z have strong feelings about debt; 29% believe personal debt should be reserved for select items, and 23% believe personal debt should be avoided at all costs. The Center notes that while Millennials show similar numbers to Gen Z on their feelings about debt, they are coming at it from hindsight—post-college—rather than foresight.
Thirty-eight percent of Gen Z plan to work during college and nearly one-quarter (24%) say they will pay for college through their personal savings.
The data also found that unlike previous generations, whose parents didn’t mention money or focus on financial topics with their children, 56% of Gen Z discussed saving money with their parents in the past six months.An infographic about the results is here.