A recent survey conducted by Greenlight Financial Technology, Inc. sheds light on the state of financial wellness among kids, teens (Gen Alpha, Gen Z), and parents (Millennial, Gen X) in the United States. The survey aims to understand generational differences in financial attitudes and identify opportunities for families to improve financial literacy together.
Key findings from the survey include:
1. Financial stress and anxiety begin as early as 14 years old, with 76% of Gen Z teens reporting stress about money, similar to their Millennial and Gen X parents.
2. Confidence in achieving financial goals varies across generations, with 55% of Gen Alpha expressing confidence compared to 45% of Gen Z.
3. The top financial goals across generations include saving money, having a well-paying job or owning a business, and owning a home.
4. Gen Alpha shows higher confidence in achieving financial goals, particularly in saving money, having a well-paying job, and owning a home.
5. Gen Z experiences more financial stress than Gen Alpha, with 76% of Gen Z teens reporting stress compared to 31% of Gen Alpha kids.
6. Gen Z is also more likely to lie about financial situations, with 55% admitting to doing so.
7. Both Gen Alpha and Gen Z express a desire for more personal finance education, with 75% of Gen Alpha kids and Gen Z teens wanting more education.
8. Parents and family are ranked as the most trusted sources for financial education, while social media is considered one of the least trusted sources.
9. Despite concerns about inaccurate information, many Gen Z teens and Millennials turn to social media for financial advice, with half of Gen Z teens reporting learning about personal finance on social media.
Greenlight aims to empower families with financial knowledge and skills through its banking app, which teaches kids and teens about earning, saving, spending wisely, investing, and more. The company offers various financial education programs, including Greenlight Level Up™ and Greenlight for Classrooms, to facilitate effective and interactive learning.
The survey was conducted by Greenlight through a Researchscape survey among 2,310 respondents in the US, including Gen Alpha kids, Gen Z teens, Millennial parents, and Gen X parents. Results were weighted by age, gender, and Census region.
About Greenlight Financial Technology, Inc.:
Greenlight Financial Technology is a family fintech company focused on helping parents raise financially smart kids. Its product, Greenlight, is an award-winning banking app that includes a debit card for kids and teens, along with safety features for the whole family. Greenlight partners with banks, credit unions, and employers to bring its family finance solution to more families through various programs.
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