The 5 Types of Financial Advice That Gen Z Wants the Most
1. Budgeting Advice (55% of Gen Z)
A significant portion of Gen Z seeks guidance on budgeting to achieve their financial goals. Popular methods include using budgeting apps that track spending and savings. TikTok's "loud budgeting" trend has also inspired many young people, emphasizing the need for clear and actionable budgeting strategies.
2. Investment Advice (52% of Gen Z)
More than half of Gen Zers are interested in learning how to invest, particularly for retirement. They are advised to be cautious with investment tips from social media and to consider simpler options like target date retirement funds. Consulting fiduciary financial advisors can also provide personalized and ethical investment strategies.
3. Managing Spending Habits (50% of Gen Z)
With high inflation and social pressures, half of Gen Z desires advice on controlling their spending. Trends like "cash stuffing" are popular, but digital alternatives like bank sub-accounts for specific spending goals (e.g., Ally Bank’s "spending buckets" or SoFi's "Vaults") are also recommended.
4. Savings Analysis (44% of Gen Z)
Nearly half of Gen Z wants to understand how to save effectively and track their progress toward financial goals. Tools from banks and budgeting apps, as well as savings calculators, can help visualize and manage their savings plans for various objectives, such as retirement or emergency funds.
5. Debt Management Advice (33% of Gen Z)
One-third of Gen Z is looking for help managing debt, particularly credit card debt. Debt payoff apps and nonprofit credit counseling agencies are suggested resources for those struggling to make payments. These tools can provide strategies to accelerate debt repayment and improve financial health.
Bottom Line
Gen Z is proactive in seeking financial advice to navigate the complexities of budgeting, investing, spending, saving, and managing debt. Utilizing budgeting apps, consulting fiduciary advisors, and leveraging bank features can help them make informed decisions and achieve their financial goals.
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