Wealth, Hustle, and Skepticism: How Gen-Z Handles Money

We’ve all heard the phrase: “Money makes the world go round” - but does Gen-Z agree?

Gen-Z is a distinctly money-minded, financially conscious generation. With access to so many resources where financial advice is given for free, and forums such as Reddit, the young people of today are making use of this information and taking steps towards ‘financial freedom’.

But what does this look like in practice?

79% of Gen-Z agree with the statement that ‘Money buys happiness’.

Being frivolous with money and careless about saving is a luxury that this generation can no longer afford. In a time when money does indeed buy happiness, or at least, all of the elements needed to live a happy life (a home, food, holidays), maintaining wealth is essential.

One thing is especially clear: wealth matters to Gen-Z; this is a generation that wants control over their financial future.

Unlike previous generations, who might have prioritised stability or personal growth over financial gain, Gen-Z is money-minded. This is exemplified by the younger generation’s commitment to financial literacy, including investments and savings accounts.

Even when confronted with the tough philosophical question of: “Would you choose love over money or money but never find your true love?” 34% picked money over love. This just goes to show how pragmatic and money-minded Gen-Z is. This doesn’t mean that Gen-Z is abandoning ‘love’, just that financial security is now seen as a more attractive foundation for a happy life than romantic relationships - which can be unpredictable.

This change is driven by both economic and social developments which have led to increased instability in the Job Market, among other factors.

We have begun to outsource labour - whether it be to other countries or to AI tools. This leaves many feeling stranded, unsure of their place in the job market. Gen-Z feels the impacts of this, with one university student describing the immense strain that they are under to find an internship that might help to set them apart in the wider job market:

“These opportunities are so competitive that getting into my chosen field is starting to feel impossible, making money from the degree I’m doing, even more so.”

This creates a need for young people to get creative when considering ways to generate income outside of conventional career paths.

As a result, this generation champions the idea of creating passive streams of income to supplement or even replace the salary of a typical 9-5. Social media content creation, freelance copywriting, clothes selling, and stock trading are all tried and tested examples of ‘side hustles’.

Interestingly, despite this generation’s focus on financial growth, Gen-Z isdeeply skeptical of certain financial products and services.

Young people todayare deeply distrustful of many popular BNPL (Buy-Now-Pay-Later) services, such as Klarna, which advertise a financing plan that allows its users to pay thecompany back over the course of a few months. 86% of Gen-Zers agree that buy-now-pay-later businesses like Klarna have a net negative impact on society as they encourage taking on unnecessary debt. This tech-savvy, financially literate generation is saying no to debt and yes to financial planning.

Whilst Gen-Z values money - they don’t do so blindly, instead challenging traditional ideas and attitudes towards money. This generation chooses to invest in knowledge whilst remaining cautious about financial traps and unethical practices. As we look to engage with this demographic on financial matters, it is important to acknowledge Gen-Z’s stance on transparency, ethical finance and long-term stability.

It is no longer just about products - it is about empowering a generation committed to securing their financial future.