Gen Zers Say Their Generation Is the Most Irresponsible With Money, According To New Survey
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Do you ever feel like everything in modern life is designed to take your money? Sky-high grocery bills, subscription services, simple trips to the doctor, the planned obsolescence of your smartphone.
Heck, even getting to your job – they place where you go to make money – costs money.
It all piles up.
But who says budgeting has to be boring? Well, probably our grandparents, but times have changed. The way we spend our hard-earned cash on wants and needs varies by the generations. The old guard may prioritize saving for a rainy day and sticking to the essentials, while the younger set prioritizes living in the moment and splurging on experiences.
While millennials have earned a reputation as “the avocado toast” generation, a new survey found that Gen Z thinks they’re the most irresponsible generation when it comes to managing their personal finances.
Social Media’s Power In Impulse Buying To Gen-Z And Millennials
According to the survey’s results on Real Estate Witch, a staggering 81% of Americans aged 18 to 41 have caved in to the power of social media advertising, purchasing a product or service after seeing an ad on platforms like TikTok or Instagram.
The study found that millennials are particularly bad at making impulse buys based on social media ads, perhaps furthering the case for the deinfluencing movement: 5 in 6 millennial have made a purchae because of a social media ad. The survey found that millennials are likely to make an impulse buy after seeing ads on Facebook (53%), while Gen Zers are most likely to the same thing after seeing ads on Instagram (43%).
When it comes to influencer marketing, a staggering 58% of Gen Zers and 52% of millennials say they’ve bought a product recommended by an online influencer.
Behavior around impulse buys – a quick way to empty your wallet – were staggering.
The survey found that while 59% of Gen Z confess to succumbing to the allure of impulsive buying after seeing a social media ad, only 35% of Baby Boomers can relate.
Gen Zers Say They’re The Most Irresponsible With Money
Compared to other generations, Gen Z says they’re the most irresponsible with their money.
The story of Gen Z and their relationship with social media is a complex one. On one hand, they can’t resist the allure of scrolling through their feeds and splurging on products they see in ads. In fact, when asked which generation is most susceptible to social media advertising, a whopping 71% of Gen Zers pointed the finger at themselves.
But despite all their social media spending, a majority of Gen Z (66%) believe they’re the most financially irresponsible out of all generations.
Whoa, that’s more than the 52% of Americans overall who think Gen Zers are the least savvy with their money.
It seems like Gen Zers are having some second thoughts about their social media use and spending. Maybe that’s why a majority of them (51%) believe that social media hasn’t been good for society, compared to 40% of millennials and 41% of baby boomers who share the same view.
Looks like it’s time for some self-reflection, Gen Z.
But let’s be real, everyone is unique and their spending habits reflect their values and circumstances. Life is short and some splurges are worth it.
However, with the changing times and access to credit, the younger generations are known to go all-in on travel, tech, and good times.
Regardless of your age, finding the balance between treating yo’self and saving for the future is key. So go ahead, splurge a little, but don’t forget to save some for tomorrow.