2023
9
US Gen Z, Millennials and Finance Consumer Report 2023
2023-10-31T10:03:54+00:00
REP8C58D38C_C09C_4636_B670_C35BA5FDF7A1
3695
167732
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Report
en_GB
As Gen Z consumers look to build wealth and travel in the next year, Millennials strategize how best to handle existing debt with expanding financial obligations. Patrick Rahlfs, Senior…
US
Financial Planning and Advice
simple

US Gen Z, Millennials and Finance Consumer Report 2023

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    • Key Issues Covered in this Report

  2. Executive Summary

    • Graph 1: debt-related stress, by gender and generation, 2023
    • Graph 2: perceptions of credit cards, by generation, 2023

  3. Consumer Insights

    • Gen Z, Millennials and Finance: Fast Facts
    • Life Changes
    • Graph 3: planned events in the next year, by generation, 2023
    • Graph 4: planned life changes in next year, by generation, 2023
    • Graph 5: planned life events, by age and income, 2023
    • Graph 6: planned life events, by race and generation, 2023
    • Financial Habits
    • Graph 7: saving vs earning, by generation, 2023
    • Graph 8: spending vs saving, by generation and household annual income, 2023
    • Graph 9: interest in savings buckets, by generation, 2023
    • Graph 10: mobile wallet usage, by generation, 2023
    • Graph 11: mobile wallet usage, by generation and race/Hispanic origin, 2023
    • Debt Attitudes
    • Graph 12: reasons behind debt accumulation, by generation, 2023
    • Graph 13: borrowing attitudes, by generation, 2023
    • Graph 14: debt-related stress. by gender and generation, 2023
    • Graph 15: attitudes toward debt, by generation and household annual income, 2023
    • Financial Channel Usage
    • Graph 16: financial channel usage, by generation, 2023
    • Graph 17: YouTube and TikTok usage, by gender and generation, 2023
    • Graph 18: TikTok financial usage, by generation, 2023
    • Graph 19: bank website vs mobile app usage, by generation, 2023
    • Graph 20: millennial usage of bank apps and websites, 2023
    • Graph 21: millennial usage of financial channels, 2023
    • Financial Preferences
    • Graph 22: preference to spend money on experiences vs things, by gender and generation, 2023
    • Graph 23: attitudes toward credit score, by gender and generation, 2023
    • Graph 24: willingness to share data for recommendations, by gender and generation, 2023
    • Graph 25: willingness to pay for monthly subscriptions, by generation and household annual income, 2023
    • Payment Attitudes
    • Graph 26: descriptions of credit cards, by generation, 2023
    • Graph 27: perceptions of credit cards, by generation, 2023
    • Graph 28: view of payment methods as “good for everyday use”, by generation, 2023
    • Graph 29: view of payment methods as “easy to track”, by generation, 2023
    • Graph 30: perceptions of BNPL, by generation and financial situation, 2023
    • Graph 31: perceptions of cash, by gender and generation, 2023

  4. Competitive Strategies

    • Launch Activity and Innovation
    • Marketing and Advertising
    • Graph 32: cross-channel marketing by subindustry, 2022-23
    • Opportunities

  5. The Market

    • Market Drivers
    • Graph 33: Disposable Personal Income change from previous period, 2019-2023
    • Graph 34: Consumer Sentiment Index, 2019-2023
    • Graph 35: debt share by product type and age, 2023 Q2
    • Graph 36: total mortgage originations, by age, 2013-23
    • Graph 37: transition into serious delinquency, by age, 2023
    • Market Size and Forecast
    • Graph 38: percentage of population by generation, by year, 2018-28 (projected)
    • Graph 39: distribution of US generations by race, 2023
    • Graph 40: distrubution of US generations by Hispanic origin, 2023
    • Graph 41: financial product ownership, by generation, 2023
    • Graph 42: US; financial product ownership by gender and generation, 2023

  6. Appendix

Key issues covered in this report:

  • Expected life changes in the upcoming year
  • Financial habits of Gen Z and Millennials
  • Perceptions toward debt
  • Usage and information gleaned from various financial channels
  • Desired tools from financial institutions
  • Generational attitudes toward payment types

As Gen Z consumers look to build wealth and travel in the next year, Millennials strategize how best to handle existing debt with expanding financial obligations.

Patrick Rahlfs, Senior Research Analyst

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