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
Collapse All
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- Key Issues Covered in this Report
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Executive Summary
- Graph 1: debt-related stress, by gender and generation, 2023
- Graph 2: perceptions of credit cards, by generation, 2023
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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
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Competitive Strategies
- Launch Activity and Innovation
- Marketing and Advertising
- Graph 32: cross-channel marketing by subindustry, 2022-23
- Opportunities
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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
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Appendix
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