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…
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  8. US Gen Z, Millennials and Finance Consumer Report 2023

US Gen Z, Millennials and Finance Consumer Report 2023

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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
    • Key Issues Covered in this Report
  1. Executive Summary

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

    • Launch Activity and Innovation
    • Marketing and Advertising
    • Graph 32: cross-channel marketing by subindustry, 2022-23
    • Opportunities
  4. 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
  5. Appendix

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