Banking on the next generation

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B A N K I N G O N T H E N E X T G E N E R A T I O N Gen Z’s cautious attitude towards money Gen Z in the UK are living in a time of uncertainty. With the UK due to leave the EU and the future becoming much more uncertain for Gen Z, the backdrop to their lives is one of political, social and financial instability. Gen Z grew up in the post 2008 crash period – a time of austerity and lessthan-optimistic prospects for the future. More recently, the housing crisis and worries over job prospects have increased uncertainty about their future and specifically their finances. DID YOU KNOW... 6 9 % f e e l t h e i r f u t u r e p r o s p e c t s w i l l c h a n g e f o r t h e w o r s e b y l e a v i n g t h e E U Source: State of the Youth Nation Y1.5 Feb 2019 (N=1028), A_Y20_3 December 2018 (N=1030) 66 % DID YOU KNOW... 6 6 % o f G e n Z a r e w o r r i e d a b o u t c o m m i t t i n g t o a n y m a j o r f i n a n c i a l d e c i s i o n s a t t h i s p o i n t SSource: State of the Youth Nation Y1.5 Feb 2019 (N=1028), A_Y20_3 December 2018 (N=1030) 4
B A N K I N G O N T H E N E X T G E N E R A T I O N This uncertainty is reflected in their surprisingly non-frivolous attitude towards money 60% of 16-24s disagree that they tend to spend money without thinking 61% of 16-24s would be unhappy to have short term debt to allow them to buy the things they want 64 % DID YOU KNOW... 6 4 % h a v e s o m e f r o m o f s a v i n g s Source: State of the Youth Nation Y34.2, Y42_2, Y26.1. Feb 2019 (N=1028), A_Y35 Jan 2018 (1053) 60% of 16-24s feel that they are on top of their finances 15
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