Gen Z is the first generation to be very financially literate at a very young age. But how do they educate themselves on financial planning? What investment products do they (wish to) invest in? And what is their take on debt?
This infographic – based on proprietary quantitative research amongst 1,002 consumers (400 Gen Z, 201 Gen Y, 202 Gen X and 199 baby boomers) – visualizes Gen Z’s take on finance, how they deal with financial planning, and what this means for brands.
73% of Gen Z in South Africa states their interest in financial planning and/or investing has increased in the last two years. Rather than following expensive business courses, they self-educate online. 39% of Gen Z does this by following influencers on social media, aka ‘fin-fluencers’. Next to saving (85%), Gen Z is eager to invest (73%), with education funds (39%) and stocks (36%) taking up the lion share in their investment portfolio. Yet, this generation goes beyond traditional investment products and sees a lot of potential in cryptocurrencies (28%) and luxury fashion & exclusive streetwear (13%). 13% also indicates investing in retirement plans. Growing up against the backdrop of the financial recession, this generation is debt-averse, with 70% avoiding buying on credit.
So, what does this mean for brands? Gen Z expects accessible and actionable financial advice, and brands supporting them to build financial resilience.
Want to explore how your brand can connect with this woke consumer? Discover what our Gen Z research toolbox and expert power can do for your brand!
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