August 1, 2018, 12:47 PM EDT
Understanding Generation Z: Outlook on Finances and Future
Insights on their financial knowledgeDOWNLOAD
Table of Contents
- 97% Plan to own a home5
- 27% Say they will have a residential mortgage
- 92% Plan to own a car6
- 23% Say they will have an auto loan
Savings and credit cards
- 64% Own debit card
- 42% Own checking account
- 26% Own credit card
- Are twice as likely to be satisfied with their financial position
- Are twice as likely to understand how credit cards work
- Are 23% more likely to prioritize savings
- Are four times more likely to know what an APR is
They are different than Millennials, who were more financially savvy at this point in their lives. As a result, financial brands must educate, as well as address the financial needs of this important generational cohort.
Synchrony leveraged existing syndicated and secondary data to identify insights and knowledge gaps before kicking off Synchrony research.
Timing: May – July 2017
Synchrony partnered with market research and strategy firm Chadwick Martin Bailey to conduct an online immersion with Gen Z participants in four U.S. markets. Subsequently, in-home interviews (ethnographies) and shopping excursions were concluded.
Timing: October – November 2017
For comparison, Synchrony conducted a multigenerational survey with over 4,000 respondents.
Timing: December 2017 – January 2018