Mumbai: Despite worsening economic conditions and growing global challenges, GenZ are proving to be surprisingly adept at financial planning. A recent survey by OnePoll highlights that younger generations, especially GenZ, are more likely to have a structured financial plan compared to Millennials when they were the same age.
This revelation contrasts with common assumptions that economic challenges would overwhelm the newly financially independent GenZ. Instead, they exhibit a strong sense of responsibility, with 73% of surveyed GenZ respondents stating they actively pursue financial goals, just slightly below the 76% of Millennials who reported the same.
Gap Between Millennials and GenZ Financial Planners
Although both generations share similar levels of determination to achieve financial independence, their motivations differ significantly. Millennials prioritise achieving a better work-life balance (34%), saving for retirement (29%), and increasing their future income. However, many Millennials report delaying their financial plans due to current economic uncertainties.
Conversely, GenZ focus on experiences such as foreign vacations or luxury purchases. These preferences highlight a generational shift in how financial success is perceived and planned.
Economic Pressures and Financial Aspirations
Both generations are navigating a landscape shaped by rising geopolitical tensions, supply chain disruptions, and slowing economic growth. However, GenZ’s proactive approach to financial planning demonstrates their resilience. The survey, which interviewed 4,000 participants across both generations, reveals that GenZ, born between 1997 and 2012, are more inclined to take early control of their financial future compared to Millennials, born between 1981 and 1996.
While Millennials prioritise long-term goals like retirement, GenZ’s immediate aspirations reflect their focus on quality of life and meaningful experiences. This divergence underscores how economic and social environments influence financial priorities.
Despite their differences, both generations share a commitment to financial security. GenZ, with their early head start, are proving that age does not define the financial discipline. As global economic challenges persist, their adaptability may set a new standard for financial planning among younger generations.
A survey reveals GenZ’s surprising edge over Millennials in financial planning, highlighting their unique priorities and strategies amid global economic challenges. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
