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Over a third of Gen Z have over £1,000 in savings

Sam Monk | 12:30 Monday 27th May 2019

Over a third of the Gen Z demographic (35%) have more than £1,000 in savings, according to the latest study by Zopa.

The specialist bank’s research explored the thoughts of both the Gen Z and millennial demographics towards finances.

Highlights of Zopa’s research included:

  • 52% of millennials have over £1,000 saved
  • 70% of the Gen Z demographic checked their finances nearly every day, compared with 61% of millennials
  • twice as many millennials would prefer to go to a branch to check their balance than the Gen Z demographic
  • 73% of millennials and 70% of Gen Z were happy to talk about their finances in general
     

“Getting a grip on your finances at any age is crucial to feeling positive and in control of your financial situation, which can go a long way to feeling good about money,” said Andrew Lawson, chief product officer at Zopa.

“As more and more tools come to market to help people stay in control of their money, the generations that are more open to trying new apps and features are getting better and more adept at managing their finances.”

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