Gen Z turns to social media for saving and budgeting inspiration

Digital Reinvention
17/07/2024 News

Gen Z is increasingly turning to social media for financial guidance, with 74% participating in social media-driven challenges to boost their savings, according to the NatWest Savings Index. This makes them the most likely generation to create and stick to a budget, with nearly seven in ten (69%) of 18-24-year-olds actively budgeting their finances. In comparison, less than half (42%) of those aged 65 and older set a budget for themselves.

Popular challenges among Gen Z include “no-spend months” (18%) and the “50/30/20” rule (17%), reflecting a growing trend of financial awareness among younger generations. Despite these positive trends, the survey reveals that financial challenges persist across the UK.

Nationally, 22% of adults save less than £50 a month, and those who do save are putting away 24% less than they believe they should. The average UK adult saves £203.21 monthly but feels they should be saving closer to £265.95. The lack of a savings buffer is affecting mental health, with 22% reporting that their savings balance negatively impacts their well-being. Additionally, 27% of adults admit they do not discuss their finances with anyone, with only 37% of Baby Boomers willing to talk about their financial situation, compared to 86% of younger people.

The survey also found that 39% of UK adults do not budget at all, and 13% have no emergency fund. Rising grocery costs (56%) and energy bills (51%) were cited as major factors limiting savings, with 76% of respondents willing to cut discretionary spending to boost their savings.

Lewis Broadie, Savings Expert at NatWest, emphasized the importance of financial education, stating that while it’s encouraging to see Gen Z engaging with new savings strategies, the findings highlight a need for greater financial support across all age groups.

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