Financial habits do vary by age and there’s even a generation gap between the two youngest generations of American adults. Ahead of National Financial Awareness Day, YouGov explores Gen Z and millennials’ views towards money to identify any similarities and disparities in their financial behaviors and attitudes.
The millennial generation, born between the early 1980s and the late 1990s, witnessed the dramatic transformation of financial systems. They grew up watching the shift from widespread use of cash to the rise of online banking, credit cards and digital payments.
Gen Z (born in 2000 or later), on the other hand, grew up with smartphones as their virtual bank branch and for their entire adult lives, cashless and contactless payments were already the norm.
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Research from YouGov reveals that despite their experiences with money being shaped by technological advancements, millennials and Gen Z have distinct spending habits and financial views. Below are a few key differences in the two generations’ money mindsets.