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Thursday, May 16, 2024

New report explores differing financial attitudes per generation

For retailers, ISOs, merchant level salespeople and other merchant services providers seeking to tailor their offerings to the distinct needs of today's generations, a new report from YouGov might provide useful insights.

"From Gen Z to the silent generation, each age group has a unique set of financial attitudes and behaviors," YouGov stated upon publication of the report, Generational Weath: US Banking Trend Report 2024. The survey results, the organization added, are shedding light on how financial attitudes differ among Gen Z, millennials, Gen X, baby boomers and the silent generation, as well as which financial institutions they trust, and more.

Here are several key data points researchers noted:

  • 83 percent of Gen Z expects to be as wealthy or wealthier than their parents.
  • 81 percent of baby boomers are more careful with finances than they used to be.
  • 31 percent of the silent generation expects their financial situation to get worse this year.
  • Millennials are most likely to invest stocks, bonds, mutual funds, and exchange trade funds.

In addition, Generational Wealth disclosed that 55 percent of Gen Z respondents believe it's easier to achieve generational wealth now than it used to be, and that the best way to do that is by starting your own business. The report also determined the 10 financial brands that most appeal to each generation.

"Our surveys show that younger Americans are more financially secure and optimistic about the future than conventional wisdom might suggest," said Todd Dupey, senior vice president of market research at YouGov America. "As Gen Z continues to enter the workforce and gain more wealth, their evolving attitudes toward money will increasingly shape the future of the financial services industry." 

Download the full report at business.yougov.com/content/49068-us-banking-trend-report-2024 . end of article

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