Gen Z would rather talk about anything else besides their finances, Intuit reports.
According to a new survey by Intuit, Gen Z feels like they are falling behind their peers financially.
Intuit is the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp.
A new study from Intuit found that Gen Z would rather talk about sex or politics than salaries, savings, and credit card debt.
Just as heavily doctored images of beauty on Instagram contribute to insecurities, “filtered finances” are having a massive impact on 18 to 25-year-olds. Increasingly, honest conversations around formerly taboo subjects are the norm.
The new data shows that Gen Z would rather talk about politics, parenting struggles, sex, and infertility than debt, their salaries, and bad investments. In fact, despite their modern lives, they are part of the 50 percent of Americans who would rather talk to their children about sex than speak to them about their own finances.
Gen Z grew up during the 2008 financial crisis and the Covid recession. Now, that generation is living through record-high inflation. While some are poking fun at different prices of things on social media, many apparently do not want to talk about what’s actually going on with their bank accounts.
Nearly two-thirds of people born between 1997 and 2012 say they don’t feel confident managing money, Intuit found. A majority are not sure if they will have enough money to retire. And many are unsure whether it is even worth setting long-term financial goals.
A whopping 70 percent reported that they feel behind when they compare their lives, and salaries, to people on social media. More than half surveyed said they’ve lied about their finances to try to keep up.
Two-thirds reportedly said they don’t know how to invest. Many also have yet to try a budget.
Gen Z has more access to financial information than any other generation, but this doesn’t always translate into decision-making.