The Briefing
- 4 in 5 Gen Zers believe they will be at least as financially successful as their parents
- Gen Zers have a more positive outlook on their financial well-being than their millennial or Gen X peers
How Gen Z Feels About Its Financial Future
From rising costs of living to the effects of the pandemic, Gen Z was hit by multiple crises as soon as they stepped into the workforce.
To start, the rising cost of education and the resultant soaring student debt has many Gen Zers questioning the value of post-secondary education. Meanwhile, the widespread layoffs and economic uncertainty have them worried about stable employment. In addition, anxiety around climate change is a very real factor affecting how younger generations view their future prospects.
A survey conducted by Morning Consult—visualized in the graphic above—found that while the Gen Z is feeling more uncertain about their financial future than ever, most believe that they will be financially better off than their parents, if not the same.
The table below highlights exactly how the Gen Z feels about its financial future.
| Gen Z Repondent Categories | Better off than parents | Same as parents | Worse off than parents |
|---|---|---|---|
| Male | 39% | 43% | 18% |
| Female | 36% | 44% | 20% |
| White | 35% | 44% | 21% |
| Hispanic | 42% | 41% | 17% |
| Black | 46% | 40% | 15% |
| Other Races | 44% | 41% | 15% |
| Total | 38% | 43% | 19% |
Breaking the Narrative: Gen Z’s Optimism
Gen Z is an optimistic and driven generation. Many young people in this generational cohort are turning to entrepreneurship and side hustles as a way to supplement their income and build a brighter future.
So, when asked how they would fare financially when compared to their parents, it makes sense that 38% of the Gen Z youth surveyed by Morning Consult believed that they would be better off than their parents. 43% believed that their financial situation will remain the same and only 19% felt that they would be worse off.
Irrespective of gender and race, four in five Gen Zers said that they would be better off than their parents, if not the same.
So, while many of the stories we hear about the outlook for Gen Z are negatively framed, this generation is more optimistic and determined than one might expect.
Where does this data come from?
Source: Morning Consult
Data notes: Survey conducted Nov. 2-8, 2022, among a representative sample of 1,000 U.S. respondents between the ages of 13 and 25, with an unweighted margin of error of plus or minus 3 percentage points. Figures may not add up to 100% due to rounding.
