Generation Z is famously open.
Born between 1997 and 2012, he has earned a reputation as a vocal voice on politics, equality and pay transparency.
It is not surprising given that they have grown up with social media at their fingertips, used to shout about the many problems they witnessed in their short life, from the murder of George Floyd to school shootings.
But there is one topic that is off-limits: finance.
Although hustle culture dominates TikTok feeds, new research shows that Gen Z is more likely to talk about anything than finances.
Business software company Intuit surveyed more than 4,000 people from the United States and Canada about their attitudes toward personal finance.
It found that about 30% of Gen Z like to discuss mental health, sexual experiences, and politics. But only a quarter are comfortable talking about salary and savings.
And while 48% of the general population say their friends know more about their sexual experiences than their debts, this rises to 66% for 18- to 25-year-olds.
However, he wants the topic to be discussed more.
Filtered finances
Although 69% of Gen Zers say they want people to be more open about their personal finances, they are also more likely than other generations to lie about how much money they make or take on debt to save face.
This is a phenomenon called “filtered financial” reporting.
In essence, the generation that is used to seeing influencer “candids” on Instagram is more likely to succeed online.
But it causes havoc with confidence.
Curated feeds are known to make people feel inadequate about their bodies and love life, and also leave Gen Z feeling like a financial failure.
About three-quarters of Gen Zers surveyed said social media makes them feel less prosperous and behind in achieving their life goals because they see so many other people succeeding.
They’re also twice as likely as the general population to compare themselves to others online—and when they do, 70% of Gen Zers say they feel nostalgic. This drops to 50% for the general population.
Unsurprisingly, having more access to financial information than other generations does not translate to transparency or financial success.
Despite being able to watch money tips on TikTok, the survey found that Gen Z is often paralyzed by conflicting advice.
As a result, they are twice as likely as the general population do not feel confident in managing money.
Instead, they take a short-term view of finances in general.
Gen Zers don’t live to work, they work to live
Although Gen Z is interested in exploring and learning about saving and investing, they take a more nuanced approach to putting money away for the future than previous generations.
Intuit’s survey shows that young people prefer to feel more comfortable than to save for an unknown future.
In the fallout from the coronavirus pandemic and the unrest in Russia, many Western countries are experiencing some form of slowdown or recession. So, 73% of GenZers say the current economy makes them hesitant to set long-term savings goals. Meanwhile, 66% worry they won’t have enough money to retire.
“The economic shock of the past few years has changed how Gen Z views success, and this survey shows that prosperity means something different to everyone, especially Zoomers,” said Brittney Castro, Intuit’s consumer financial attorney.
Perhaps experience is more important than money to Gen Z, with more than two-thirds claiming they are only interested in money to satisfy other interests in life.
As a result, the incoming working generation has a very different picture of what it means to be prosperous.
Traditional prosperity may look like developing a respectable career and saving for early retirement.
Gen Z disagrees. They rate work-life balance, being able to pursue hobbies, and the ability to give back as drivers of prosperity.
“Gen Z has a different relationship with money—they want it to work for them, not the other way around,” the report said.
Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter that examines what leaders need to succeed. Log in here.