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CEO | C-Level Executive | Chief Growth & Reinvention Officer | Membership Association & Nonprofit Leader | Executive Director

The financial perspectives of Gen Z are vastly different than generations past, especially the Boomers. These Zoomers are zooming right through their money and desperately need financial coaching. Check out these stats!

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19, Social Entrepreneur, Founder/CEO Thred Media- 3xTEDxTalks, 7xModel United Nations, Google Gen Z-Council, Oracle for Startups, Microsoft Surface Influencer, Forbes 30 Under 30, Media Week 30 Under 30, PPA 30 Under 30

Are Gen Z okay? In a new report for Ogilvy Consulting, my very good friend Reid Litman dives deeply into the financial status of Gen Z and provides a framework for supporting and engaging with the generation’s financial wellness. So where do things stand for Gen Z? ▶️ Gen Zers have 86% less purchasing power than Baby Boomers did in their 20s, and 33% of Gen Z workers have saved nothing for retirement in the last two years. ▶️ Gen Z are now being coined “the rental generation”, with 34% thinking they’ll never be able to afford their own house. ▶️ 48% of Gen Zers and Millennials said that they planned to use Buy Now Pay Later services for the 2023 holiday season, compared to only 14% of Baby Boomers. Overall there’s been a dramatic shift compared to the previous generations, and this isn’t just in terms of financial status. The spending habits of Gen Z have also diverged strongly, driven by an uncertain economy, influencer culture, viral trends, and an increase in the types of products and services available. A good example of this is Gen Z’s approach to luxury fashion. The generation has normalised occasional splurges, with Gen Z and Millennials accounting “for the entire growth of the luxury market in 2022,” according to a study by Bain & Company. There’s a kind of fatalism to the way Gen Z spend. If buying a house simply doesn’t seem like a feasible goal, then putting money aside — and bearing the full brunt of the cost of living crisis — might not seem worth it. In part, this explains why almost 73% of Gen Zers prefer a better quality of life to having extra money in the bank. Opportunities and next steps: ▶️ 38% of Gen Zers admit their emotional spending is out of control, and the majority are left with guilt for self-sabotaging their financial wellbeing. ▶️ 43% of Gen Zers and Millennials recognise the need to be more proactive about financial planning. ▶️ 79% of Gen Zers “would like to see brands offer more upskilling, education, and personal finance courses through their membership or loyalty programs.” (Think LinkedIn Learning, Skillshare, Udemy and Maven). There is a clear need for holistic support when it comes to financial wellness and emotional spending. The Ogilvy report represents a deep dive into these opportunities, offering a framework focusing on four key categories of action: 📦Product, 💑Community, 🖼️Culture and 👩💻Technical Training. This includes a look at brands like GoHenry and Chase (who are winning over Z and Alpha, along with their families, by assisting parents in teaching youth about the importance of money management) and Capital One (which now offers a free programme for first-gen college students, involving workshops on financial education and career development). How can your brand become a leader in financial wellness? Check out the full report, explore the areas of action, and follow Thred Media for more brand insights into Gen Z✨ #GenZ #Marketing #Insights #FinancialServices #Education

The Support Gap: How Financial Services Brands Can Win with Gen Z | Ogilvy

The Support Gap: How Financial Services Brands Can Win with Gen Z | Ogilvy

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