Tonja Eagan, MPA, CAE, CFRE, CMFC’s Post

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

Are Gen Z okay? In a new report for Ogilvy Consulting, the always legendary 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

🌟 **Young Americans: Optimistic About Financial Futures!** 🌟 Contrary to popular belief, young Americans are feeling hopeful about their financial futures. According to a recent Bankrate poll, nearly half of millennials (49%) and almost 6 in 10 Gen Zers (58%) believe their personal financial situation will improve in 2024. 📈 Despite economic challenges, many are leveraging technology and new financial tools to build wealth and manage their finances effectively. From investing apps to financial literacy platforms, young people are taking control of their financial destinies. 💪 While some still struggle with emergency savings, the overall trend towards optimism and proactive financial management is promising. 🌟 How are you feeling about your financial future? Are you using any specific tools or strategies to manage your finances and build wealth? Share your thoughts below! 👇 #FinancialFuture #GenZ #Millennials #WealthBuilding #Optimism ---https://lnkd.in/gPwFjrKS

Looks like the corporate ladder is being replaced by the entrepreneurial elevator. Justworks & The Harris Poll’s research, featured in Forbes, shows that 71% of employed Gen-Zs and Millennials are itching to build their own businesses. #Entrepreneurship #FutureOfWork

For Millennials and Gen Z workers, faced with challenges like mounting student debt, rising living costs, and economic uncertainties, EWA can be a lifeline that can significantly improve financial wellness. Learn more in this article we wrote: How EWA can Improve Financial Health for Gen Z and Millennials | Instant Financial https://bit.ly/3zh1osm

Success in attracting younger clients might not happen by using the old reliable playbook that worked with previous generations. Millennials and Gen Z have different world views and unique life experiences. Here are a few strategies to attract next-gen clients.

Ever wondered how breaking down barriers to financial access could transform not just individual lives, but entire communities? Join us as we explore solutions and spark a revolution in economic empowerment! What if financial inclusivity was the key to unlocking limitless potential? Bridging the Financial Gap: Limited Access, Unlimited Solutions New global insights from the Herbalife survey highlight a significant challenge: limited access to financial services. 13% of respondents cite this as a barrier to economic empowerment. As a financial services professional, let's delve into how we can address this issue and make a positive impact. The Challenge is Limited Access to Financial Services The survey reveals that a considerable number of individuals feel restricted due to insufficient access to credit, money, or other financial services. The Solutions Empowerment Through Inclusive Financial Services Educate: Offer educational resources on personal finance, budgeting, and smart investing. Create Opportunities: Provide avenues for skill development and financial literacy to enhance employability. Customized Solutions: Tailor financial services to meet diverse needs, ensuring accessibility for everyone. Community Engagement: Reach out to underserved communities, offering workshops and resources to enhance financial awareness. Global Impact: 82% of those aware of their economic situation are actively seeking empowerment. Let's join forces to make a difference! How Can We Collaborate? Share your thoughts on how limited access to financial services impacts communities. Connect with us to explore personalized solutions for your financial journey. #FinancialInclusion #EmpowerThroughFinance #VantageFinancialAlliance #GlobalImpact https://lnkd.in/esG7ARJK

Yo! Professional post 😎 Read the full post and answer the ❓below 👇 Let’s face it…benefits are boring…until it is time to use them. Then when all hell breaks loose…which it inevtiably does…they look to their employers for support… Check this out about how Americans financially struggle and grapple with societal, cultural, and economic pressures👇 🚨According to a 2023 GOBankingRates survey, nearly half of Americans have $500 or less in their savings accounts. 😱More than one in four Americans have less than $1,000 in savings, with 32% of Gen Zers, 31% of Millennials, 27% of Gen Xers, and 20% of Baby Boomers falling into this category And as the Employee Benefits Industry focuses on reinventing the healthcare system, the every day American is trying to figure out how to (short list): ⛽️Put gas in their car 🛒Feed their families 🤪And do their best to create memories Extremely short list so by the time they think about filling a script, seeing the doc, or getting their teeth cleaned, they are dealing financial stress because CASH FLOW is a real thing. So they turn to 27% interest credit cards and the devasting financial downward spiral becomes an E5 tornado. So my questions are.. 1️⃣What can we do about hemmoraging bank accounts and financial stress? 2️⃣Are financial well-being programs actually making a positive impact? #cashflowisking #financialwellness #employeebenefits #HR

LOUD budgeting To stay within their budget, many Gen Zers use "loud budgeting," telling friends what social outings they can and cannot afford, according to Bank of America To offset cost of living expenses, many said they were cutting back on • dining out (43%) • skipping events with friends (27%) • shopping at more affordable grocery stores (24%). Yes, the cost of living is hitting Generation Z. Almost half (46%) of Gen Z adults ages 18 to 27 said they relied on financial assistance from their parents or other family members, in the "Parent Trap" survey • — • — • — • — • — • — • — • — • — • This is how media twists its words to get attention: Media Speak (in sub-heading): • Nearly half of Gen Z adults say they get financial help from parents and family What it actually means: • (More than half of Gen Zs don’t need financial help from parents and family) What Gen Zs are really a victim of: • Media that portray them in a bad light to generate more views. Gen Zs may feel they’re a little bit behind, compared to previous generations, but, overall they’re actually doing quite fine. If anything, they’re only feeling anxiety because everyone’s mostly sharing their successes on social media over their fears and failures We really have to curate the information we read by unfollowing news channels that are in it for the clicks Have you intentionally curated your newsfeed for your own sanity and productivity? Let me know in the comments #Millennials • #LBFalumni • #GenZ• #SkyHighTower • #PersonalBrand •

The cost of living remains Gen Z’s and millennial’s top concern. Learn more in the latest research on #Insights2Action by Deloitte.