Budgeting or Balling? Uncover the percentage of Gen Z flying budget-free each month.
Answer: about 30%
Questions:
- Why is it important to create a monthly budget at any age?
- What budgeting categories do you typically plan for? Why?
- Which budgeting items would you consider a need?
- Which budgeting items would you consider a want?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (WalletHub):
Key Stats
- Confidence Crash. Gen Z is the least financially confident generation, as more than 1 in 4 Gen Zers say they are not confident in their financial knowledge and skills.
- Gen Z seems averse to risk. 57% of Gen Zers think savings accounts are the best way to invest their money, while 46% of Baby Boomers say investing in stocks is a better option.
- Different age groups have different struggles. 48% of Baby Boomers say inflation is holding them back more than their income, debt, and housing costs, compared to only 39% of Gen Zers.
- Some young people lack budgets. Almost 30% of Gen Zers don’t have a budget for managing their monthly expenses.
- Good examples are important. Over 34% of Gen Zers say their parents did not set a good example for them financially – more than any other generation.
- Generations look to different sources of insight. While most Baby Boomers (60%) prefer a financial professional as their go-to source for financial advice, Gen Zers (39%) prefer a family member.
————–
For more resources, check out the NGPF Unit on Budgeting.
————–
To receive a Question of the Day in your email inbox, subscribe to the NGPF Blog.
About
the Author
Mason Butts
After graduating from UCLA with a Master’s in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.
