Generation Z’s Financial expectations vs their parents’

by hedy on September 11, 2012

ABC News recently reported on Generation Z’s* relationship with money.  On the whole, I didn’t find the issues discussed that surprising, but a couple things stood out to me.  First of all. the fact that such a huge chunk of the youth responded stated that unemployment was a major concern (25% vs 26% of parents) jumped out to me.  I was the age which the Generation Z kids are during the dot com bubble.  The financial world in which I lived has very little do to with layoffs, whereas I’d say most of the Generation Z-ers I now either have had a parent laid off, known someone laid off, or had a layoff scare in their family.   Many of my peers were raised in environments where pensions and the like were the norm for their parents.  Generation Zers don’t have that at nearly the same rate, which I think feeds into parents not planning on leaving inheritances (as their parents might not have started saving for retirement soon enough).

The numbers regarding parents talking to their kids about money (more parents said they had than kids), to me is just normal parent/kid relations.
*The study refers to “Generation Z” as being between ages 13-22. I (28) tend to self-identify as a millenial.  The survey indicates it was twelve minutes long, and notes that this might have affected the teens who responded.

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