Cash secrets of the snowflake generation: Young people are a closed book when it comes to finances, a survey shows
While they wear their hearts on their sleeves when it comes to feelings and relationships, young people seem to be a closed book when it comes to their finances.
The so-called open generation is willing to be open about almost anything compared to their parents, but finds it almost impossible to be open about money, researchers have found.
A quarter of Gen Z — 24 percent of 18-24 year olds — don’t disclose their savings, salaries, or their financial situation in general.
Another 28 percent of Millennials – those 25 to 39 years old – are equally withdrawn and don’t like disclosing their financial situation or discussing what they’re spending or cars, vacations and houses.
The so-called open generation is willing to be open about almost anything compared to their parents, but finds it almost impossible to be open about money, researchers have found
But Generation X – those aged 40 to 55 – have no such problems, with just 10 percent saying they are cautious about their financial affairs.
Baby boomers – those 55 and 74 – who are traditionally thought to be more reticent – are the most talkative about how much cash they have, with just four percent saying they are secretive.
But only 15 percent of Gen Z and 20 percent of Millennials said they keep their emotional well-being, including relationships and mental health, private.
This compares to 35 percent of Gen Xers and 47 percent of Baby Boomers who say they are more reserved when it comes to well-being.
Personal finance app HyperJar asked a nationally representative sample of 2,079 British adults whether they felt comfortable being open and discussing money with their friends and family.
Baby boomers – those 55 and 74 – who are traditionally thought to be more reticent – are the most talkative about how much cash they have, with just four percent saying they are secretive
Spokesman and CEO Mat Megans said: “We expected the data to show that Gen Z and Millennials were becoming more open about their finances.
“They are generally seen as more of an ‘open book’ compared to their parents and grandparents.
“But our research suggests that it’s actually older generations who are more comfortable talking about money.
“That could be because they’ve had time to accumulate wealth and build a more financially stable life, and it boosts confidence.”
“And it makes sense that those who are struggling are the most sensitive when it comes to talking about their money problems.”
The researchers also found that baby boomers are much more likely to lend money, with 28 percent saying they have done so to friends and family in the past two years.
This compares to just 24 percent of Gen Z, 21 percent of Millennials and 22 percent of Gen X.
But despite their concerns about being open about money, Generation Z worries the least about their children’s financial prospects.
Well over a third – 37 percent – said they weren’t worried about their future, compared with 43 percent of Millennials, 26 percent of Gen Xers and 54 percent of Baby Boomers.