Young people are a closed book when it comes to finances, survey reveals
Snowflake Generation Cash Secrets: Young people are a closed book when it comes to finances, survey reveals
While they may have their hearts on their sleeve when it comes to feelings and relationships, it seems young people are a closed book when their finances are on the line.
The so-called open generation is willing to talk openly about almost anything compared to their parents, but find it nearly impossible to discuss money openly, the researchers found.
A quarter of Gen Z – 24% of those aged 18 to 24 – are secretive about their savings, salaries and overall financial situation.
A further 28% of Millennials – those aged 25-39 – are equally secretive and dislike revealing their financial situation or discussing what they spend or their cars, vacations and homes.
The so-called open generation is willing to talk openly about almost anything about their parents, but find it nearly impossible to discuss money openly, researchers say.
But Generation X – people aged 40 to 55 – have no such problems with just 10% saying they are cautious about their financial affairs.
Baby boomers – those aged 55 and 74 – and traditionally seen as more discreet – are the most talkative about how much money they have with just 4% telling secrets.
But only 15% of Gen Z and 20% of Millennials said they were secretive about their emotional well-being, including relationships and mental health.
That compares to 35% of Gen Xers and 47% of Baby Boomers who said they were more discreet about wellness issues.
Personal finance app HyperJar asked a nationally representative sample of 2,079 UK adults if they were comfortable being open and talking to friends and family about money.
Baby boomers – those aged 55 and 74 – and traditionally seen as more discreet – are the most talkative about how much money they have with just 4% telling themselves secrets
Spokesperson and chief executive Mat Megans said: “We expected the data to show that Gen Z and Millennials are more outspoken about their finances.
“They are generally considered an ‘open book’ to their parents and grandparents.
“But our research suggests that it’s actually the older generations who feel more comfortable talking about money.
“It may be because they have had time to accumulate wealth and establish a more financially stable life, and that increases confidence.
“And it makes sense that those who are struggling feel the most sensitive about discussing their money issues.”
The researchers also found baby boomers are much more likely to lend money, with 28% saying they have done so to friends and family in the past two years.
This compares to just 24% of Gen Z, 21% of Gen Y, and 22% of Gen X.
But despite their concerns about being open about money, Gen Zers are the least likely to worry about their children’s financial prospects.
Well over a third – 37% – said they weren’t concerned about their prospects, compared to 43% of Millennials, 26% of Gen Xers and 54% of Baby Boomers.