Money secrets of generating snowflakes: Young people are a closed book when it comes to finances, study finds
While they may be tight-lipped when it comes to feelings and relationships, it seems that young people are a closed book when it comes to their finances.
The so-called open generation is willing to talk openly about just about anything compared to their parents, but finds it nearly impossible to talk openly about money, researchers found.
A quarter of Gen Z – 24 percent of 18- to 24-year-olds – are secretive about their savings, salaries and financial status in general.
Another 28 percent of millennials — ages 25 to 39 — act just as secretive and don’t like to reveal their financial position or discuss what they spend, cars, vacations, and homes.
The so-called open generation is willing to talk openly about just about anything compared to their parents, but finds it nearly impossible to talk openly about money, researchers found
But Generation X – between the ages of 40 and 55 – has no such problems. Only 10 percent say they are wary of their financial affairs.
Baby boomers — 55 and 74 years old — who are traditionally considered more vocal — are the most talkative about how much money they have; only four percent say they are secretive.
But only 15 percent of Gen Z and 20 percent of Millennials said they were secretive about their emotional well-being, including relationships and mental health.
That compares to 35 percent of Gen X and 47 percent of baby boomers who said they were more vocal about wellness issues.
Personal finance app HyperJar asked a nationally representative sample of 2,079 British adults whether they liked being open and talking about money with their friends and family.
Baby boomers — 55 and 74 years old — who are traditionally considered more vocal — are the most talkative about how much money they have; only four percent say they are secretive
Spokesperson and CEO Mat Megans said: “We expected the data to show that Gen Z and millennials are more candid about their finances.
“They are generally seen as more of an ‘open book’ than their parents and grandparents.
‘But our research shows that older generations in particular feel more comfortable talking about money.
This may be because they have had time to accumulate wealth and build a more financially stable life, and this increases confidence.
“And it makes sense that those who are struggling are the most sensitive to talking about their money problems.”
Researchers also found that baby boomers are much more likely to borrow money: 28 percent say they have done so to friends and family in the past two years.
That compares to just 24 percent of Gen Z, 21 percent of Millennials, and 22 percent of Gen X.
But despite their concerns about openness about money, Generation Z is least concerned about their children’s financial prospects.
Just over a third — 37 percent — said they weren’t worried about their prospects, compared with 43 percent of millennials, 26 percent of Generation X and 54 percent of baby boomers.