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The study highlights the growing financial stress experienced by 82% of Australian Gen Zs (aged between 18 to 26). Nevertheless, this generation is also twice as likely as other age groups to demonstrate a strong desire to enhance their financial management skills as a means to overcome their financial pressures.
Encouragingly, nine out of ten Gen Z individuals are determined to boost their financial literacy and confidence, despite facing a number of obstacles. The research indicates that almost half (49%) of financially insecure Gen Zs indicate feeling overwhelmed as the biggest barrier to achieving financial security, closely followed by not knowing how or where to start (42%).
Furthermore, the research unveils that Gen Zs prefer to acquire knowledge in the shortest time possible (77%) and are twice as likely as other generations to turn to social media platforms (56% compared to 23% of non-Gen Zs) for guidance and information on financial management.
As per the research findings, Gen Zs typically possess higher levels of personal debt compared to other age groups, alongside a greater dependency on credit products. Key highlights of the study include:
In response to the mounting pressure of the cost of living, Gen Z individuals are considering options like taking on additional or new employment opportunities (39%) to address their financial difficulties.
Published:Saturday, 18th Nov 2023
Source: financialservicesonline.com.au
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