Gen Z – The most Save-Savvy Generation

Every generation handles their finances in a different manner. Their saving or spending habits are reflected by the society around them as well as the economic and social situation that surrounds them. The value they place on different commodities or experiences differ. While one person from a certain generation might focus on saving their money for a fancy retirement, another might decide to collect money for adventure or globetrotting. However, it might come as a surprise to most that the most save-savvy generation happens to be Generation Z (generally identified as those born after 1997).

Generation Z is the generation that came right after Millennials and is often misrepresented by Boomers and Gen X to be a generation that splurges on technology, not wanting to think twice about spending thousands to buy the latest electronic gadget. However, research shows that of all the generations starting from Baby Boomers, GenZ is notably the best at saving while also being the least likely generation to have formed any sort of debt including overdrafts and loans from family or friends.

GenZers who are more likely to accept innovation and technology have also put a spin on the way in which they handle their finances. Unlike their predecessors, GenZers start saving money as early as their teenage years. Millennials who – despite having a reputation for splurging on avocado toast - are known to be quite adept at handling their finances. However, GenZers put more focus on spending their own money as well as saving it rather than borrowing. This means, their net value is significantly higher due to the lack of debts and loans.

Millennials and Gen Z sometimes face the wrath of the older generations and are harshly judged for having a more convenient and hassle-free lifestyle thanks to technology. However, it is this technology that has made them better savers.

GenZers are more save-savvy due to their comfort with technology preference towards mobile banking and their high aptitude for using technology. A majority of the GenZers are known to track their savings through a mobile banking app, while also keeping a strict eye on their expenses as well. According to research, they are also better at using banking apps to move money around (fund transfers) in order to reduce the cost and hassle of handling and transacting with currency.

Further, GenZers are more likely to actively seek and take advantage of discounts and offers. Thus, they are more likely to be attracted to products and services that provide them with various additional benefits that sync with their needs like health (gym memberships), Education and other offers that fit with their lifestyle.?They are more intelligent than previous generations in seeking out and signing up for the offers that appeal to them and help them manage their expenses or offer better benefits.

As a result of this, GenZers are becoming more financially independent, much earlier than the generations before them. Although Gen Z is the youngest generation, they are currently teaching everyone how to handle money!

An article from NDB Zee – The Digital Youth Account.

NDB ZEE is a digital-savings account specially tailored to meet the requirements of Gen Z, encompassing an array of digital features tailor-made for the new-generation youth who are totally immersed in technology. Specially designed for the youth between 18 to 28 years of age, the NDB Zee Digital Youth Account offers a seamless digital experience for the user, with complete account opening via vKYC, mobile banking via NDB NEOS, special higher education advisory services on financial and non-financial aspects as well as education loans and salary advances.