Key takeaways
- With 57% of Gen Zers believing money is key to happiness, 38% aim to earn over $100,000 by age 30.
- 14% are open to joining OnlyFans to increase their earnings, while 26% have considered online gambling.
- 71% of Gen Zers advocate for salary disclosure at work, while 58% refuse to apply for job ads without a listed salary.
- 54% of Gen Zers are willing to date someone who earns significantly less than them.
Fashion is a necessity, the latest iPhone a must-have, and eco-friendly brands worth the splurge. So is Gen Z defying the stereotype of impulsive spending and low savings?
EduBirdie surveyed 2,000 Gen Z Americans on their financial habits and attitudes toward money. The results show that young people are aiming high and saving well—but money isn't everything, particularly when it comes to love.
Mental health’s price tag: Does money matter to Gen Z?
While much of Gen Z has left the nest, not all are flying solo. Whether pursuing education or trying to get their feet on the career ladder, 41% still rely on financial support from their parents.
While 19% are comfortable with the arrangement, 22% admit guilt for depending on the Bank of Mom and Dad.
Past generations may have claimed that money can't buy happiness, but Gen Z doesn't buy it.
Bogged down by rising living costs, student loan debt, and job uncertainty, greater financial stability would make a difference. No wonder 57% firmly insist money is vital to their happiness.
Gen Z wealth goals: What is the ideal salary for young Americans?
More money might boost Gen Z’s mood, but most young people aren't chasing fast cars, flashy homes, or fancy meals. Rather, 58% believe they could live comfortably with an annual salary between $50,000 and $100,000—closely aligned with the average salary for Americans of $67,000.
When it comes to achieving financial comfort? Some 18% of Gen Zers say they have already reached the milestone, while 65% are certain they will get there. With the average Gen Z salary already pushing $50,000 in many states, they have reason to be confident.
But comfort isn’t the ultimate goal for this ambitious generation, with many already setting their sights on the finer things in life. While a high five-figure salary may suffice for now, 38% are determined to earn upwards of $100,000—and expect to do so by the time they turn 30.
Pay transparency: Gen Z’s say on salary disclosure
Don’t discuss pay with your coworkers. Sure, it's an age-old office rule, but when has Gen Z ever accepted the status quo? Whether their bosses like it or not, 71% believe salaries should be openly disclosed and discussed in the workplace.
The job market might be tough right now, but not so tough that Gen Z is willing to compromise its beliefs. Valuing transparency, 58% of young Americans insist they won't apply for a job listing if it fails to disclose the salary.
Gen Z’s get rich blueprint: The planned road to financial success
What's Gen Z counting on to secure its financial future? Some 61% believe their career earnings will see them through, while 26% are betting on smart investments to grow over time.
However, 10% have no plans to boost their wealth. While Gen Z is still young and there's plenty of time to make money, old age catches us all—and it can be very expensive, so it's best to plan ahead.
What are young Americans spending their hard-earned wages on? Sure, Gen Z has a taste for tech and fashion, but they're also setting plenty aside for stocks and shares. Some 53% are consistently saving a portion of their paychecks, while 30% are stashing away leftover funds at the end of the month.
Hard work and consistent investment are what the experts recommend, but some Gen Zers have more creative plans to earn their fortune.
Using the internet to their advantage, 32% are considering starting an OnlyFans or selling foot pictures to make money.
Likewise, 26% are tempted by online gambling, essentially rolling the dice on their finances despite the odds stacked against them.
Gen Zers are more tuned into their financial health than previous generations—likely due to the endless reel of advice the internet offers.
While 68% of young Americans still turn to family and friends for money advice, 41% also call upon social media’s wealth of influencers to learn how to be better with money, while 13% seek answers from ChatGPT.
Money and relationships: Does Gen Z put a price on love?
Dating experts often stress that shared spending habits and savings goals are vital to a long and stable relationship—but Gen Z disagrees. Whether their partner earns more, less, or the same as them, 40% say money imbalance in relationships is no barrier when it comes to love.
When it comes to love, Gen Z is choosing connection over cash. Some 54% say they are willing to date someone who earns significantly less, while another 25% are open to it—so long as their partner plans to improve their financial situation.
Until death debt do us part—that’s Gen Z’s vow when it comes to money in relationships, with 65% willing to support their significant other indefinitely should they face financial hardship.
Gen Z may be the chill generation, but not all are so laid-back when it comes to lending. While 82% are willing to help out family and friends in need, 12% demand a formal agreement before parting with their cash.
Aiming for six figures and putting plenty aside for the future (or to bail out their loved ones), this young generation’s influencer-led financial education seems to be paying off.
