Gen Z turns to social media for saving and budgeting inspiration

Digital Reinvention
17/07/2024News

Gen Z is increasingly turning to social media for financial guidance, with 74% participating in social media-driven challenges to boost their savings, according to the NatWest Savings Index. This makes them the most likely generation to create and stick to a budget, with nearly seven in ten (69%) of 18-24-year-olds actively budgeting their finances. In comparison, less than half (42%) of those aged 65 and older set a budget for themselves.

Popular challenges among Gen Z include “no-spend months” (18%) and the “50/30/20” rule (17%), reflecting a growing trend of financial awareness among younger generations. Despite these positive trends, the survey reveals that financial challenges persist across the UK.

Nationally, 22% of adults save less than £50 a month, and those who do save are putting away 24% less than they believe they should. The average UK adult saves £203.21 monthly but feels they should be saving closer to £265.95. The lack of a savings buffer is affecting mental health, with 22% reporting that their savings balance negatively impacts their well-being. Additionally, 27% of adults admit they do not discuss their finances with anyone, with only 37% of Baby Boomers willing to talk about their financial situation, compared to 86% of younger people.

The survey also found that 39% of UK adults do not budget at all, and 13% have no emergency fund. Rising grocery costs (56%) and energy bills (51%) were cited as major factors limiting savings, with 76% of respondents willing to cut discretionary spending to boost their savings.

Lewis Broadie, Savings Expert at NatWest, emphasized the importance of financial education, stating that while it’s encouraging to see Gen Z engaging with new savings strategies, the findings highlight a need for greater financial support across all age groups.

Related news & insights

15/01/2025News

Khome's innovative co-investment model aims to help buyers access real estate

Khome, a subsidiary of the Crédit Agricole Group, is introducing a novel solution aimed at tackling financial barriers for individuals...

13/01/2025Interview

At work with Raymond Sia

Raymond Sia, CEO and Executive Board Director of Canadia Bank in Cambodia, shares his insights and experiences with Qorus, reflecting...

Digital Reinvention
10/01/2025News

BRImo app expands global banking capabilities

Bank Rakyat Indonesia (BRI) has unveiled significant updates to its BRImo mobile banking application, emphasizing global accessibility and enhanced functionality.

Digital Reinvention
10/01/2025News

eToro unveils advanced portfolio tools for smarter investing

eToro, the trading and investing platform empowering users to invest, share, and learn, has introduced a suite of cutting-edge tools...

Digital Reinvention
08/01/2025News

Bancolombia unveils “Mi Bancolombia”: A smarter, faster banking experience

Bancolombia has officially launched Mi Bancolombia, its next-generation banking app designed to enhance user convenience and accessibility.

Digital Reinvention
07/01/2025News

AlRayan Bank launches “AlRayan Go” mobile app to transform islamic banking

AlRayan Bank has unveiled its latest innovation, AlRayan Go, a mobile banking application designed to enhance the customer experience while...

ESG
06/01/2025Interview

The changemakers: BCA, a platform that energizes communities

Armand Hartono is the Deputy President Director at BCA. In an interview with Qorus, he explains how the Indonesian bank...

ESG
06/01/2025News

Monzo leads digital accessibility innovation with British sign language service

This innovation enables BSL users in the UK to communicate with Monzo’s customer support team in real-time, breaking down language...