Only a third of Gen Z has more than £1,000 put away

According to new research around two-thirds of people from Generation Z (those born between the mid-1990s to mid-2000s) have less than £1,000 in savings.

As many of these young adults leave full-time education and start work it is a worrying trend that so few have any form of significant saving, even though more than 40 per cent believe that saving is fundamental to their future.

Carried out by peer-to-peer lender, Zopa, the research also looked at the previous generation, frequently referred to as Millennials and found that more than half said they were making saving a top priority.

Zopa also found that 70 per cent of Generation Z checked their finances nearly every day, compared to 61 per cent of millennials.

Andrew Lawson, Chief Product Officer at Zopa, said: “Getting a grip on your finances at any age is crucial to feeling positive and in control of your financial situation, which can go a long way to feeling good about money.”

Link: Gen Z the financially savvy generation