Generational Finances Survey

Everyone wants to be better off financially than their parents, and having a high degree of financial literacy and the skills to make good decisions are key to making that happen. However, Gen Z is the least financially confident generation, according to a new nationally representative survey conducted by WalletHub, which found more than 1 in 4 Gen Zers say they are not confident in their financial knowledge and skills.

WalletHub’s survey asked about everything from whether people maintain a monthly budget to what they feel is the biggest roadblock to their financial success. Below are some highlights of the survey, along with additional insight from a panel of experts.

Key Stats

• Inflation’s Biggest Victims: Gen Z is the most burdened by inflation, with 46% saying it’s holding them back more than their income, debt, or housing costs.
• Financially Lost: Gen Z is the least financially confident generation, as more than 1 in 4 Gen Zers say they are not confident in their financial knowledge and skills.
• Savings Over Stocks: 66% of Gen Zers think savings accounts are the best way to invest their money, while 38% of Millennials think that investing in stocks is a better option.
• Family Over Finance Pros: While 58% of Baby Boomers, 43% of Millennials and 41% of Gen Xers prefer a financial professional as their go-to source for financial advice, 50% of Gen Zers prefer a family member.
• Money-Savvy Millennials: 71% of Millennials think they’re better with money than their parents, but only 48% of Gen Zers feel the same way.
• In Over Their Heads: Gen Z and Gen X have the least confidence in their ability to manage debt, with around 20% of them rating their capabilities as poor, compared to just 11% of Boomers and 10% of Millennials.

Ask the Experts

Topping your parents financially is a great dream, but it can be difficult to make happen in reality. To gain further insight into this issue, we posed the following questions to a panel of experts. Click on the experts’ profiles to read their bios and responses.

1. What steps should people take to become more financially well-off than their parents?
2. How do you react to the fact that 66% of Gen Zers think savings accounts are better for investing their money than stocks?
3. Almost 30% of Gen Zers don’t maintain a monthly budget. What are the steps for creating a successful budget?
4. What do you think is the biggest factor currently preventing financial success among younger generations?

Ask the Experts

Rui Yao
Ph.D., CFP® – Editor, Journal of Consumer Affairs, Professor, Division of Applied Social Sciences – University of Missouri
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Kim Gieck
M.A., LPCC – Accounting, Finance & Economics Program Chair, School of Business, Hospitality, & Technology (BHT) – Central New Mexico Community College
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Mahala Geronasso
MBA, CHIA – Ph.D. Candidate, Teaching and Research Assistant, Rosen College of Hospitality Management - University of Central Florida
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Joey Johnson
Graduate Part-Time Instructor & Research Assistant, Personal Financial Planning, School of Financial Planning – Texas Tech University
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Rick Proctor
Ph.D. – Associate Professor of Finance; Director, Lynn Rondeau '75 Center For Private Wealth Management Faculty Advisor, Financial Management Association-Siena Chapter – Siena College
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Ronald Moy
Ph.D., CFA, CFP – Associate Professor of Economics and Finance, Tobin College of Business – St. John's University
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Full Survey & Responses

Notes: Percentages may not total 100% due to rounding.
Generations Age Breakdown:
Gen. Z: 1997-2012 (2007 for 18+)
Millennials: 1981-96
Gen. X: 1965-80
Baby Boomers: 1946-64

Survey Methodology

This report reflects the results of a nationally representative online survey of 200 respondents.

After we collected all responses, we normalized the data by gender and income so that the sample would reflect U.S. demographics.

Supporting Video & Audio Files:

• YouTube (for web embedding)
• Raw video files (for editing into clips)
• Raw audio files (for editing into clips)