The news: Gen Zers are putting their careers and financial health above family, community, and love, according to a recent NBC poll.
By the numbers: Gen Z adults generally had the same top three measures of success:
- Having a fulfilling career
- Having enough money for the life they want
- Achieving financial independence
Other measures—such as owning a home, paying off debt, starting a family, and using their talents to help others—do not fully resonate with Gen Z adults. These areas ranked from fourth to 13th place.
We’ve seen Gen Z prioritize spending on experiences while making steep cuts to their retail spending. They want to be able to afford their dream lifestyles and are willing to make the necessary sacrifices.
Why this matters for banks: These results give financial institutions perspective on these younger consumers’ primary goals. They also highlight the importance of assessing and understanding the needs of individual customers. Some Gen Zers have already bought homes and started families but likely want to further improve their financial health and status.
This points to the importance of life-stages banking, including personalizing recommendations for each individual customer. Most Gen Zers want products that help them set money aside and make it work harder for them. Banks should therefore advertise options such as certificates of deposits and high-yield savings accounts.