Core Insights - Gen Z is actively working towards financial independence despite facing economic challenges and high living costs [1][2] - A significant portion of Gen Z feels that the high cost of living and insufficient income are barriers to achieving financial success [2][3] Financial Challenges - 51% of Gen Z cite high living costs as a barrier to financial success, with 35% underestimating their total monthly spending [1] - Over half (53%) of Gen Z do not feel they earn enough to live the lifestyle they desire, and 55% lack sufficient emergency savings [2] - Nearly half (43%) are not on track to save for retirement in the next five years, although many recognize its importance [3] Spending Habits - 57% of Gen Z indulge in small treats weekly, but 59% report that this leads to overspending [4] - Despite financial pressures, the median deposit levels for Gen Z remain higher than in 2019, indicating they are not depleting their savings [5] Financial Stress and Actions - 33% of Gen Z experience financial stress, with 90% taking proactive steps to manage their finances when stressed [6] - Common actions include checking bank balances (69%) and budgeting (64%), but some resort to avoidance or splurging [6] Financial Awareness and Relationships - Gen Z values financial transparency with friends, with 66% feeling no pressure to overspend [7] - Financial responsibility is crucial in romantic relationships, with 78% considering it an important trait in a partner [8] Steps Towards Financial Health - 72% of Gen Z have taken steps to improve their financial health in the past year, focusing on savings (51%) and reducing expenses (64%) [9] - The reliance on parental financial support has decreased, with fewer receiving significant monthly assistance [9] Methodology - The survey was conducted online with a sample of 1,069 adults, including 915 Gen Z individuals, ensuring a representative demographic [10]