Gen-Z vs millennial: Who is better at saving money?
Published by India Today
Abhishek Kumar's role: Quoted
Abhishek Kumar said early financial struggles shape saving habits, and that social media raises Gen Z's awareness but also exposes them to unregulated advice. He suggested both groups automate saving, with millennials paying down high-interest loans.
What Abhishek Kumar said
What decides whether a millennial or Gen Z saver is careful with money?
In my experience, it depends a lot on the financial struggles someone went through while growing up. People who saw hard times tend to be more careful with spending and more focused on building an emergency fund early in their careers, whichever generation they belong to.
Does social media help or hurt Gen Z's finances?
Social media has given Gen Z more financial awareness than millennials had at that age. Yet, based on the unregulated advice they follow, they also run the risk of putting money into investments or trades whose downside they do not understand. Online content also pushes them towards investing alongside immediate spending on travel and gadgets, while millennials, at their life stage, usually save for homes, weddings or paying off debt.
Do money apps help young people save?
I see them as a mixed bag. It depends on which tools people end up using, since some apps offer instant credit while others are built around investing. Gen Z grew up as digital natives and is more comfortable managing money through technology, so which app they pick shapes whether that comfort helps or hurts their saving.
What saving advice applies to both Gen Z and millennials?
Save first and spend what is left, which helps both generations put their saving on autopilot. Gen Z in particular needs to watch out for lifestyle spending driven by social media and should focus on long-term investing instead. Millennials should concentrate on clearing costly, high-interest loans, alongside saving for their long-term goals.
In our words, from what he said in the piece. General information, not personal advice.
More of Abhishek's views on money management
Drawing on several surveys and studies, the article compares how Gen Z and millennials save. It finds millennials hold more emergency savings, while Gen Z saves a larger share of a smaller income. It also looks at their motives for saving, the role of digital tools and the challenges each group faces.
Publisher source
Gen-Z vs millennial: Who is better at saving money?