Gen Z has no excuse for financial illiteracy

The financial behaviours of Gen Zers have been nothing if not consistent over the last few years. They routinely create trends about the merits of spending while they’re young and having fun. Just a few years ago, they were posting the text “I’ll make my money back, but I’ll never…” with some image of a perceived once-in-a-lifetime experience.

Now, the cohort is increasingly participating in “doom spending” – 

a form of retail therapy that helps consumers cope with everyday stresses

– more than older generations. It dovetails with another troubling trend: Almost half of Gen Z – 49 per cent – have decided that saving for the future is pointless, according to a Credit Karma survey in late May.