Four in ten Gen Z keep their finances secret

Despite growing up in one of the most connected generations, many young adults are keeping their finances firmly behind closed door.

The research by Skipton Building Society found that four in ten (40 per cent) Gen Z don’t want to reveal how much they spend, earn or save with others. This ranges from talking about savings (47 per cent), how much they earn (40 per cent), asking someone to pay them back (38 per cent), and discussing splitting the bill (30 per cent).

With 17 per cent of this younger generation admitting they are not confident discussing any aspect of money and finances, many are turning to digital communication instead. More than a third (38 per cent) said having such conversations over text makes them feel more comfortable broaching the subject, compared to talking face to face (30 per cent) with friends and family.

Alex Sitaras, Head of Savings from Skipton Building Society said “Young adults today are among the first generations to have grown up entirely in a digital world, giving them unprecedented access to information, tools and ways to manage their money.

“But being digitally confident doesn’t automatically translate into feeling confident about financial decisions, particularly when money can still feel like an awkward subject to discuss. While younger adults are often at the forefront of digital communication, the reality is that money remains a difficult topic for people of all ages. The worry is that staying silent can mean missing out on useful conversations, whether that’s building a saving habits, managing debt or getting on the property ladder.”