Gen Z, those born between 1995 and 2010, are defined as digital natives and truth seekers on a quest for information and individual expression.
They’re also extremely pragmatic – which might be why they’re such good savers. According to a recent study conducted by the Student Village research agency, nearly 40 percent of Gen Z students are saving 20 percent-40 percent of their monthly income, with one in five saves 40 percent-60 percent of it.
So, what is it that makes Gen Z’s money approach different from past generations?
Student Village research agency Chief Executive, Ronen Aires said, "This is a crowd who show greater responsibility in managing their debt and are spending less on cars and motorbikes, which are viewed as unnecessary in the pursuit of independence".
So, what can these savvy youngsters teach other generations about smart financial behaviour? Capitec elaborates on the trends seen amongst Gen Z clients: