Young Money Report 2023

Generation Aspiration: A fight for financial freedom

Life in your late teens and 20s is all about discovery. A big part of that involves getting to grips with managing your own money.

For today’s generation of young people, that means dealing with the worst cost of living crisis in a generation and a sharp spike in borrowing costs.

Even at the best of times, balancing spending, learning to budget, managing credit and getting into the habit of saving can be a steep learning curve.

So with the challenges confronting Gen Z, how are they doing? What are their financial goals and aspirations? And how confident are they in achieving them?

These are just some of the questions we posed to 500 18 to 30 years old living in the UK.

Our new report titled ‘Generation Aspiration: A fight for financial freedom’ also looks at the ways in which young people are interacting with financial services products and services.

It reveals money apps, social media and ‘finfluencers’ play a big part in their lives, but that the industry still has an important role to play in supporting their journey to financial independence and prosperity.

The challenge lies in knowing where and how to engage them.

You can read the full report here.