Cash secrets of snowflake generation: Young people are a closed book when it comes to finances, survey reveals
While they may wear their hearts on their sleeve when it comes to feelings and relationships, it seems that young people are a closed book when their finances are involved.
The so-called open generation are prepared to talk openly about virtually anything compared to their parents, but find it almost impossible to openly discuss money, researchers found.
A quarter of Generation Z – 24 per cent of those aged 18 to 24 – are secretive about their savings, salaries and financial status in general.
A further 28 per cent of Millennials – those aged 25 to 39 – are equally secretive and dislike revealing their financial standing or discussing what they spend or cars, holidays and homes.
The so-called open generation are prepared to talk openly about virtually anything compared to their parents, but find it almost impossible to openly discuss money, researchers found
But Generation X – those aged 40 to 55 – have no such issues with just 10 per cent saying they are guarded about their financial affairs.
Baby boomers – those aged 55 and 74 – and traditionally regarded as more tight-lipped – are the most talkative about how much cash they have with just four per cent saying they are secretive.
But only 15 per cent of Generation Z and 20 per cent of Millennials said they are secretive about their emotional wellbeing including relationships and mental health.
That compares with 35 per cent of Generation X and 47 per cent of Baby Boomers who said they are more tight-lipped about wellbeing issues.
Personal finance app HyperJar asked a nationally representative sample of 2,079 UK adults if they were comfortable being open and talking about money to their friends and family.
Baby boomers – those aged 55 and 74 – and traditionally regarded as more tight-lipped – are the most talkative about how much cash they have with just four per cent saying they are secretive
Spokesman and chief executive Mat Megans said: ‘We expected the data to show that Gen Z and millennials are more frank about their finances.
‘They are generally seen as more of an ‘open book’ compared to their parents and grandparents.
‘But our research suggests that it’s actually older generations who feel more comfortable talking about money.
‘This might be because they’ve had time to accumulate wealth and establish more financially stable lives, and that this increases confidence.
‘And it makes sense that those who are struggling feel the most sensitive about discussing their money problems.’
Researchers also found baby boomers are far more likely to lend money with 28 per cent saying they have done so to friends and family in the last two years.
That compared with just 24 per cent of Generation Z, 21 per cent of Millennials and 22 per cent of Generation X.
But despite their concerns about being open over money Generation Z is the least likely to worry about the financial prospects of their children.
Well over a third – 37 per cent – said they were not concerned about their prospects compared to 43 per cent of Millennials, 26 per cent of Generation X and 54 per cent of baby boomers.