Gen Z is the second-largest US generation and is still an enigma for marketers, policymakers, and employers (but the answer is better pay). So we’ve gathered the latest Gen Z statistics to help illustrate the demographics of Gen Z, their workplace situation, some main Gen Z trends, and of course, plenty of info on Gen Z ‘s financial state, financial literacy, and spending habits.
Read on!
Key Gen Z Statistics for 2024:
Gen Z makes up 20.6% of the US population.
Gen Z’s spending power is estimated at $360 billion.
Gen Z is the most diverse generation so far.
20% of Gen Zs are LGBTQ+.
75% of Gen Zs prefer hybrid or remote work.
On average, Gen Zs have 13% more student debt than millennials.
46% of Gen Zs live paycheck-to-paycheck.
45% of Gen Z respondents look for financial guidance on TikTok.
Gen Z banking trends show mobile banking is the norm for this generation.
Gen Zs are mostly hybrid and in-store shoppers.
Basic Gen Z Facts and Statistics
Gen Z makes up 20.6% of the US population.
With 68.6 million people, the Gen Z population is one of the largest in the US: right after Millennials at 72.19 million. When it comes to Gen Z’s years of birth, the PWC definition of the generation is those born between 1997 and 2012.
(Statista, Pew Research Center)
Generation Z’s demographics in the US show the cohort is the most diverse yet.
Around 52% of Gen Zs are non-Hispanic white. Another 25% are Hispanic, 14% are Black, 6% are Asian, and 4% are multiracial. This generation is also less likely to be first-gen-immigrant compared to Millennials.
(Pew Research Center)
20% of Gen Zs are LGBTQ+.
There’s no talking about Gen Z without the LGBT data that shows this is the gayest generation in US history. As the social climate improves, the number of individuals openly identifying as LGBT rises, with one in five identifying as LGBT, compared to one-in-ten Millennials.
(Gallup)
Gen Z’s spending power is estimated at $360 billion.
In addition, estimates put their annual wages at $229 billion, explaining why the age group attracts so much attention from marketers. Given that 42% are still children, their financial power cannot be compared to Millennial spending power yet.
(Bloomberg, Insider Intelligence)
Main Gen Z Trends
Gen Z consumer trends show a general decrease in brand loyalty.
Each subsequent generation is less likely to be loyal to a certain brand. For example, while 56% of Baby Boomers display loyalist behavior, defined as sticking to an original purchasing decision, the share of Gen Z shoppers who behave the same way is just 37%.
(Forbes)
Gen Z culture trends point to a focus on environmental and social issues.
Even Gen Z fashion trends reflect their concerns about the climate and the cost of living crisis: besides thrifting, more than half of respondents aim to make their own clothes in 2023. In addition, they intend to keep voting with their wallet.
(Instagram)
Gen Z social media trends reveal increasing interest in mixed media.
Not only do Gen Zs want content creators to do more live events and meet-ups, but they’re also interested in diversified types of content. According to Instagram Trends, 40% of Gen Z users stated they’d like to listen to a podcast by a creator they follow.
(Instagram)
Gen Z marketing trends show that Gen Z’s information-savviness is crucial for brands.
Not only do Gen Zs know how to do research on brands and filter out irrelevant information to them within eight seconds on average, but 46% intentionally interact with content they like in order to train the algorithm to give them what they want.
(Forbes)
Gen Z Employment Trends
43% of Gen Z have a second job.
Regarding Generation Z in the workplace, statistics indicate that a shocking 43% of Gen Zs have needed to get a second job, whether part-time or full-time. Unsurprisingly, 46% of Gen Zs report their working environments have caused them to suffer burnout.
(Deloitte)
75% of Gen Zs prefer hybrid or remote work.
Gen Z data show that the younger the generation, the more they prefer remote or hybrid options. Numbers on remote workalso point out the importance of saving for the pragmatic Gen Z—33% of Gen Z remote workers agree working from home has saved them money.
(Deloitte)
40% of Gen Zs would like to quit their jobs in the next two years.
As they’re often underpaid, unsatisfied with work-life balance, and lacking room to grow, as many as 40% of Gen Zs want to quit. The exhaustion and low pay have really taken a toll on Gen Z, as statistics say 35% would leave even without a backup job waiting.
(Deloitte)
Stats on Gen Z and Personal Finance
On average, Gen Zs have 13% more student debt than millennials.
However you look at the data on student debt, the younger generation is in a worse position than Millenials. The average Gen Z student debt is $20,900 or 13% more, according to statistics on Gen Z. The median value of Gen Z loans is $12,800 or 14% more than the Millennial median loan value. When comparing the percentage of people in debt at the same age, the relationship is again 36% for Gen Z and 31% for Millennials.
(Federal Reserve Bank of St Louis)
57% of Gen Zs with an AA or BA agree college was worth it.
For most Gen Zs and Millennials, college paid off, while Millennials with a four-year degree make a lot more than those without a degree. However, Gen Z stats show that 15% of Gen Zs don’t agree and claim the benefits of college did not make up for the costs.
(Federal Reserve Bank of St Louis)
Gen Z is the generation worst affected by rent inflation.
Personal finance figures show that increasing rent inflation disproportionately affects younger generations. For example, compared to the previous year, the median July rent payment increase for all groups was 7.4% year-over-year, but stats about Gen Z in particular indicate a 16% increase. On the other hand, Baby Boomers experienced rent payment inflation of 3%.
(Bank of America)
46% of Gen Zs live paycheck-to-paycheck.
These are some of the most concerning statistics about Gen Z: not only are they under a lot of financial stress, being especially vulnerable to rising rent prices and debt, but a bleak 26% have doubts about being able to retire comfortably at all.
(Deloitte)
Most Gen Zs feel prepared to handle simple financial tasks.
Financial literacy stats show most of this pragmatic generation is confident about everyday money-related tasks. They are most confident about budgeting with 71% saying so, handling everyday expenses (70%), and working on their credit scores (65%).
(Bank of America)
Gen Zs are less confident about more complex financial tasks.
What the Zoomer generation feels least equipped to handle is investing, with only 29% saying they feel prepared to invest. Also, 43% consider they have the skills to plan saving for retirement, while 54% say the same about creating their emergency funds.
(Bank of America)
45% of Gen Z respondents look for financial guidance on TikTok.
TikTok is a popular source of financial guidance for Gen Z, as social media stats show they are the most likely generation to use it for this purpose. Also, 61% of Gen Z respondents say they get financial guidance online.
(Credit Karma)
Gen Z banking trends show mobile banking is the norm.
By 2025, 45.4 million Gen Zs will use digital banking services in the US, and 43.8 million of them will be mobile banking users. Generation Z banking statistics indicate strong growth, expecting 33.5 million Gen Z mobile banking users in 2023. At the same time, these online banking stats show most people primarily use their smartphones to access their accounts.
(Insider Intelligence)
Gen Z Demographics and Personal Finance
67% of Black Gen Zs have saved enough to cover three months of expenses.
Stats about debt and increasing rent are even more concerning given the fact that 40% of Black Gen Z state they did add to their savings account in the previous year (compared to 56% of non-Black Gen Zs), but two-thirds still don’t have three-month backup funds. In addition, 32% of all Black Gen Zs cited having no rainy day savings as their worst financial regret, according to the latest Generation Z stats.
(Bank of America)
60% of Black Gen Zs are financially independent.
Although Generation Z statistics show they’re more financially independent than non-Black Gen Z Americans (at 45%), Black Gen Zs are also more likely to consider or already have a second job (35%, compared to 25% for non-Black Gen Z). Finally, cryptocurrency stats show they’re twice as likely to invest in crypto and three times more likely to aim to start their own business.
(Bank of America)
54% of Hispanic Gen Zs aren’t financially independent.
Generation Z data reveal that over half of Hispanic Gen Zs rely on family for financial support. Similarly, 57% view being able to support one's family as a defining element of financial success. Similarly, what sets Hispanic Gen Zs apart from their peers is focusing on homeownership (22% of respondents) more than non-Hispanic Gen Zs (14% of respondents).
(Bank of America)
38% of Gen Z women have saved enough to cover three months of expenses.
Statistics about Generation Z show women have less money in their savings accounts compared to men, 48% of whom can live three months on savings. For all the groups of Gen Zs, it’s a relief to know savings tend to increase with age.
(Bank of America)
76% of Gen Z men report feeling equipped to manage everyday expenses, compared to 63% of Gen Z women.
When it comes to Gen Z and finance, women and men feel just as prepared to build or maintain their credit scores and to stick to their planned budgets. However, as compared to 61% of men, only 48% of women feel prepared to grow their emergency savings.
(Bank of America)
41% of Gen Z women still don’t invest, compared to 34% of men.
Gen Z investing trends reveal a gender discrepancy when it comes to investing. Figures on investing show a gap in individual investments, considered by 36% of women but 47% of men, as well as retirement savings with 39% of women and 46% of men.
(Bank of America)
Gen Z Spending Habits
Gen Zs are mostly hybrid and in-store shoppers.
For 37% of Gen Zs, brick-and-mortar stores are the main place to shop, followed by 36% who would call their approach hybrid. And contrary to presumptions about younger generations, Gen Z online shopping stats reveal online is the primary method for 28% of the age group.
(Statista)
Venmo is one of Gen Z’s preferred digital payment methods.
Venmo stats illustrate the importance of digital payment methods for this generation. People between 18 and 29 (which includes some Millennials) make up 28% of Venmo’s users.
(PayPal)
Almost 75% of US BNPL users are Gen Zs or Millennials.
Gen Z shopping trends show Buy Now Pay Later is Zoomers’ favorite shopping method, enabling young shoppers to afford things they wouldn’t be able to otherwise. Estimates for 2022 showed 44.1% of Gen Z older than 14 used BPNL, as did 37% of Millennials. Also, numbers show repeat users make up 65% of Gen Z BNPL customers.
(Insider Intelligence, PayPal)
60% of Gen Zs planned to use social media for holiday shopping in 2022.
According to Gen Z social media statistics, 60% of Gen Zs and 56% of millennials planned their holiday shopping sprees to take place on social media, which is not only much higher compared to the rest of the population (around one-third had the same intentions), but also 10% more than in 2021.
(Insider Intelligence)
The Takeaway
Let’s sum up the most important Generation Z facts we’ve covered. The most diverse and digital-savvy generation so far is also the worst affected by the cost-of-living crisis (rent inflation in particular). They frequently have two jobs, feel burned out, and live paycheck-to-paycheck while having more student debt than Millennials. Luckily, they also show high levels of pragmatism, technological skills, and interest in improving their financial skills.
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