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Finances and Gen Z

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Wednesday, September 5, 2018

As the next generation enters the workforce, the business landscape is shifting. For years Millennials have been focused on, due to the fact that they were the younger generation, but now there are new kids on the block. Gen Z is coming of age.

Born between 1980 and 1995 the Millennial mindset was quite different. They saw the fundamental shift to a digital world happen around them. Technology has changed the way we do business, consume media, and generally interact. While Millennials are thought of as tech-savvy and having a far greater understanding of the world in a digital way, many of them still remember a time when the world was not as connected as it is today.

Gen Z, born in the mid-nineties or later, experienced smartphones becoming the norm during their childhood, and the internet was available everywhere - not just through a dial-up internet connection. For the first time, a new breed of human exists that has never had to deal with anything pre-internet.

For one thing, they have access to the world of entertainment, finances, and the ability to purchase at their fingertips. They can Google anything, and get an answer. Knowledge is power. And these young folks have buying power.

According to research, Gen Z is on track to become the largest generation of consumers on the planet by 2020. While that may be true, it’s interesting to note that they’re not frivolous with their money. They tend to be careful and pragmatic when it comes to financial decisions. Studies show that due to the fact that they experienced the great recession and witnessed many families falling on hard times or losing their homes, these young adults are far more careful and knowledgeable about money than one might expect.

A TransUnion study showed that a staggering 83% of Gen Z are saving money while a Bankrate study shows that the 20% of Americans are not saving anything at all. There's a new wave of brave souls steering a course into the future safe in the knowledge that they're saving more than ever before and will be in a stronger financial footing overall.   



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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