Gen Z vs. Millennials: Their Spending and Saving Habits Examined (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),Fn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Gen Z vs. Millennials: Their Spending and Saving Habits Examined (2024)

    FAQs

    Does Gen Z save more money than millennials? ›

    “The reason that millennials don't save as much as Gen Z is likely because they have more financial responsibilities,” Adams said. “For instance, many are homeowners, have families and pay higher ongoing expenses, such as groceries, clothing, insurance and medical costs.”

    What are the habits of Gen Z vs millennials? ›

    Generation Z has more conservative spending habits and is more focused on saving money than millennials were at their age. Gen Z tends to be interested in purchases that provide the maximum amount of value for their money, while millennials are more focused on the buying experience.

    How do Gen Z and millennials differ financially? ›

    Millennials, born roughly between 1981 and 1996, are characterized by higher levels of income compared to Gen Z, born between 1997 and 2012, due to more years in the workforce. They are more focused on growing their money to secure their future.

    What do millennials and Gen Z spend money on? ›

    Gen Z spending habits show they care the most about fashion, makeup and beauty products, technology, and their pets. This is perhaps due to their young age and few major bills.

    Which generation saves the most money? ›

    The youngest generation in the workforce has saved almost three times the amount Gen X households had saved in defined contribution plans at the same age, according to ICI data.

    What's the #1 way Gen Z is different from millennials? ›

    As digital pioneers, Millennials explored (and in some cases exploited) social media and made public their thoughts, opinions, and every noteworthy or menial life update. With safety and security top of mind, Generation Z will be much more calculated and/or selective with the information they share online.

    What does Gen Z struggle with the most? ›

    Gen-Z Faces Financial Challenges, Stress, Anxiety And An Uncertain Future.

    What are the saving habits of Gen Z? ›

    They're saving earlier than generations before them, making long-term money goals, and becoming financially independent sooner. While still having big career aspirations, they're more conscious about making sure to find a job soon after college to avoid the burden of student loan debt.

    What is the difference between Gen Z and millennials mindset? ›

    Financial security: Generation Z is more financially aware than millennials and is likely to prioritize job security and benefits over salary. Entrepreneurial mindset: Generation Z is more likely to have an entrepreneurial mindset and may be more interested in starting their own business or working independently.

    Why do millennials struggle financially? ›

    Key Takeaways. Millennials are confronting the distinct financial challenges they have, such as a post-recession job market, high student loan debt balances, a more expensive housing market, and growing credit card debt.

    Which generation is the most financially responsible? ›

    Even though baby boomers feel the most financially responsible, they check their account balances less frequently than other generations. Only 39.3% of baby boomers check their bank account once a day or more. In contrast, 58.2% of millennials check their accounts at least once per day.

    Are Gen Z more financially literate? ›

    To put this into perspective, 46% of baby boomers prefer investing in stocks. While it may be surprising that Gen Z has the lowest financial literacy levels — and these levels are even lower among Gen Zers who don't attend college — financial experts say there are several reasons as to how this came to be.

    What are millennials' buying habits? ›

    Millennials Expect More From Brands

    And they are extremely loyal to brands who engage with and listen to their needs. 70% of Millennials stopped doing business with a brand after a poor customer service experience. Over 50% repeatedly buy the same single brand to solve a problem.

    What do millennials value the most? ›

    Millennials embody a set of evolving values and aspirations that greatly influence their choices and behaviors. This generation highly values authority, achievement, and influence, demonstrating a strong desire for control, success, and recognition.

    Which generation holds the most money? ›

    Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.

    How much does the average Gen Z save? ›

    Last week a new report from BlackRock showed that Gen Z savers are saving at higher rates than other generations – at an average of 14% of pay (though the report doesn't specify if that is deferrals only or includes employer contributions).

    Are Gen Z saving more for retirement? ›

    Gen Z households have nearly three times more assets in their DC plan accounts (adjusted for inflation) than Gen X households did at the same age (in 1989). More than half of DC account owners younger than 35 said they probably wouldn't save for retirement if not for their workplace plan.

    Which generation cares most about money? ›

    Gen Z cares more than any other generation about how much money their romantic partner has, survey shows. It's a sign of their economic plight.

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