Nearly half (48%) of Gen-Z individuals aged 16 to 24 have not put any money into savings in the past year, according to a survey conducted by HSBC UK and Young Enterprise. The research, released to mark My Money Week starting June 15, highlights significant financial anxiety among young people.
Worry and Guilt Over Spending
The survey of over 1,000 16 to 24-year-olds across the UK, carried out in April and May, found that nearly two-thirds (63%) of respondents worry about spending money. This figure rises to 64% among 16 to 19-year-olds. Additionally, six in 10 (59%) of 16 to 19-year-olds reported feeling guilt when they spend money.
Expert Commentary
Sarah Porretta, chief executive of Young Enterprise, commented: “What this research shows is a generation under real pressure – they have grown up through first the Covid pandemic and then cost of living challenges and are worried about spending, struggling to save.”
Natalie Gregoire-Skeete, head of societal purpose and sustainability at HSBC UK, added: “Financial confidence starts early, and these findings show just how important it is that young people have access to trusted, judgment-free financial education. When young people feel unable to save and anxious about spending, it’s a clear sign we need to do more collectively – across schools, families, charities and businesses – to help build the skills and confidence they need for the future.”
