New research shows the majority of Gen Z and millennials believe they are financially responsible, but want more guidance on budgeting and spending
Over half (52%) of 18-27-year-olds feel they’re more financially savvy than their generation is perceived to be – with 65% planning their finances and making provisions to save for the future, according to new research from leading payments provider Klarna.
But Klarna’s research — of 2,000 UK consumers aged 18-37 conducted independently via Censuswide — also shows there’s a lack of clear, accessible information about money management available to this generation. Faced with navigating the ‘information overload’ of financial products in the market, a significant proportion (69%) of this demographic think the terms and conditions of products are unclear, and two-thirds don’t know which sources to believe or trust.
And although young people are trying to spend and save responsibly, almost half (42%) of 18-27 year olds say they find it difficult to keep track of their outgoings and financial commitments. Budgeting and spending, saving for and buying a house and paying bills are revealed to be the top three areas young people wish they had more help with – and a quarter say they’d appreciate guidance on debt avoidance.
That’s why Klarna is launching its new initiative — Mindful Money, a digital content hub housing tried and tested tips and ideas from hand-picked third-party contributors on managing money and spending responsibly.
Content on Mindful Money will be published under three ‘pillars’ of money management — Saving, Spending and Living. The opinions stated are not Klarna’s own, but belong to popular personal finance commentators and journalists. Money-making expert Money Magpie and leading journalist Daisy Buchanan are among the first wave of contributors.