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Gen Z is saving money at a higher rate than older generations did at their age. And they’re saving for more important goals, not just meals out and online shopping.
That’s according to a study from The National Society of High School Scholars. Meanwhile, money management app Current reports that 80 percent of them are saving for big-ticket items, like cars, clothes, and college.
The NSHSS survey finds that Gen Z is looking to steer away from student loan debt like millennials before them. Instead of going to the best university, this generation is looking to attend the right school for them.
“The millennial mindset was to attend the best college possible,” NSHSS reports. “Many paid with loans and are now burdened by school debt. Gen Z has witnessed the student debt crisis and seems to be putting more focus on paying as they go.”
Where are teens putting their money?
While older generations are drowning in $1.4 trillion of student loan debt, Generation Z wants to pay their way through as much as possible to avoid borrowing for school. Eighty-eight percent plan to get grants and scholarships to help pay for college costs.
The survey profiled more than 16,000 Gen Z students, with a quarter of them already in college. Nearly half were…
