LONDON, UK – 15 November, 2022 – Samsung Electronics Co., Ltd
Research carried out by Samsung UK & Social investing platform eToro reveals Gen Zs are becoming more financially savvy in response to the cost of living crisis.
In the study, four in five (79%) Gen Zs said the current economic climate has made them more financially aware. A further 63% said it has helped them to understand economic concepts such as inflation.
According to the data, the economic climate is also causing Gen Zs to talk more openly about their finances. More than four in five (84%) discuss money with peers, compared to 57% of over-55s. When asked what was driving this more open approach, the biggest reason by far was the cost of living crisis, with 78% citing this, followed by the buzz created by the rise of crypto (40%).
The survey of 2,000 UK adults was carried out by Samsung UK and eToro as part of an educational bitesize content series aiming to help Gen Z learn about money management and investing on the go from their phone. The data shows there is appetite for more education in this area, with two thirds (68%) of Gen Z believing economics should become compulsory in schools to better prepare people for future crises.
Sam North, Market Analyst, at eToro said: “Millions of Gen Zs will be feeling the sharp end of high inflation and unaffordable housing so it’s no wonder so many are swatting up economics, their finances and investing. This age group is realising that they need to be proactive when it comes to money and take steps today to improve their financial future. Technology is helping many of them to achieve this. Gone are the days of investing being the reserve of the elite and super wealthy.”
According to the research, the current climate is also making Gen Zs consider how to make their money go further – with two thirds (64%) stating they are now thinking more about financial markets and investing. When it comes to participating in financial markets, technology is playing a central role for this age group, with 40% having invested money using an app versus 13% of over 55s, and 29% of 41-55-year-olds.
Additionally, it was found that one in five (22%) Gen Zs – more than any other age group – own what is classed as an ‘alternative investment’. Within this category, they have a preference for wearables, with Gen Zs most open to investing in trainers watches and handbags, while in contrast, millennials (26-40) are more open to alcohol-based alternative investments such as whiskey and wine.
Samsung UK and eToro’s educational video series covers investment topics from diversification to dividends.
The companies also brought together industry experts for a panel event on Tuesday 8th November discussing investing and how to get savvy with your money. Key take outs from the event called ‘Investing In You’ included; having an emergency fund before you start investing and ensuring your finances are checked daily.
The event was hosted by financial adviser Emmanuel Asuquo, with panelists including finance-focused influencers Bola Sol and Grace Beverley, and eToro Market Analyst Sam North.
For more information on the campaign visit: https://www.samsung.com/uk/explore/kings-cross/discover/lifestyle/boss-your-finances/samsung-and-etoro/
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