Millennials and Gen Z individuals planning to buy their first home rely heavily on websites and social media to learn about personal finance, according to a survey of potential homebuyers published today. The financial fitness app developer FinLocker joined with University of Southern California students in March and April to survey millennials, those born between 1981 and 1996, and Gen Z, born between 1997 and 2012 but with an average age of 20 for the purposes of the study.
More than 51% of millennials ranked home ownership as a financial goal compared to 30.8% among Gen Z. The survey found both generations learn about personal finance topics, such as how to save and follow budgets, primarily from family and friends. However, millennials next preferred finance websites, personal finance blogs and influencers. Gen Z respondents overwhelming turned to social media. The report’s authors cited previous research showing YouTube in particular was a popular source for financial information. “Mortgage lenders, banks and credit unions can increase exposure to their business through financial education posted to these popular social media channels,” they wrote.
