The top financial goal for most Generation Z adults is growing their savings, followed by building their credit and increasing their income, according to a new survey by Academy Bank. Gen Z is generally defined as individuals born between 1997 and 2012. The survey also found that saving for a major purchase, buying a house and paying off debt ranked lower among Gen Z financial goals, with only around a third of respondents ranking each a priority.
More than 78% of Gen Z respondents said they were at least “somewhat knowledgeable” about how credit scores work, according to the survey. Credit cards were the top credit product used by respondents, with more than 80% having a credit card. Student loans were a distant second at 33.6%. At the same time, roughly 72% of respondents said that paying credit card bills on time was key to building their credit scores, followed by keeping credit card balances low (53.4%), avoiding opening multiple accounts at once (45.7%) and repaying loans on time (38.5%).
