Millennial/Gen Z Savings Outlook

Goals

Identify and detail the savings' outlook for Millennials and Generation Z around the world (specifically in Brazil, Russia, Mexico, Germany, Canada, Australia, the U.K., Spain, and France) in order to better understand how they will need to save, why, and any struggles they will experience in the future.

Early Findings

  • Research from CNBC and Morning Consult estimates that around 44% of Millennials (ages 22-37) in the U.S. have an emergency savings plan, but it would only last them for around 3 months. Data from Schwab's Modern Weatlh Report also indicates that 36% of Millennials don't have any sort of money set aside in case of an emergency, largely because they don't feel financially stable.
  • According to Deloitte's Global Millennial Survey 2019, one of the biggest reasons Millennials around the world either don't have a savings or have a minimal amount saved is because they don't want to put off big life moments for a savings - they would rather experience life immediately, in case something bad happens, than save for a rainy day. Millennials have less trust in employers, the stock market, etc. so they are trying to get what they can when they can.
  • The top priorities of Millennials around the world right now are traveling (57%), being wealthy (52%), owning homes (49%), making a positive impact on society (46%), and having families (39%). For Gen Z, 57% want to see the world, 56% want to be wealthy, 52% want to own homes, 47% want to make a positive impact, and 45% want to start families.
  • Only 21% of Millennials and 19% of Gen Z around the world are worried about unemployment, even though over half believe that their personal financial situations will get worse within the next year.
  • Research from Rave Reviews found that 89% of Generation Z feels more empowered by planning for their financial future, and 64% are already researching ways to manage their financial plans for the future.
  • On average, 13 is the age at which Generation Z individuals begin researching financial planning.
  • Right now, about 60% of Generation Zers have a savings account, 54% have checking accounts, 33% have health insurance, and 32% have a credit card.

Proprietary Research Available

Bolster your final deliverable with proprietary research from Icon Group International, Inc. for $995.00. This research includes a detailed breakdown by country of the outlook for retirement savings plans from 2020-2025, including how people save and why.

Proposed next steps:

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