GenZers spend more time on streaming and social media than on financial planning, survey finds
A growing number of GenZers are waiting to get serious about their financial and retirement planning, with 87 percent saying they did not become financially serious before the age of 30.
Only 13 percent reported doing so by then, compared to 30 percent of Millennials and 41 percent of Baby Boomers who waited until after 40.
The 2025 Financial Capability Survey, based on responses from 2,201 adults surveyed online between February 20 and 21, highlights behaviours that may concern plan sponsors aiming to increase long-term engagement.
GenZers’ delay in financial planning intersects with high levels of financial anxiety and digital engagement, indicating an opportunity for targeted education and support.
Among GenZers, financial triggers differ markedly from older generations.
Credit card debt and financial anxiety were more commonly cited by this cohort—26 percent and 24 percent respectively—as reasons they began taking their finances seriously.
By contrast, only 18 percent of Boomers pointed to credit card debt, and just 17 percent cited financial anxiety.
Although 29 percent of GenZers spend time on financial planning monthly, they devote significantly more time to digital leisure.
Fifty-four percent of GenZers reported watching TV, movies, or streaming content, and 36 percent said they surf social media. Financial education programs may need to follow GenZers into these digital spaces to capture attention.
When asked which skills they would most like to master, 38 percent of GenZers chose investing in stocks, mutual funds, or similar products—closely followed by planning for retirement (35 percent), debt management (35 percent), and budgeting (28 percent).
These self-identified priorities offer plan sponsors a path to tailor tools and education.
Despite lower planning engagement, GenZers still rated themselves with intermediate or advanced knowledge in key areas: 40 percent for managing daily expenses, 37 percent for budgeting, and 33 percent for debt management.
However, fewer felt confident about long-term care planning (23 percent), tax planning (23 percent), and coordinating government benefits like Social Security (23 percent) or Medicare (19 percent).
Digital-first resources may resonate more with this group. While 42 percent of GenZers rely on friends, family, or colleagues for financial information, 35 percent said they also turn to social media.
Just 29 percent said they consult financial professionals, and only 18 percent used government websites.
Within the next three months, 17 percent of GenZers planned to create a budget, and 16 percent aimed to increase emergency or personal savings.
Other intended steps included downloading a financial planning app (7 percent) and tailoring social media feeds to include more financial advice (6 percent).
Top perceived financial barriers included lack of income (41 percent), debt (32 percent), and poor money habits (22 percent). Twenty percent cited lack of financial knowledge, while 14 percent said they did not know where to begin.
