Gen Z adults are more likely to turn to professional financial advice than older generations, according to a new report.
Over a quarter (23%) of Generation Z adults would turn to a financial adviser in comparison with just 6% of Millennials, according to a new survey.
Just 6% of Gen Z adults - those between their teens and late 20s - said they would reject advice from anyone for financial decisions.
This compares to 26% of Millennials - those in their late 20s to early 40s - who would do so, according to the report from law firm Charles Russell Speechlys.
Two in five of Gen Z savers (43%) surveyed said they would use financial support, such as an inheritance, to provide for their future, while a third would buy a property outright (33%) or put inherited money towards a house deposit (32%).
Only 20% would use an inheritance to travel and 17% would share it with family or friends.
Gen Z savers were also more likely to have spoken about inheritance. Four in five (81%) had discussed what they might inherit in the future or the inheritance they would like to leave. By contrast, older generations were less likely to have talked about their inheritance (68%).
William Marriott, partner at Charles Russell Speechlys, said the survey showed how Gen Z were thinking about their financial plans earlier than their predecessors.
He said: “Financially savvy and equipped with more resources and knowledge than previous generations, Gen Z understand the importance of Financial Planning as early as possible.
“When it comes to financial literacy, younger people are worrying about planning their financial future and not spending their money on unnecessary or extravagant things, but above all, they worry about saving money. On the other side, we’re also seeing that they are more curious and interested in learning how products and services work”.
• Opinium Research surveyed 2,000 Gen Z adults and 2,000 general population adults on behalf of Charles Russell Speechlys between 13 and 23 November 2024.
