There is a general perception – or should that be stereotype – that Generation Z is somewhat blasé when it comes to all things money-related. However, with the General Election looming and Brexit around the corner, it seems that money matters are very much front of mind.
New research by comparethemarket.com has found that 18-24 year-olds don’t trust the next Government to protect their financial future – with 63% believing Britain will be financially worse off as a result of the decision to exit the EU, significantly higher than the 50% of 65-year-olds. Indeed 58% actually believe there should be a second referendum once the Brexit terms have been determined.
Indeed the age group is the only one that believes the Government can actually influence their personal finances – with 53% holding this view.
“The UK’s jaded Gen Z-ers paint a pretty gloomy picture of their financial prospects,” said Jesper With-Fogstrup, director at comparethemarket.com. “The Brexit vote appears to have hit their wallets-of-the-future hard. However, there is a ray of hope.
“While they are pessimistic about their financial future, young people are the only generation who believe that politicians have the ability to help improve their financial lot. Perhaps those at the beginning of their professional careers are looking to hold the Government to account to protect their financial interests in post-Brexit Britain.”
There was a sharp contrast in the financial priorities outlined for the next Government among the two age groups too. For over 65s, more state aid to meet elderly care costs and a freeze in energy price increases were the main concerns. Meanwhile, young people want an increase in the personal tax allowance and for the tax process to be made simpler.
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