A recent survey by Corebridge Financial, conducted online by Morning Consult during National Financial Capability Month, highlights a notable shift in financial planning trends across generations.
The survey, which included 2,200 adults across the US, reveals that nearly three-quarters of Gen Z individuals are engaging in serious financial planning before the age of 25.
The study contrasts the proactive financial habits of younger Americans with those of older generations. For example, nearly half of the baby boomers surveyed admitted to not focusing on their financial plans until after 35, with 35 percent starting after 40. Millennials showed more initiative than their predecessors, with 69 percent beginning their financial planning before turning 35.
"The best time to start planting the seeds for financial success is as early as possible, so it is great to see younger people getting a head start on financial planning," said Terri Fiedler, president of Retirement Services at Corebridge Financial.
She emphasized the lifelong nature of financial management and the continuous opportunities to enhance financial skills through various means.
The survey also shed light on the impact of early financial education. It found that 61 percent of Americans never received formal personal finance education during their schooling. Among those who feel they lack financial expertise, 81 percent had no financial education. This contrasts with the 53 percent of self-identified financial experts who took personal finance courses in college.
Despite older generations starting later, there is a strong emphasis among American parents on educating their children about finances early, with over half teaching them about saving money and the value of money.
The findings underscore a generation gap in financial confidence and education, with younger generations not only starting earlier but also using modern tools such as social media to enhance their financial knowledge. In contrast, baby boomers prefer consulting with financial professionals.
"Successfully managing your finances is a lifelong process, meaning there is always opportunity to build and sharpen those capabilities – whether that’s in the classroom, the home or the workplace – helping turn thoughts into actions and actions into outcomes," Fiedler said.
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