Inflation and the resulting rise in prices make people save. It is surprising that Generation Z, who are considered to be willing to spend, save the most in Germany and in an international comparison. The reason for this is foresight. These are the results of a current study by Klarna.
Young Germans are ahead when it comes to saving, because 91 percent of Generation Z (18 to 24 year olds) regularly put money aside. The proportion of bargain hunters in this generation is the highest compared to the other age groups in Germany. If you compare this value with that of the previous year, the proportion of savers in the young target group has even increased by 10 percent, according to a recent study by the shopping and payment service provider Klarna, for 14,000 consumers in 13 countries on their saving and investment habits have been asked.
But not only at the national level are the adolescents ahead when it comes to saving, also in an international comparison: With their savings ambitions of 91 percent, Gen Z in Germany surpasses countries like Belgium (85 percent), Sweden and Norway (each 88 percent), as well as the international average (82 percent).
The reason why most young adults in Germany put their money aside is interesting: a large proportion of Gen Z saves for education, for example for a degree or an apprenticeship. In second and third place are travel and home ownership. For Millennials, on the other hand, vacations are the top savings goal, followed by retirement. Saving for contingencies is comparatively insignificant for Gen Z: only 21 percent say they save for this purpose. In comparison, saving for such events is the most important saving goal for baby boomers with a share of 46 percent.
Another interesting observation, reflecting the overall fairly forward-thinking attitude of younger generations, is their openness to investment options: 26 percent of Millennials and 24 percent of Gen Z invest monthly. If you take a look at the Money Management Report from the previous year, you can see that more and more young Germans are starting to invest: In the last survey, 17 percent of 18 to 35-year-olds in this country said they did neither , it is now only 9 percent of 18 to 24 year olds and 14 percent of 25 to 40 year olds. The main reasons for the increasing investment activity are old-age provision. Three out of four young adults state that they want to live a financially carefree life even in old age and are therefore already starting to invest their money.
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Stocks are Gen Z’s most valued investment option at 52 percent, followed by ETFs (51 percent). The same can be observed worldwide, because even in an international comparison, shares are the most popular investment product (58 percent), ETFs bring it to 48 percent. In Germany, on the other hand, the picture is the opposite: with 67 percent, ETFs are the number one investment option across all target groups, while shares come second with 49 percent.
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Comparing all age groups, it can be observed that the young generation in particular keeps a close eye on their finances: Gen Z young adults report that they manage their savings eight times a month on average, while Gen X only manages their savings five times a month month, with the Baby Boomers only three times. The results also show that young Germans are very keen on keeping track of their finances: Millennials check their bank balance the most often, with an average of 11 checks per month, followed by Gen X with an average of nine checks per month.
43 percent of Germans say they prefer cash to other payment options. Cash is and will remain the most popular means of payment among Germans. Gen X (51 percent) and baby boomers (50 percent) are the main drivers of this result.
If you compare the preferences regarding the payment method at an international level, Germany is at the top among cash payers, followed by the Austrians with 38 percent. In the Netherlands, at 26 percent of the total population, it is significantly less. The Scandinavians in particular have largely given up cash: In Denmark, only 16 percent of people still choose notes and coins as their preferred means of payment, in Sweden 15 percent and in Norway 13 percent.
It is interesting that in this respect, too, young people could become the driving force for adjustments in Germany, because the young generation prefers to pay with their smartphone (Gen Z: 36 percent and Millennials: 34 percent), whereas card payments are much less popular (Gen Z: 24 percent and Millennials: 25 percent). Accordingly, young Germans seem to be skipping the age of cards and are therefore pushing ahead with digital payment methods.
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As part of the “Money Management Report”, Klarna, in cooperation with Nepa, a company for consumer data analysis, surveyed consumers about their current finance habits. More than 14,000 people in 13 countries (US, UK, Ireland, Australia, Germany, Austria, the Netherlands, Belgium, France, Norway, Finland, Sweden and Denmark) took part in the study. To define: Generation Z (Ages: 18-24), Millennials (Ages: 25-40), Generation X (Ages: 41-56), Baby Boomers (Ages: 57-75).
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