The youth of the Z generation are aware of the difficulties that are presented to them in the future. Consider that They will need twice as much money that the previous generations to be able to live dignity. However, the reality that highlights the European Report of Intrum consumer payments, is very different, pointing to its lack of financial control.
According to the study, published on the occasion of the Financial Education Day and collected by Europa Press, 64% of Spanish young people, between 15 and 27 years old, belonging to generation Z, spends more money than can be allowed due to the influence of social networks and the ease of online purchases.
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In the case of millennials (born in the 80s and first part of the 90s), it is 51%, while in the case of the ‘boomers’, people with more than 60 years, and of the silent generation (before 1946) this behavior is limited to 17%.
The impact of social networks on consumer decisions has gone beyond excessive spending, since almost half of those belonging to generation Z (47%) have admitted to having made impulsive purchases after seeing advertising on social networks, compared to 17% of generation X and just 5% of the ‘boomers’.
The price to be paid: a great feeling of guilt
The report reflects the emotional burden associated with these behaviors, since 54% of Spaniards claim to feel guilty after spending more than you can, nine points above the European average (45%).
“This guilt adds to the economic tension that many homes already suffer, especially when combined with the lack of adequate financial knowledge,” they emphasize from Intrum.
“Buy now, pay later”
The document affects how new consumption models require greater financial preparation, since 34% of Spaniards have said that it is more likely to buy suppliers that offer the ‘purchase now, pay for an increasingly widespread practice among young people.
The authors warn: “Without adequate training, it can increase the risk of indebtedness”, since these products carry considerable interests, which demonstrates the need to provide consumers with tools to understand the implications of this type of products and make responsible decisions.
Artificial intelligence, financial ally
On the other hand, digitalization is beginning to open new learning paths in financial matters. 19% of the study sample has assured frequently use AI toolsas chatgpt, to better understand financial conditions.
The study authors point out: “Although it is still a minority, this data shows a growing interest in acquiring knowledge that allow more autonomy to manage available resources, again underlining the importance of strengthening financial education from an early age.”