Table of Contents

Brazilian Millennials – Savings Outlook

After an extensive search through private companies’ databases, research publications, and Brazil’s government treasury website, details about the expectations of Brazilian millennials around financial savings and the difficulties they are facing currently while saving for the future do not appear to be available in the public domain. However, the research team was able to gather valuable insights about the saving habits of Brazilian millennials.


Russian Millennials – Savings Outlook

After an extensive search through private companies’ databases, research publications, and the Russian government treasury website, details about the expectations of Russian millennials around financial savings and the difficulties they are facing currently while saving for the future do not appear to be available in the public domain. However, the research team was able to gather valuable insights about the saving habits of Russian millennials.


Mexican Millennials – Savings Outlook

Mexican millennials are much more aware and concerned about saving for their future and have more financial education than past generations. However, for Mexican millennials, retirement is still far and don’t concern them too much, hence, only 36% of AFORE accounts are from millennials. They face several challenges regarding saving for their future such as lack of support for government institutions, low wages, high debts and lack of formal jobs.

Mexican Millennials Saving Expectations for the Future

  • According to the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef), Mexican millennials do not save because they perceive retirement as being too far and believe that there are many years left to worry about it.
  • A survey report conducted by CONSAR Institution (Comision Nacional del Sistema de Ahorro para el Retiro) that involved 2,100 Mexican millennial respondents revealed that they are aware of retirement, however, retirement does not motivate them to save for their future.
  • According to the survey report, AFORE Generation (Administradoras de Fondos para el Retiro), is denominated by savers that began to save after July 1, 1997, representing 53% of total AFORE accounts. From this AFORE Generation 20.5 million are millennials, equaling 36% of the total AFORE accounts.
  • Mexican millennials are sensitized about saving money for their future because they know what is a AFORE, and what it means to save for their future. If they don’t know, they show interest to know. However, they perceive saving with such companies as complement and not as a means to retirement.
  • Mexican millennials believe that savings must be done to guarantee a good pension before the age of 30, although long-term savings are not part of their priorities.
  • According to the CONSAR survey, 91% of Mexican millennials claim that they would financially support their parents in old age, however, 38% declare that they do not see their children as an option of help in old age.
  • Despite the fact that Mexican millennials have better financial education in comparison with past generations, including knowledge on basic concepts of interest rates, investment and risk aversion; for them, the retirement is not a thing that worries them.

Mexican Millennials Face Challenges with regard to Saving for the Future

  • One relevant difficulty for a Mexican millennial to save is that the IMSS (Instituto Mexicano del Seguro Social) doesn’t support the savings of Mexican people that started to quote after 1997.
  • Before 1997 people automatically received support while they were working. However, today the only way to save for the future is investing in an AFORE account, and other financial institutions regulated by the Secretaría de Hacienda y de Crédito Público (SHCP) or invest in a Personal Retirement Plan.
  • According to calculations by the Principal Financial Group, 16 million Mexican millennials, are at risk of not saving enough before they retire, because they are employed in the informal sector.
  • Some issues that face Mexican millennials include failure to manage a register of income-expenses, and their drive for entrepreneurship which influences them to consider investing rather than saving, they prefer to invest their money than save it.
  • Additionally, a large percentage of Mexican millennials don’t have a stable income making the possibility to contribute monthly to a Personal Retirement Plan uncertain.
  • Low wages in the Mexican industry, between $250 and $500 per month, makes saving for retirement a nightmare for most millennials in Mexico.
  • In some situations, some millennials opt to live with their parents until they are 28 years old to save a little more money.
  • According to a PwC study, 81% of Mexican millennials frequently opt for personal loans or educational loans, thus creating a debt situation that is difficult of liquidating from the low wages, and consequently making it impossible to save for the future.

German Millennials – Savings Outlook

German millennials save an average of $181.55 a month. Comparatively, 23 to 25 year olds are very good savers. Top banks for savings among German millennials are Sparkasse (29-30%), Volksbank (13%), and Postbank (6-7%)


  • German millennials save an average of $181.55 a month.
  • German millennials have saving patterns similar to their parents.
  • 50% of them invest their savings on interest rates products.
  • 30% of the German millennial savings are in equity and fund saving plans while the remaining 70% go to life insurance policies and giro accounts.
  • 23–25 year olds are very good savers.
  • 13% of 23-25 year olds have started saving for retirement.
  • 23–25 year olds are very confident about their financial future and are concerned about their financial security.
  • 23–25 year olds save for big purchases not involving housing or feeding but rather electronics and automobile expenses.
  • Top banks for savings among German millennials are Sparkasse (29-30%), Volksbank (13%), and Postbank (6-7%).
  • German Millennials have also been experiencing financial troubles like debt.

Canadian Millennials – Savings Outlook

On average, Canadian Millennials are better financial savers compared to Boomers and Gen Xers. At least one in five Canadian Millennials possess between $10,000 and $50,000 in savings.

Overview of Savings Outlook Among Canadian Millennials

  • Compared to Boomers and Gen Xers, Millennials in Canada have the best saving habits. Almost three-quarters (75%) of Millennials in Canada are savers, from which 24% have around $5,000 in their savings accounts. Meanwhile, 13% have between $5,000 and $10,000 in savings.
  • An estimated one in five Canadian Millennials have between $10,000 and $50,000 in savings.
  • According to TransUnion, the share of credit-active consumers in the Millennial age cohort rose from about 28% to 31.6% between Q4 2015 and Q4 2017, compared to a decrease in credit among Boomers and Gen Xers by 3.4% and 1.6% respectively.
  • While Canadian Millennials generate less than money Baby Boomers, this group tends to save more. Up to 38% of Millennials do not possess any student or consumer debt.
  • Nonetheless, with rising interest rates and an economic downturn, Millennials may be living in poverty in the future. Almost 62% of the generation has some debts, which may hinder savings for the future.

Canadian Millennials Motivations to Save for the Future

  • Canadian Millennials are primarily saving for their retirement. In a survey conducted by Angus Reid Institute, this age cohort is very optimistic about their prospects for retirement, as four out of five Millennials aged 26-37 stated that they anticipate an early retirement due to decent savings.
  • Future homeownership is also a critical motivator for Millennials to engage in saving plans. Ontario Securities Commission revealed that 56% of Millennials who do not invest their savings considered homeownership as a top three financial priority.
  • Additionally, paying off their student debt remains a priority for Millennials to save. In the Ontario Securities Commission survey, the majority of the generation (84%) said that they are saving to pay off this debt, and 21% of the Millennials claimed that paying debt is a leading financial priority.
  • The income of Canadian Millennials is rising, which would mean more financial savings. Millennials are currently generating more income than the older generations: median after tax income is about $44,093, or around 32% higher than Gen Xers and Boomers.

Challenges in Saving For the Future

  • In a report filed by CBC Radio, a significant factor that hinders Canadian Millennials from saving includes capitalism, which has certainly altered the world, leading to a higher cost of living and climate change.
  • In a recent study, a high cost of living has been considered a hindrance to saving among Millennials. Advocacy group Generation Squeeze found that it takes a Canadian Millennial up to 13 years, on average, to save for a 20% down payment on a house at an average price. Conversely, it would take only five years for an individual at a similar age in the year 1976.
  • In a report filed by the Public Policy Forum, Canadian Millennials remain weighed down by credit-card and student debts, while also stuck working low paying occupations, which makes it hard to comprehend financial goals. (s. 8)
  • The Angus Reid Institute affirmed that although millions of Canadian Millennials are optimistic about their retirement, around one in three have delayed saving for it due to debt.

Australian Millennials – Savings Outlook

Australian Millennials save 21% for the future while 36% of them save regularly. The biggest challenge to financial saving is the rise of the cost of living that makes the millennials cynical about their financial savings for the future.


  • Compared to other generations, Millennials have the best financial habits. However, due to the rising costs of housing, education, and health care, they are cynical about their financial futures.
  • They prioritize saving and budgeting.
  • When asked, 71% of Millennials have negative feelings about their financial futures.
  • Furthermore, 41% place expenses on a credit, which is the only way they can afford to save money.



  • The cost of necessities is the leading reason why Millennials struggle to save. In order to survive, they must consume 57% of their savings.
  • This is due to incidents such as unexpected expenses or a change in financial circumstances (41%), lack of willpower (27%), and having an unachievable goal (17%).
  • Due to the rising costs of housing, Millennials are not saving for retirement.
  • Paying off mortgages is another hindrance when it comes to Millennials’ ability to save for the future.

UK Millennials – Savings Outlook

Millennials are adjusting their lifestyles (cutting spending and increasing the pension) to save more and meet their life goals, such as acquiring property, traveling and vacations, and having a family. According to F&C and MBO, UK millennials need to make pivotal changes in their financial savings and investment habits to achieve their goals.


  • Millennials are those between the ages of 18 to 35.
  • There are 10 million millennials in the UK that would describe their life goals as “traditional.”
  • More than 83 percent of UK millennials considered themselves “sensible savers.”
  • According to F&C and MBO, two-thirds of millennials in the UK wants to achieve traditional life goals within 10 years.
  • Buying a property, getting married, and having a family are some of UK millennials top traditional life goals.
  • 42 percent of the UK millennials are saving to travel round the world, 38 percent to purchase property, and 26 percent are saving to buy a car.
  • UK millennials aspire to achieve the goals previous generations have already achieved.
  • “Our research reiterates how small a leap many millennials in the UK need to take to help brighten their financial futures; many only need to shift their money mind set slightly to get their money working harder, and in turn help them achieve their ambitions.”
  • Many millennials in the UK have a strong desire to improve their financial knowledge. 21 percent would like better education about saving. Other priorities include managing debt (12 percent) banking (12 percent) and buying or selling property (9 percent.) However, millennials are most likely to say that they want more help or education with investing (25 percent.)
  • According to a study, UK millennials believe Mum gives the best financial advice about saving for later life (28 percent,) with Dad coming in second (21 percent.)
  • The top 10 per cent of savers has at least £15,000, while the bottom 10 per cent has saved less than £100. ” [5]
  • “Meanwhile, the 10 per cent most indebted owed at least £14,200 in 2014 to 2016, while the 10 per cent least indebted owed £100 or less. “
  • Millennials in the UK own less property than their older generation and are less likely to have savings. According to the Office for National Statistics, home ownership among the millennials has plummeted by 10 percent, from 27 percent in 2008.
  • According to the Office for National Statistics (ONS), 53 percent of millennials in the UK have nothing in a savings account or Individual Savings Account (ISA.)
  • About 4 in 10 have no more than £1,000 tucked away.
  • “Most millennials see themselves as mainly responsible for their retirement planning and funding; nearly 3 in 5 (58 percent.)”
  • 8 percent of millennials ranked pension savings in their top two savings priorities and that their average pension contribution of 4.6 percent was well below the level Royal London recommends, which is a contribution level of 12-15 percent to achieve a reasonable retirement income.”
  • Millennials who are homeowners, renters, and living with parents have an average pension savings of £19,062, £6,666, and £5,913 respectively.


  • Over 2 out of 3 millennials in the UK are saving more for their future (retirement).
  • “The proportion of eligible millennials with a private sector workplace pension has increased from 28 percent to about 80 percent.”
  • Approximately 7 out of 10 (68 percent) of the millennials in the UK strategized to saved more money in 2018 than in 2017.
  • The average savings of UK millennials increased from £900 to £1,600 within the past decade.
  • The majority of millennials (75 percent) are looking to increase their contributions (saving), while 40 percent plan to increase their contributions next year.
  • “Royal London research confirms that auto-enrolment is popular among millennials, with nearly three-quarters (71 percent) deciding to not opt-out after being enrolled and a further 8 percent saying that they initially opted out but went back in.” [7]
  • More than a third (35 percent) of the millennials in the UK is tweaking their daily habits such as eating out less and limiting ditching of takeaway coffee in order to save more money.
  • 30 percent of the millennials in the UK are spending less on socializing in order to save more to achieve their goals.
  • UK millennials strive with a fortitude that helps them survive in the current “post-credit-crunch world.”
  • “Many millennials in the UK prefer to avoid ‘going into the red’ as three in five (60 percent) do not have an overdraft and two in five (40 percent) do not have a credit card.”


  • Non-essential items purchase, such as take away food or drinks, prevents about 17 percent of the UK millennials from saving money.
  • Unemployment and lean paycheck are some other challenges that limits the UK millennials financial savings. According to an article published in The Guardian, Millennials in the UK earned 13 percent less than their older generation.
  • Millennials are staying with their parents and staying more at home to save more money for their future goals.
  • 32 percent of the millennials in UK admit that the risk of losing money is one of the barriers to investing; and others (30 percent) feel a lack of knowledge or understanding.
  • The number of millennials in the UK with savings dropped from 59 percent in 2010 to 47 percent in 2014.
  • High rental costs and low wages and their financial status are some challenges facing UK millennials’ savings.
  • Approximately 7.8 million millennials in the UK have no long-term savings product.
  • Half of the millennials in the UK are unlikely achieve their traditional life goals unless they tweak their saving habits.
  • About 8 million UK millennials do not have a long-term savings or investment plan.
  • Paying essential bills (61 percent,) lack of earnings (41 percent) and debt (39 percent) are some factors preventing the UK millennials from saving money regularly.

Spanish Millennials – Savings Outlook


In 2017, 50% of Spanish millennials claimed to have savings only, 19% to have neither savings nor investments, and 29% to have a combination of savings and investments.  78% that are employed, save on average approximately 17% of their salary per month, which is equal to about 155 euros.


According to a survey, 38% of Spanish millennials consider their approach to savings and investments to be primarily motivated by “Continuity”, followed by 36% by “Ambition”. Other options included 11% by “Fear”, 9% by “Frustration”, and 3% by “Apathy”.The financial difficulties of 2007 are still “strongly” influencing 39% of their savings and investment decisions, and “somewhat” influencing another 39%. 59% consider their present affairs to be a priority, but still want to plan for their futures. 57% of Spanish millennials have a personal goal to save and invest in their futures, and 30% believe that they have already achieved that goal. 69% of young Spaniards consider their lack of financial resources to be the main obstacle in attaining their personal goals. These include pursuing a different career, becoming an entrepreneur, and continuing their studies.Home ownership is the greatest financial concern for Spanish millennials with 61% choosing it as their primary concern over things such as their first child, emancipation, and financing their education. Home ownership is also the greatest “vital expectation” with 83.5% reporting it as a major goal.Retirement is the second greatest with 46% reporting it as a primary concern, and with 86% worrying that their earnings will be insufficient for this stage of their life. This concern is reinforced by a general lack of confidence in the national pension system, resulting in approximately 37% saving in preparation. However, this relatively low percentage is not due to lack of desire but lack of affordability.Fourth after emancipation, is the birth of their first child with 29% considering this their primary financial concern. This is comparatively low to the 79% that consider having children a priority and expectation, second to home ownership.


The greatest obstacle encountered is having insufficient financial resources to facilitate saving, with 66% of millennials retaining just a quarter of their income after expenses. The median net wealth for this demographic is just 3,000 euros, in comparison with generation X which had a median of 63,400 euros at the same age. 59% of millennials are renting and spend more than 50% of their income on their rent. This lack of affordability is attributed to low salaries more than high costs.Since 2013’s Global Financial crisis, millennials have endured a five-fold increase in long-term unemployment, with a rate of 26% in 2018.Furthermore, just 31% believe that they are paid well for the work that they perform on the job.


  • The majority of this demographic elect for flexible saving solutions in the form of individual systemic savings plans (PIAS), that allow them to acquire long-term savings with no restricted access to funds.
  • According to a survey, 61% of Spanish millennials are presently using or have used a professional financial adviser in the past for saving and investment purposes.
  • Despite being tech-savvy, most prefer to be advised in-person and 42% opting for recommendations of family and colleagues first.
  • When it comes to the digitization of financial advising, 68% agree that technology has its advantages, but it is still important to have a supporting expert’s guidance.
  • When incorporating technology into their financial planning, 68% access information via websites vs 45% by apps.

French Millennials – Savings Outlook

French millennials are at the top of the ranking in terms of financial planning, and they start saving at age 24 to prepare for retirement as 44% of them think that public pensions will no longer exist at the end of their professional career.




  • As French Millennials are more pessimistic about their future and are more aware of current economic difficulties, they are saving more in present to secure a better future.
  • About 44% of the Millennials in France think that public pensions will no longer exist at the end of their professional career.
  • More French millennials have the ambition of buying real estate for their future with the reduction of spending dedicated to the postponement of having a child.
  • According to the HSBC report in 2017, about 83% millennials intend to buy home/property in five years.
  • About 12% of millennials in the age group of 25-35 years have already begun to save financially for retirement.
  • 19% of millennials in the age group of 25-35 years expect to be adequately paid by their pension fund the day they stop working.
  • The millennials generation in France mainly saves to build a wealth (76%), prepare the future of its children (75%), and ensure retirement (75%).


  • French millennials spend more money on travel, hotels, and food as they favor all kinds of experiences.
  • About 59% of French Millennials believe that their salary is insufficiently high to spend on the purchase of buying property or savings for the future.
  • About 53% of Millennials intending to become homeowners have not yet saved enough to build a contribution to buy property due to spending on necessities.

Brazilian Generation Z – Savings Outlook

Gen Zers in Brazil were brought up during a period that was marred by economic uncertainty and political instability, giving rise to a group of young individuals who expect a better future and are continually making sensible decisions about savings for the future. 29% of Gen Zers in Brazil are dreamers; concerned with the future and are interested in securing stable jobs and making investments that will guarantee a better future for them.


  • According to McKinsey, Gen Z makes up to 20% of the Brazilian population.
  • Members of Gen Z, compared to millennials and other groups, grew up in an environment of economic and political uncertainty; a factor that influences their savings decisions to-date.
  • A survey report dubbed Generation Without Borders, which included Gen Zers from Brazil, found that more than 35% of this group of young consumers are regularly saving for big purchases with the expectation of a better and stable future.
  • The study also found that 12% are already saving for their retirement. Gen Zers exhibit ‘sensible’ attitudes that influence them to make sensible financial decisions regarding their future.
  • Even though Gen Zers are more relatively cautious about their spending, compared to the millennials, they still expect to earn enough to allow them to enjoy shopping while still saving.
  • Gen Zers in Brazil spend mostly on household items, including clothing and technological devices, among others.
  • Given their expectation of a conducive economic environment that presents saving opportunities, Gen Zers in Brazil and the world as a whole, tend to favor economic conservatism in public policy — fiscal responsibility advocating reduced government spending, low taxes, and minimal government debt.


  • Having been raised during the greatest economic downturn in the history of Brazil, Gen Zers recognize the need to invest in the future for more stability.
  • According to them, investing in the future implies having a stable job that guarantees a high salary that allows for savings.
  • Studies indicate that as opposed to their millennial counterparts, they are more inclined towards regular employment rather than freelance or part-time work.
  • Survey results suggest that 42% of Gen Zers from 17 to 23 years old are already gainfully employed in either full- or part-time jobs or as freelance workers—a high percentage for people so young.
  • According to one respondent aged 20 in the Generation Without Borders study, “What makes us different from any other generation is that we are more cautious and pragmatic. We grew up during a global recession, war, and terrorism. When planning our futures, we seek stability and security rather than the optimism and flexibility of millennials.”
  • The Brazilian Financial Path report, which profiles its citizens into categories (the builder, chameleon, planner, carefree and dreamer) according to their financial outlook, reports that 27% Gen Zers fall in the category of the builder.
  • Behaviorally, the builders take a step at a time and are used to making gradual progress with their financial decisions.
  • They value money and strive to save even if it’s a little, with recognition of the fact that small quantities make a difference.
  • 14% of Gen Zers are chameleons, which typically comprises individuals who cannot invest and make plans for the future.
  • 27% of Gen Zers are planners, implying that they care about investments and financial planning for future stability. They are also very determined, and they always believe they can do and earn more.
  • 11% of Gen Z are carefree.
  • The majority of Gen Zers, 29%, fall in the category of dreamers. The sentence agreed with by most people in this group is that; “I’m the type of person who believes in the future, I try to invest everything I can in my personal project.”


  • The biggest challenge for the Gen Zers around saving for the future relates to the difficulty in securing stable jobs that guarantee high salaries and allow for savings.
  • High unemployment rates in Brazil are hindering Gen Zer’s saving potential.
  • Gen Zers are sometimes caught up in between their desire to save for the future while at the same time enjoy things such as travel, shopping, and entertainment.
  • Studies show that Gen Zers are experiential shoppers/travelers and are many at times willing to spend more to get certain elements that they hold in high regard (convenience, quality) attached to products and services.
  • The spending pattern and attitude make it difficult for Gen Zers to spare more money for savings.

Russian Generation Z – Savings Outlook

Russian Gen Zers are expecting to rely on their savings to afford housing, weddings, and retirement. At the moment, Russian Gen Zers are not facing any difficulty saving for the future.


When it comes to making a down payment for housing, 70% of Russian Gen Zers expect to use their savings.Furthermore, 29% of Russian Gen Zers are saving money for old age.Meanwhile, 68% of Russian Gen Zers plan to spend their savings on travel.A majority (67%) of Russian Gen Zers plan to spend their savings on higher education or vocational training.As consumers, 41% of Russian Gen Zers plan to spend their savings on products that do not harm the environment.Some Gen Zers (29%) are saving for live events such as a wedding or a civil marriage.Whereas only 22% of Russian Gen Zers plan to spend their earnings on new gadgets.The lowest percentage of Russian Gen Zers (19%) plan to spend their money on designer clothes, shoes, or accessories.The Russian Gen Zers are expecting to need to save a significant amount to survive and sustain these spending goals in the future.


  • Izvestia, a daily newspaper in Russia reports that “young people do not want to live on credit.”
  • Izvestia quotes 18-year-old Dariko who says he would “rather save up for something myself than turn to a bank for a loan.”
  • The Izvestia report also says that Dariko works as a sales assistant in the salon of a cellular operator and, once her salary improves, looks forward saving up for a car and mortgage payments.
  • Most Gen Zers in Russia “plan to work while attending college to avoid debt and a quarter of them plan to use savings to pay for expenses”, according to a study by The Generation Kinetics Center.
  • Meanwhile, 12% of Gen Zers in Russia have started saving for retirement, while 35% says that they would start when they reach the age of 20.
  • At least 52% of the Gen Z plans to pay themselves for their retirement using personal savings, 28% plan to continue working without retiring, and 26% plan to depend on state aid when they retire.
  • Russian Gen Zers have large savings because they started saving at a young age and do not depend on loans.
  • Gen Z in Russia is “more hardworking, purposeful, socially and financially responsible” than Millennials, the generation that preceded them.
  • Currently, Gen Zers in Russia are not facing any difficulties saving for the future.

Mexican Generation Z – Savings Outlook

Mexican Gen Zers think a lot about saving for the future, as the current economic situation in the country is contributing to their care for saving money. The current economic situation in Mexico has caused GenZers to think about other retirement options, like Afore and Fintech.



German Generation Z – Savings Outlook

Eighty-five percent of German Gen Z get along with their money and 48% of German Gen Z save on a regular basis, Gen Z aged 14-17 years save an average of €83 monthly while those aged 18-24 years save an average of €200. Lack of financial and economic knowledge, insecurity, and political upheavals are some factors that are limiting Gen Z financial savings habits. Below are our deep findings.


  • Gen Z population is considered as those between the ages of 4 to 25 years.
  • A large majority (88%) of German Gen Z considers “self-realization” as important life goals.
  • A survey on the financial culture and the digitization of generation Z in Germany conducted by Gfk Markforschung on behalf of the Banking Association showed that 8% of Generation Z in Germany is not indebted.
  • “Our Youth 2018 looks less optimistic and confident about the future. Adolescents and young adults (14 to 24 year-olds) are also less satisfied than they were three years ago. This is despite the very good job prospects and the continued good economic situation in Germany.”
  • Most of the German Generation Z’s lent money to parents, relatives, or friends.
  • The majority (73%) of German Gen Z consider family and friends to be more important than professional success.
  • About 70% of German Gen Z considers a high standard of living of great importance, hence, they save towards achieving and maintaining such a life.
  • “A large majority of young people commit to achievement, but two-thirds of respondents think that their free time is more important than job, school, or study. And seven out of ten see the highest priority for family and friends.”
  • Seventy percent of German Gen Z works hard and saves toward material wealth.
  • Eighty-four percent of Gen Z want more information about the economic context in school.
  • Seventy-three percent of Gen Z in Germany expects to find a job within six months after completing school.
  • Sixty-two percent of Gen Z expects to stay at their first job for three or more years.


  • Eighty-five percent get along with their money, every second saves regularly.”
  • Forty-eight percent of German Gen Z save on a regular basis.
  • German Gen Z aged 14-17 years save an average of €83 monthly while those aged 18-24 years save an average of €200.
  • German Gen Z considers safe cash and cash flow of great importance when choosing their bank savings, a cheap account. A two-thirds even “very important” – on secure online banking and line banking.
  • Two-thirds of the German Gen Z shows a positive attitude towards banks.


  • Growing insecurity among the German Gen Z’s results from the political upheavals, it is perceived as the culprit behind the decrease in the Gen Z life optimism and satisfaction about the future even amid improved job prospects.
  • Eighty-two percent of German Gen Z does not know how high the current rate of inflation is in Germany.
  • Fifty-three percent of German Gen Z can not explain what “return” means.
  • Sixty-seven percent have no idea what’s happening on the stock market.
  • Economic and financial knowledge of the youth has big gaps.”
  • Seventy-one percent of Gen Z have learned “not much” to “almost nothing” about the financial investment (economy) at school.
  • “Overwork is becoming an ever-greater problem” to German Gen Z.

Canadian Generation Z – Savings Outlook

Canadian Gen Zers are dedicated to saving a significant amount for their future. Express Canada found that the generation is financially literate and concerned with providing for their retirement. Among this generation, 72% are currently saving for their future investments or expenses.



  • Multiple studies show that Canadian Gen Zers are dedicated to saving and see savings as a way to get ahead in the future. For example, Express Canada argues that Gen Z is financially literate and 72% of these young people save for their future.
  • Gen Zers’ prioritize accumulating wealth through savings and investments. According to RBC, 35% of Canadian Gen Zers intend on saving for their retirement in their early 20s, whereas only 12% of Millennials plans to do the same. The study found that only one-fourth of Gen Zers see the government as a source for their retirement money, whereas one-third of Millennials consider the government as having a financial role in their retirement funds.
  • RBC also notes that 52% of Canadian Gen Zers anticipate using their savings for retirement compared to 59% of Millennials.
  • In a survey conducted by the Center for Generational Kinetics in Austin, Gen Zers asserted that they engage in “odd jobs” in order to save for their future. According to the survey of over 1,000 Gen Zers, 70% of the population make money through part-time work, freelancing, and earned an allowance. More surprisingly, 12% of the generation is currently saving for their retirement.
  • In a survey conducted by LifeWorks, 77% of Canadian Gen Zers have a clear set of financial goals and are aware of how to achieve them. However, they are equally stressed about their finances and financial situations.


  • American Express asserted that although Gen Zers receive financial support from their parents, “33% pay for all of their own expenses when shopping for personal items.”
  • Compared to other generations, Gen Zers are much less likely to take personal loans. While other generations spend their personal loans to purchase a vehicle, only 8.51% of Gen Z would use a loan for a car.
  • Since 20% of Gen Zers have had a savings account since they were 10-years-old, this generation is likely to achieve the greatest financial compared to other generations.
  • Additional, Gen Zers are the generation who has seen the negative effects of household debt. As such, credit card debts among Gen Zers remains lower than previous generations. As a generation, Gen Z has only a quarter of the credit card debt carried by GenXers and Boomers.
  • According to Amplify Solutions, 2 in 5 Canadian Gen Zers have investment and/or a high-income savings account. Meanwhile, more than half of the generation sets aside savings every month.
  • Amplify Solutions also reports that 26% of the Canadian Gen Z population “are comfortable financially” and another 21% reported that they get money from their parents whenever they ask
  • Canadian Gen Zers are more likely to use online banking for savings and spending. Accenture reports that online banking remains the most popular banking channel for the generation with 69% of the population using banking apps. This is compared to just 17% of Baby Boomers who use online banking resources.


  • One of the factors that stifle Gen Zers from saving is non-credit card related debt balances. Although Canadian Gen Zers plan to have future investments, their consumer non-mortgage debt balances are expected to increase over the years.
  • The Globe Newswire reports that between Q4 of 2016 and Q4 of 2017, consumer debt among Gen Z consumers increased by 22.9%, which is higher than that of the Millennial population (12.6%).
  • Compared to other generations, Canadian Gen Zers have increasing delinquency rates on their debt. TransUnion reports that in 2017, the generation witnessed a 39-basis point increase in delinquency rates.
  • The report assumes that this delinquency rate comes from their inexperience in managing credit obligations and a lack of discipline in making regular payments.

Australian Generation Z – Savings Outlook

64% of members of Generation Z in Australia have already started saving for the future. Gen Zs are savers, not spenders. Australian Gen Zs look like a successful cohort for future savings: They are not currently experiencing significant difficulties when it comes to saving enough for the future.


  • Driven by causes and their values, Gen Zs possess a strong sense of purpose: Having watched Gen Y’s struggle to gain financial independence in a tough housing market, burdened by student debt, 64% of Gen Zs have already started saving for the future.
  • Gen Zs are not saving for a house or a car, they are spending on life experiences.
  • 56 per cent of Gen Zs say they have discussed saving money with their parents in the last 6 months.
  • A typical Generation Z couple has one-fifth of their after-tax income for savings.


  • One in five Gen Z’s believe that personal debt should be avoided at all costs.
  • Only 20 percent of Gen Zs think the economic outlook will improve: This pessimism is one of the main incentives for savings, as Gen Zs don’t expect that it will be easy for them to make money in the future.
  • Thus, Australian Gen Zs look like a successful cohort for future savings. Almost two-thirds of them have already started saving for the future, so that Australian Gen Zs are not currently experiencing significant difficulties when it comes to saving enough for the future.

UK Generation Z – Savings Outlook

UK Gen Z’s expectations and experiences around financial savings

  • Generation Zers in the UK are taking control of their finances.
  • About 35% of them already have more than £1,000 in savings.
  • Gen Zers, just like their millennial counterparts, are prioritizing financial savings.
  • Zopa, in their research, found that more than two-thirds of Gen Zers believe that saving a little and often is vital for a better future. Also, 40% took the view that saving is fundamental for the future.
  • Zopa’s report noted that about 70% of Gen Zers check-in on their finances nearly every day.
  • Gen Zers were also found to keep track of their finances in a more modern form, with 63% using dedicated banking apps on their mobile phones to check their funds.
  • According to Andrew Lawson, the chief product officer at Zopa, the younger working generations are setting a new agenda for their financial futures. This can include putting in place savings plans to cover future uncertainties.
  • About 70% of Gen Zers in the UK said they were happy and willing to talk about their finances with family and friends openly.
  • Of those who have gone through further education, 20% said they saw university fees as manageable.

Does UK Gen Zers see the need to save more?

  • According to a study by NatWest, “nearly half of individuals 18-24 years old forecast tough financial times, with 44% saying that the rising costs of essentials such as food and travels are the most significant financial concern to them.”
  • A study found that 34% of young parents, aged 25-29 years,” wished they knew how to save for short and long term goals when they were in school. This group may be prompted to save more for the future.”

Does UK Gen Zers have difficulties with saving for the future?

  • Lack of steady source of income is the main hindrance holding many Gen Zers in the UK from saving for the future.
  • About 39% are concerned about not having a steady level of income.
  • Also, pressure with social life pushes many to spend money than save, with a quarter admitting they felt pressured into attending events due to fear of missing out.

Spanish Generation Z – Savings Outlook

Spanish Gen Z’s population was estimated to be 39% of the total population of Spain. About 39% of Generation Z in Spain prefer to save money than to spend it. One of the difficulty that Spanish Gen Z’s are facing is 8.4% of direct taxes in savings.



  • Generation Z in Spain are cautious about money and their priorities and start saving at a very young age.
  • Generation Z of Spain — 31% — are very worried about their future retirement and rely on their savings to maintain their power of retirement.
  • Spain’s Gen Z of preferences leans more on the side of vital experiences than on the possession of a house or a car.


  • Spanish Generation Z has begun to save from a very young age because they are aware of the financial mistakes of their successor generation.
  • About 31% of Spain Gen Z have started saving at a young age as they are worried about retirement savings.
  • Most of the Spanish Gen Z have an investment or savings account for their money management.
  • About 39% of Generation Z in Spain prefer to save money than to spend it.
  • Generation Z in Spain use mobile applications and prefer banks that offer digital solutions for their savings account.


  • Generation Z of Spain are not able to save enough as those under the age of 20 to 22 have lost 16% salary and those under 20 to 24 years old have lost 11.79% in recent years.
  • Gen Z in Spain is facing difficulty in saving for the future as they have to pay 8.4% of direct taxes.
  • Generation Z in Spain are not able to save enough for their future as they have to pay their educational loans.

French Generation Z – Savings Outlook

Seventy-two percent of Gen Z in France save every month, 41% save for the future while 38% save for a big purchase. Lack of sufficient financial literacy, pessimism toward the future of the economy of France, and the ambivalent attitude of Gen Z to finance are some challenges mitigating Gen Z savings habits in France.


  • The Gen Z population in France is defined as those between the ages of four to 24 years old.
  • The average monthly income of French Gen Z is €232.
  • Seventy-two percent of Gen Z in France who save every month often manage their savings using an app or the internet.
  • Forty-one percent of French Gen Z saves for the future, 38% to make a major purchase, and 11% for security.
  • Fifty-nine percent of French Gen Z use online banking to manage their savings.
  • Sixty-one percent of Gen Z has used PayPal as an alternative to the bank at least once, while 42% use PayPal as an alternative to a bank regularly.
  • Twenty-seven percent of Gen Z communicated with their bank online at least once a month.
  • One out of three French Gen Z checks their accounts every day.
  • Fifty-five percent of French Gen Z does the budget before spending.
  • French Gen Z falls short of money as they age; hence, their ability to save for the future may be directly affected.
  • Not less than 83% of French Gen Z do their accounts at least once per month.
  • Even if young people do not diligently control their accounts, one of out three regularly follows their balance.
  • Fifty-nine percent of Gen Z in France expect their bank to be contactable 24 hours, and 58% expect their bank to offer them the chance of meeting their banker physically.
  • Gen Z in France uses digital offers and promotions to cut down their spending while shopping.
  • Gen Z in France currently receives an average of €7.83 as pocket money, €4 less than what they were receiving in the past four years.
  • Seventy-nine percent of Gen Z is gifted money on their birthday or Christmas.
  • Sixty-three percent get pocket money, and 37% earn their money by working.
  • Eighty-five percent of Gen Z considered financial savings as a good idea, and 74% check their savings on a regular basis.


  • French Gen Z has an ambivalent attitude to finance.
  • In terms of economics, 71% Gen Z in France are pessimistic about having a better future than previous generations, while 10% are optimistic.
  • French Gen Z perceives money as a source of pleasure and success as well as a trigger of stress and trouble.
  • According to the head of IEFP, Pascale Micoleau-Marcel, financial issues makes French Gen Z nervous.
  • Unemployment is one of the barriers to French Gen Z saving habits. According to OECD, the unemployment rate among Gen Z in France is currently 20.77%.
  • In recent years, younger generations seem to be particularly affected by unemployment in France while the percentage of the working population is decreasing in the country.
  • Insufficient financial literacy is one of the factors limiting French Gen Z savings. According to OECD, the level of financial literacy among Gen Z in France is 14.9 over a 21-point category; and according to OECD, this requires improvement.
Glenn is the Lead Operations Research Analyst at The Digital Momentum with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.


Previous article


Next article

You may also like


Leave a reply

Your email address will not be published.