Human Futures Magazine / Edition 2
EDITION 2
HUMAN FUTURES
THE MONEY ISSUE
Human Futures Magazine / Edition 2
Recap: the 5 myths we’ll BE bustiNG IN the upcoming weeks... Myth 1 They don’t know how to manage their money and don’t care to find out how to do it better
THIS WEEK
In this edition, we’ll dive into the truth using our deep qualitative research, quantitative data from the HeartbeatTM, and secondary sources. As a recap, here are the four myths we’ve dispelled about young Americans and how they relate to money.
Myth 2 They’re entitled and don’t understand the value of a dollar or the importance of hard work
Myth 3 They’re superficial, investing in fleeting material interests that have little meaning or long term value
Myth 4 They’re are brand victims, following and spending money on the latest fads blindly
Myth 5 They prioritize wokeness — if it’s green, and they’ll give their green As we explore young Americans and their relationships with money we see the urgency in debunking myths about this generation. Big brands, media, and thinkers have seemingly misunderstood this cohort and its nuances. The goal of this work is for us all to connect with this cohort more sensitively, coherently and honestly — by listening to their voices and understanding their wants, needs, drives, and desires.
NOTE: Blanket statements about a generation can be risky and ignore gray areas. We’re talking about “young Americans” here for example, but replace this label with any other one (i.e. a geographic, generational, racial etc. and any trends discussed can quickly become damaging stereotypes.) While we aim to pull back the curtain on audiences, we seek to do so with depth and nuance that leads to empathy.
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Human Futures Magazine / Edition 2
MYT H 1 IN TRUTH...
MYTH 1 DEBUNKED Young Americans are indeed conscious of money and finance but think, feel, and behave towards them in slightly unique ways. From the outside, this may look fickle and disengaged, but in fact, it’s quite the contrary. Behind the scenes, young Americans prioritorize “essentials” first Happiness is something they invest in ‘in the now’ and ‘for the future’ — they approach treating themselves consciously, not lacking responsibility They engage with financial information in ways comfortable and digestible to them, ignoring the more traditional media Young Americans deal with tough times with humor and satire which gets misconstrued as lacking care There’s a misconception that Gen Z and Millennials aren’t financially prepared. In fact, they overindex on many financial actions compared to older generations.
In the past 6 months Gen Z and Millennials
50% 38%
Gen X and up
43%
12% 15%
28%
33%
29%
32%
25%
24% 19%
Actively set financial plans for the future
Actively sought information about personal finance and money management
Invested money in stocks, bonds, or other traditional banking / financial
Actively set and managed a financial budget regularly (using spreadsheets or apps)
5%
Invested in cryptocurrency
Basesize: 408 3
Human Futures Magazine / Edition 2
Over half of Gen Z and Millennials save regularly i.e. every month
5% Regularly Every month
38%
57%
Occasionally Periodically throughout the year Rarely When there is unexpected or extra money
Gen Z and Millennials
92%
Believe it’s important to manage their finances regularly
70%
Are confident and have the knowledge and tools to manage their money effectively
Basesize: 408
LET’S EXPLORE HOW! 4