I’m Holly O’Neill, President of Retail Banking at Bank of America.
[OVERLAY GRAPHIC OF COVER PAGE OF RESEARCH REPORT]Findings of our annual Better Money Habits study offer timely insights into the financial health and behaviors of Gen Z. Despite coming of age during a challenging economy, this generation has shown itself to be adaptable, innovative and thrifty.
But they do face challenges. 85% cited one or more barriers to financial success.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND DONUT CHART WITH 85% IN RED, ICON INSIDE OF DONUT CHART IS A PENCIL AND PAPER CHECKLIST]Topping the list is the higher costs of living. Some worry about lacking the income to achieve financial goals or meet housing expenses.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND A HOME]So how are they responding? Well, many of them are buckling down.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND A WALLET GRAPHIC BURSTING WITH DOLLAR BILL, COINS, CHECK, AND DEBIT CARD]Over the last year, three-in-four young adults have changed their spending habits to meet rising prices.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND STAIRSTEP UPWARDS VERTICAL BAR GRAPH WITH UPWARD TRENDING ARROW]They are interested in furthering their education and advancing their careers.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND GRADUATION CAP]Studies like this deepen our understanding of financial challenges and needs
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND PAPER ON CLIPBOARD WITH MAGNIFYING GLASS]across different generations and help us provide the right resources and guidance.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND FAMILY COMPRISED OF TWO ADULTS HOLDING HANDS WITH TWO CHILDREN]Our free financial education platform, Better Money Habits,
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND MONITOR WITH PLAY BUTTON AND VIDEO PROGRESS BAR]empowers people to make more informed decisions on money matters, increase their confidence, and improve their financial health.
[SIDE BY SIDE GRPAHIC OF EXCUTIVE SPEAKING AND SCALES OF JUSTICE GRAPHIC WEIGHIN TWO BAGS OF DIFFERING SIZE]Whether Gen Z is looking for budgeting advice as they earn their first paycheck or want to know how to build credit before applying for a mortgage, we offer solutions to help make their financial lives better.
[CLIP OF YOUNG WOMAN WALKING OUTDOORS WHILE TEXTING ON MOBILE PHONE, CLIP OF YOUNG MAN SITTING INDOORS WHILE TEXTING ON MOBILE PHONE]Go to Better Money Habits [dot] com to learn more.
Source: newsroom.bankofamerica.com
