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🇦🇺 Australia /Culture & Society

How Gen Z sees money, and how it drives their spending and saving

From ABC Australia · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

In-depth Documents & data Context piece
  • Gen Z individuals, despite facing a different financial landscape, show a high intention to save money, with women slightly ahead of men.
  • Many young people, like Liam, learned money management through trial and error, often after experiencing financial instability in their upbringing.
  • While navigating challenges like 'tap-and-go' payments and 'buy now, pay later' services, Gen Z is actively developing strategies for saving and spending.

Young Australians, particularly Generation Z, are demonstrating a strong commitment to saving, defying expectations in a complex financial world. Data from the NAB Wellbeing Survey Q1 2026 reveals that 94 percent of Gen Z women and 93 percent of Gen Z men are actively trying to save, significantly exceeding the national average of 81 percent for all Australians.

Tapping my card felt too easy because I never actually saw the money leaving my hand

— LiamDescribing his early struggles with spending after receiving his first paycheck.

Many in this generation, like Liam, entered adulthood without formal financial education. Liam's experience highlights a common struggle: earning his first paycheck at 16 led to impulsive spending on items he lacked growing up. He found "tapping my card felt too easy because I never actually saw the money leaving my hand." Growing up in a financially unstable home where money was rarely discussed left him unprepared. However, after six months of conscious effort, Liam managed to save nearly $10,000, demonstrating a capacity for change.

I sort of just started saving after realising I had no money left

— HugoExplaining his motivation for beginning to save money.

Gen Z navigates a financial environment vastly different from previous generations. The prevalence of 'tap-and-go' payments, 'buy now, pay later' services, and a constant stream of online financial advice present unique challenges and opportunities. Despite these factors, young people are actively developing their own money management skills.

I only spend what I know I can afford based on my shifts

— BreeDetailing her approach to managing her income.

Others, like 16-year-old Hugo, learned through experience, spending most of his earnings on car modifications and saving after realizing he had no money left. His parents encouraged saving but allowed him autonomy. Bree, also 16, focuses her spending on essentials like phone data and food, with occasional splurges, and is saving for a car. Her parents taught her budgeting using their own finances, emphasizing learning from their mistakes. Evelynn, a 16-year-old busker, spends most of her earnings on social outings but receives reminders from her mother not to "blow it all."

They really wanted us to learn from their mistakes

— BreeReferring to her parents' method of teaching her financial management.
DistantNews Editorial

Originally published by ABC Australia in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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