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Why Gen Z is Approaching Money Differently Than Other Generations



Every generation has their own unique approach to money and personal finance.

Millennials, for example, found the journey to adulthood riddled with obstacles such as stagnating wage growth and uncertain economic conditions. These challenges, combined with other generational circumstances, helped to shape the group’s spending habits and attitudes towards money and debt.

Along this journey, Millennials ended up making their fair share of financial mistakes – but interestingly, evidence is now mounting that the next generational cohort (Gen Z) is already learning from their elders.

A New Approach to Money

Today’s infographic comes to us from Rave Reviews and it shows how Gen Z is taking a more pragmatic approach to money.

Why Gen Z is Approaching Money Differently Than Other Generations

Gen Z saw some of their older friends take on massive amounts of debt, while also struggling to find well-paying jobs.

As a result, this new generation (born 1997 and onwards) is taking a much more pragmatic approach to the world of personal finance. Gen Zers generally want to secure well-paying and stable jobs, and to grow their savings rather than spending money that they don’t have.

School and Work

For Generation Z, an education is often seen as an end to a financial means. In other words, college is an opportunity to build a set of skills that will be valuable to employers, ensuring a stable career.

That’s why 88% of the first Gen Z grad class in 2017 ended up choosing their majors with job availability in mind.

Recent Gen Z grads are willing to put in the work, as well:

  • 75% are willing to relocate to another state for a job offer
  • 58% are willing to work evenings and weekends
  • 78% have completed an internship or apprenticeship
  • 77% earn extra money through freelance work, a part-time job, or an earned allowance
  • 35% already own their own business, or are planning to start one in the future

While the Gen Z outlook on school and work is a defining factor in their attitude towards personal finance, how they save and spend money is also making a difference.

Saving and Spending

A whopping 89% of Gen Zers say planning for their financial future makes them feel empowered, while 64% have already begun researching the topic of financial planning.

With dollars and cents on their minds, Gen Z is a more frugal and fiscally responsible group:

  • 72% say that cost is most important factor when making a purchase
  • 47% use their phones in-store to check prices and ask family or friends for advice
  • 66% plan to attend college in-state to save on tuition

As Gen Z enters the professional workforce and starts investing their savings, it will be interesting to see what comes out of this frugal and practical approach to money.

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Charted: The World’s Aging Population from 1950 to 2100

This graphic visualizes the world’s aging population, showing data for every country and territory around the world.



Charted: The World’s Aging Population from 1950 to 2100

As demographics continue to shift in the 21st century, the world’s aging population will continue to be a focal point for many global decision makers.

Most countries around the world have experienced population explosions, or are about to. Combine this with declining birth rates and falling mortality rates, and it’s clear that the global senior population will continue to reach new heights.

These graphics by Pablo Alvarez use data from the 2022 UN World Population Prospects to visualize this increasing aging population across countries.

The World’s Aging Population from 1950 to 2100

In 2022, there were 771 million people aged 65+ years globally, accounting for almost 10% of the world’s population.

This segment has been growing at an increasing rate, and it’s expected to hit 16% in 2050, and eventually 24% by 2100. Here’s what that’s projected to look like, for every country and territory.

Country by Population Aged +65 Years195020222100
🇦🇫 Afghanistan2.85%2.39%16.03%
🇦🇱 Albania6.04%16.66%49.08%
🇩🇿 Algeria3.49%6.39%28.83%
🇦🇸 American Samoa2.38%7.27%45.41%
🇦🇩 Andorra10.02%14.98%37.04%
🇦🇴 Angola2.93%2.6%12.07%
🇦🇮 Anguilla3.69%10.71%37.49%
🇦🇬 Antigua and Barbuda4.14%10.63%35.4%
🇦🇷 Argentina4.13%11.92%31.79%
🇦🇲 Armenia8.17%13.15%36.13%
🇦🇼 Aruba1.77%16.15%36.51%
🇦🇺 Australia8.17%16.9%31.38%
🇦🇹 Austria10.42%19.81%33.93%
🇦🇿 Azerbaijan6.89%7.11%30.5%
🇧🇸 Bahamas4.76%8.89%29.58%
🇧🇭 Bahrain2.88%3.76%21.89%
🇧🇩 Bangladesh3.9%6.04%32.56%
🇧🇧 Barbados5.24%16.28%33.19%
🇧🇾 Belarus8.24%17.18%30.45%
🇧🇪 Belgium11.03%19.73%32.83%
🇧🇿 Belize3.57%5.09%29.21%
🇧🇯 Benin7.85%3.06%11.03%
🇧🇲 Bermuda5.71%20.41%37.73%
🇧🇹 Bhutan2.53%6.25%33.35%
🇧🇴 Bolivia6.11%4.85%21.75%
🇧🇶 Bonaire Sint Eustatius and Saba14.22%13.84%28.94%
🇧🇦 Bosnia and Herzegovina3.95%18.4%36.4%
🇧🇼 Botswana4.32%3.65%17.96%
🇧🇷 Brazil2.39%9.88%33.52%
🇻🇬 British Virgin Islands8.63%9.95%32.47%
🇧🇳 Brunei4.85%6.17%30.93%
🇧🇬 Bulgaria6.66%22.38%37.13%
🇧🇫 Burkina Faso2.01%2.53%13.07%
🇧🇮 Burundi3.22%2.48%13.23%
🇰🇭 Cambodia2.67%5.81%26.43%
🇨🇲 Cameroon3.47%2.67%11.89%
🇨🇦 Canada7.7%19.03%31.55%
🇨🇻 Cape Verde3.67%5.55%32.63%
🇰🇾 Cayman Islands6.05%8.17%28.75%
🇨🇫 Central African Republic5.%2.51%11.43%
🇹🇩 Chad4.33%2.01%9.64%
🇨🇱 Chile3.3%13.03%36.61%
🇨🇳 China5.04%13.72%40.93%
🇨🇴 Colombia3.22%9.%34.49%
🇰🇲 Comoros3.8%4.28%17.81%
🇨🇬 Congo3.36%2.72%11.99%
🇨🇰 Cook Islands2.94%11.73%29.75%
🇨🇷 Costa Rica2.97%10.83%36.99%
🇨🇮 Cote d'Ivoire2.21%2.4%10.86%
🇭🇷 Croatia7.82%22.36%37.03%
🇨🇺 Cuba4.36%15.81%36.31%
🇨🇼 Curacao5.82%14.95%30.46%
🇨🇾 Cyprus5.95%14.83%33.36%
🇨🇿 Czechia8.29%20.64%26.94%
🇨🇩 Democratic Republic of Congo3.77%2.92%10.62%
🇩🇰 Denmark9.04%20.49%30.45%
🇩🇯 Djibouti1.99%4.54%19.68%
🇩🇲 Dominica7.67%9.53%34.28%
🇩🇴 Dominican Republic2.72%7.4%30.47%
🇪🇨 Ecuador5.2%7.83%31.97%
🇪🇬 Egypt2.95%4.83%21.77%
🇸🇻 El Salvador3.93%8.22%36.02%
🇬🇶 Equatorial Guinea5.53%3.12%15.13%
🇪🇷 Eritrea3.2%4.01%19.86%
🇪🇪 Estonia10.56%20.58%34.15%
🇸🇿 Eswatini2.68%4.%16.26%
🇪🇹 Ethiopia3.01%3.14%18.6%
🇫🇴 Faeroe Islands7.59%17.92%26.91%
🇫🇰 Falkland Islands8.27%11.08%35.86%
🇫🇯 Fiji5.99%5.9%20.6%
🇫🇮 Finland6.63%23.27%34.04%
🇫🇷 France11.39%21.66%34.23%
🇬🇫 French Guiana7.96%5.98%21.13%
🇵🇫 French Polynesia3.%10.07%37.85%
🇬🇦 Gabon7.21%3.89%16.25%
🇬🇲 Gambia2.5%2.43%16.06%
🇬🇪 Georgia9.35%14.61%31.19%
🇩🇪 Germany9.46%22.41%33.72%
🇬🇭 Ghana4.62%3.55%15.91%
🇬🇮 Gibraltar6.94%20.84%37.63%
🇬🇷 Greece6.8%22.82%37.52%
🇬🇱 Greenland3.06%10.02%29.16%
🇬🇩 Grenada5.12%10.07%30.54%
🇬🇵 Guadeloupe5.51%20.04%34.45%
🇬🇺 Guam1.11%11.84%31.19%
🇬🇹 Guatemala2.31%4.91%28.05%
🇬🇬 Guernsey11.96%16.64%35.4%
🇬🇳 Guinea5.39%3.32%14.%
🇬🇼 Guinea-Bissau3.45%2.82%14.34%
🇬🇾 Guyana3.89%6.28%28.94%
🇭🇹 Haiti3.64%4.54%19.07%
🇭🇳 Honduras3.96%4.27%26.5%
🇭🇰 Hong Kong2.48%20.47%41.64%
🇭🇺 Hungary7.81%20.01%31.85%
🇮🇸 Iceland7.52%15.33%34.25%
🇮🇳 India3.1%6.9%29.81%
🇮🇩 Indonesia1.74%6.86%25.28%
🇮🇷 Iran5.22%7.62%33.72%
🇮🇶 Iraq2.79%3.41%18.44%
🇮🇪 Ireland10.99%15.14%32.48%
🇮🇲 Isle of Man13.9%22.29%31.8%
🇮🇱 Israel4.%12.04%25.97%
🇮🇹 Italy8.09%24.05%38.19%
🇯🇲 Jamaica3.83%7.45%44.05%
🇯🇵 Japan4.89%29.92%38.7%
🇯🇪 Jersey12.34%16.22%30.52%
🇯🇴 Jordan5.03%3.84%27.3%
🇰🇿 Kazakhstan6.47%8.04%19.58%
🇰🇪 Kenya5.28%2.87%16.98%
🇰🇮 Kiribati7.13%3.81%17.33%
🇽🇰 Kosovo5.33%10.19%43.35%
🇰🇼 Kuwait2.88%4.93%31.56%
🇰🇬 Kyrgyzstan7.91%4.54%21.08%
🇱🇦 Laos2.13%4.45%25.24%
🇱🇻 Latvia10.12%21.86%32.86%
🇱🇧 Lebanon7.24%9.89%32.11%
🇱🇸 Lesotho6.34%4.2%13.44%
🇱🇷 Liberia2.97%3.31%13.88%
🇱🇾 Libya5.21%4.86%27.77%
🇱🇮 Liechtenstein7.89%19.37%34.79%
🇱🇹 Lithuania8.65%20.8%32.79%
🇱🇺 Luxembourg9.71%15.03%31.55%
🇲🇴 Macao3.11%13.%32.39%
🇲🇬 Madagascar3.25%3.35%16.21%
🇲🇼 Malawi3.06%2.61%15.61%
🇲🇾 Malaysia4.91%7.5%30.78%
🇲🇻 Maldives3.14%4.78%35.61%
🇲🇱 Mali2.78%2.38%11.%
🇲🇹 Malta7.42%19.13%38.26%
🇲🇭 Marshall Islands5.68%4.56%17.8%
🇲🇶 Martinique5.85%22.77%37.31%
🇲🇷 Mauritania1.44%3.22%15.03%
🇲🇺 Mauritius3.18%12.79%33.76%
🇾🇹 Mayotte6.61%2.88%18.15%
🇲🇽 Mexico2.99%8.32%34.88%
🇫🇲 Micronesia (country)4.11%6.16%27.59%
🇲🇩 Moldova7.56%12.98%26.36%
🇲🇨 Monaco15.64%35.92%30.16%
🇲🇳 Mongolia3.87%4.61%26.18%
🇲🇪 Montenegro7.85%16.55%34.16%
🇲🇸 Montserrat7.92%17.7%33.05%
🇲🇦 Morocco2.86%7.72%29.97%
🇲🇿 Mozambique3.13%2.57%13.43%
🇲🇲 Myanmar3.21%6.82%23.69%
🇳🇦 Namibia4.1%3.97%15.38%
🇳🇷 Nauru8.98%2.5%15.87%
🇳🇵 Nepal2.74%6.09%29.51%
🇳🇱 Netherlands7.76%20.31%32.89%
🇳🇨 New Caledonia5.%11.02%31.61%
🇳🇿 New Zealand9.09%16.31%33.2%
🇳🇮 Nicaragua2.71%5.29%28.92%
🇳🇪 Niger.92%2.4%9.76%
🇳🇬 Nigeria3.%2.97%12.31%
🇳🇺 Niue4.79%15.16%22.55%
🇰🇵 North Korea2.72%11.71%30.49%
🇲🇰 North Macedonia5.87%14.91%36.56%
🇲🇵 Northern Mariana Islands2.95%10.81%32.09%
🇳🇴 Norway9.52%18.44%31.65%
🇴🇲 Oman3.05%2.76%23.96%
🇵🇰 Pakistan5.48%4.27%17.23%
🇵🇼 Palau8.59%9.93%21.48%
🇵🇸 Palestine4.77%3.53%23.44%
🇵🇦 Panama3.57%8.77%30.03%
🇵🇬 Papua New Guinea1.09%3.19%16.81%
🇵🇾 Paraguay3.73%6.26%26.51%
🇵🇪 Peru3.43%8.41%30.33%
🇵🇭 Philippines3.56%5.44%23.38%
🇵🇱 Poland5.22%18.55%35.69%
🇵🇹 Portugal7.%22.9%36.28%
🇵🇷 Puerto Rico3.63%22.93%48.9%
🇶🇦 Qatar3.5%1.52%15.01%
🇷🇪 Reunion3.81%13.28%32.4%
🇷🇴 Romania7.16%18.64%32.22%
🇷🇺 Russia4.8%15.8%27.86%
🇷🇼 Rwanda2.76%3.2%17.36%
🇧🇱 Saint Barthlemy7.3%10.61%43.89%
🇸🇭 Saint Helena8.63%28.66%32.61%
🇰🇳 Saint Kitts and Nevis5.36%10.13%29.79%
🇱🇨 Saint Lucia3.59%9.23%33.39%
🇲🇫 Saint Martin (French part)4.47%11.14%30.08%
🇵🇲 Saint Pierre and Miquelon6.34%17.32%33.4%
🇻🇨 Saint Vincent and the Grenadines7.71%10.86%32.34%
🇼🇸 Samoa2.52%5.22%18.75%
🇸🇲 San Marino10.15%20.47%35.73%
🇸🇹 Sao Tome and Principe3.92%3.76%15.6%
🇸🇦 Saudi Arabia3.32%2.81%30.28%
🇸🇳 Senegal3.42%3.14%16.54%
🇷🇸 Serbia6.15%20.56%37.55%
🇸🇨 Seychelles10.68%8.16%28.84%
🇸🇱 Sierra Leone3.02%3.14%15.52%
🇸🇬 Singapore2.29%15.12%36.51%
🇸🇽 Sint Maarten (Dutch part)12.03%10.57%34.51%
🇸🇰 Slovakia6.63%16.98%33.4%
🇸🇮 Slovenia7.52%20.96%33.59%
🇸🇧 Solomon Islands4.03%3.47%15.29%
🇸🇴 Somalia2.6%2.57%10.75%
🇿🇦 South Africa4.06%5.89%20.55%
🇰🇷 South Korea2.74%17.49%44.44%
🇸🇸 South Sudan3.48%2.89%13.11%
🇪🇸 Spain7.23%20.27%38.72%
🇱🇰 Sri Lanka8.76%11.54%35.73%
🇸🇩 Sudan3.03%3.5%13.28%
🇸🇷 Suriname4.09%7.39%25.8%
🇸🇪 Sweden10.19%20.25%31.83%
🇨🇭 Switzerland9.49%19.31%32.61%
🇸🇾 Syria7.66%4.68%24.62%
🇹🇼 Taiwan2.11%16.71%37.32%
🇹🇯 Tajikistan4.34%3.47%19.43%
🇹🇿 Tanzania2.2%3.1%14.97%
🇹🇭 Thailand3.21%15.21%39.17%
🇹🇱 Timor3.14%5.21%25.42%
🇹🇬 Togo4.29%3.13%11.77%
🇹🇰 Tokelau4.7%8.66%25.03%
🇹🇴 Tonga4.6%6.22%21.65%
🇹🇹 Trinidad and Tobago3.93%11.52%32.67%
🇹🇳 Tunisia4.4%9.02%31.24%
🇹🇷 Turkey3.77%8.64%33.9%
🇹🇲 Turkmenistan5.84%5.15%21.55%
🇹🇨 Turks and Caicos Islands5.79%10.34%28.25%
🇹🇻 Tuvalu4.98%6.48%16.15%
🇺🇬 Uganda2.87%1.69%14.33%
🇺🇦 Ukraine7.54%18.81%33.2%
🇦🇪 United Arab Emirates3.35%1.83%15.77%
🇬🇧 United Kingdom10.84%19.17%32.56%
🇺🇸 United States8.18%17.13%30.47%
🇻🇮 United States Virgin Islands7.54%20.42%39.11%
🇺🇾 Uruguay8.23%15.58%35.98%
🇺🇿 Uzbekistan5.87%5.14%22.24%
🇻🇺 Vanuatu5.65%3.74%16.29%
🇻🇪 Venezuela2.29%8.61%27.71%
🇻🇳 Vietnam4.13%9.12%30.02%
🇼🇫 Wallis and Futuna1.76%13.47%32.98%
🇪🇭 Western Sahara2.82%5.84%23.73%
🇾🇪 Yemen3.98%2.66%18.25%
🇿🇲 Zambia2.76%1.75%12.66%
🇿🇼 Zimbabwe3.18%3.32%14.22%
🌐 World5.13%9.82%24.03%

Some of the places with high elderly shares today include high-income countries like Japan (30%), Italy (24%), and Finland (23%).

The lowest shares are concentrated in the Middle East and Africa. Many countries have just 2% of their population aged 65 years and older, such as Qatar, Uganda, and Afghanistan.

But over time, almost all countries are expected to see their older population segments grow. In just three decades, it is estimated that one-in-four European, North American, and Asian residents will be over 65 years of age.

By 2100, a variety of Asian countries and island nations facing low population growth are expected to see more than one-third of their populations aged 65 years or older, including South Korea and Jamaica at 44%. However, it’s actually Albania that’s the biggest outlier overall, with a projected 49% of its population to be aged 65 and older by 2100.

Passing the Generational Torch

The challenge of an aging population is set to impact all sectors of society, including labor and financial markets, demand for housing and transportation, and especially family structures and intergenerational ties.

One way to help grasp the nature of transition is to note the changing ratio between seniors and young children in the world population, as seen in the below crossover diagram:

Elderly population surpass that of children aged 5 and below

Dropping fertility rates, in addition to improved child and infant mortality rates, are known to have played a major role in the plateauing population of children.

However, not all countries have witnessed this crossover yet, as it usually coincides with higher levels of economic development.

As countries such as India, Brazil, and South Africa reach higher levels of per capita income, they will be likely to follow down the paths of more advanced economies, eventually experiencing similar demographic fates and challenges.

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