Gen Z – those between ages 18 and 25 – are working a financial plan in ways that older generations are not.
BMO Bank of Montreal has just released its assessment of the way various generations go about managing their money. It turns out the youngest Canadians are the most diligent while the Boomers – the oldest demographic in the survey – are the other end of the spectrum.
According to the survey, nearly two-thirds of those in the Gen Z age category look at the performance of their financial plans quarterly. That compares to one-third of Boomers. Millennials are in the middle between them.
Members of the Gen Z group are most likely to look to financial influencers or social media for their information while less than 10 per cent of Boomers work their money management plans that way.
Here’s one other difference between older and younger investors. Gen Z and Millennials put money into investment portfolios first and savings accounts second. Boomers are least likely to follow that strategy.
