People born between the mid-1990s and early 2010s – so-called generation Z – face many financial challenges, from more expensive housing to lower wages. Many are already delaying life plans such as buying a home and saving for retirement as a result. But recent research on the connection between smartphone addiction and compulsive buying behaviour in this age group shows the potential for even more financial damage.
Gen Z makes up a third of the global population and is estimated to spend US$143 billion (£124 billion) annually, as well as having a significant influence on family spending. Members of gen Z also often share some unique financial characteristics. For example, they are financially minded, worry about their future prospects and have an entrepreneurial mindset.
