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A third of Gen Z has more than £1,000 squirrelled away

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Members of Generation Z are seeking to take control of their finances, with more than 40 per cent taking the view that saving is fundamental for their future, according to research from Zopa.

More than a third of ‘Gen Z’ has at least £1,000 squirrelled away, according to a study by peer-to-peer lender Zopa. Its findings were based on a survey of over 1,500 individuals, split across Gen Z and millennials. Gen Z are typically aged between 18 and 22, while millennials are 23 to 38.

Zopa found that more than two thirds of those from Gen Z believe that saving a little often is key. In addition, 40 per cent took the view that saving is fundamental for the future.

What’s more, over half of millennials said they were making saving a top priority.

The peer-to-peer lender was keen to point out that its findings contradict the view that Gen Z and the younger generations aren’t prioritising saving for the future.

Zopa also found that the ways that different generations keep up-to-date with their bank accounts differed, with 70 per cent of Gen Z checking their finances nearly every day, compared to 61 per cent of millennials.

Gen Z typically checks their bank account on their phones (63 per cent), while the majority of millennials use more traditional online banking hubs (60 per cent). Meanwhile, twice as many millennials would rather go to a branch to check their balance than Gen Z.

“It’s unsurprising that there are some similarities and differences between Gen Z and Millennials when it comes to their savings and finances, but it’s clear that Gen Z has taken the crown of most financially savvy generation,” said Andrew Lawson, chief product officer at Zopa.

“Getting a grip on your finances at any age is crucial to feeling positive and in control of your financial situation, which can go a long way to feeling good about money,” he added.