How Gen Z Views Money and Spending

By Dimitria Panagiotaros

Topic: Personal Finance

Sat 1 Aug 2026 at 8:22am

Gen Z is learning to manage money in a different financial world.

Liam was never taught how to manage money.

When he got his first paycheck at 16, saving it was hard.

He started buying small things, then bigger ones like gaming consoles.

Then he spent money on takeaway and online shopping.

His pay only lasted a few days.

Liam grew up in a home where money was uncertain and not discussed.

He repeated the pattern of overspending he saw as a child.

He changed his habits and saved almost $10,000 in six months.

Gen Z savers are doing well despite the odds.

Liam is not alone in saving money.

Young Australians aged 18-29 have the highest saving intention.

94% of Gen Z women and 93% of Gen Z men are trying to save.

Both are above the national average of 81%.

Gen Z is navigating a financial world with tap-and-go payments and online ads.

How are young people managing their money?

We spoke to a few to find out.

Hugo's parents gave him freedom to manage his money and encouraged saving.

Hugo is 16 and works at a supermarket.

Hugo spends most of his pay on car modifications.

He learned about money through trial and error.

Hugo started saving after realizing he had no money left.

Hugo's parents encouraged saving, but he manages it himself.

Bree feels confident managing her money due to strong influences.

Bree is 16 and works at a fast food place.

Bree spends money on phone data, food, and occasionally music or gifts.

She's saving for a car and only spends what she can afford.

Her parents taught her to budget using their financial books.

Her mum can view her bank account but doesn't control it.

Bree hopes to buy a house one day.

Evelynn's mum reminds her not to spend all her money.

Evelynn is 16 and earns money busking.

Evelynn spends most of her money on social outings with friends.

She has her own bank account but is still learning to manage it.

Evelynn finds managing money stressful and thinks most kids aren't well educated on it.

Evelynn searched for advice online but didn't find good answers.

When financial education falls short

Young people's experiences with money vary due to different educations and support.

Alyssia Kennedy runs a program teaching practical money skills to students.

The demand for the program shows a need for financial education.

Many schools are asking for help because teachers don't know these things either.

The gap in financial education is generational.

Alyssia Kennedy founded the program to bridge educational gaps.

People in their 50s and 60s were taught money management by their parents or school.

The curriculum has changed, and there are gaps in knowledge for younger parents.

Some parents want to know how to discuss money with their kids, but don't know themselves.

What young people spend on hasn't changed much, but access to spending has.

Where Gen Z gets financial advice

Many young people turn to social media for financial guidance.

63% of Gen Z use social media for financial advice, and 52% trust 'finfluencers'.

64% trust AI platforms, and nearly one in four own cryptocurrencies.

Gen Z is not careless with money, despite the data.

60% use professional sources for advice, and half turn to family and friends.

Gen Z seeks financial information through unregulated digital platforms.

Almost three in four Gen Z Australians saw ads for cryptocurrency investment.

Figuring it out anyway

Liam changed his financial habits by rethinking his relationship with money.

He put most of his pay aside in cash and limited digital spending.

He cooked cheap meals and repaired things instead of replacing them.

For a generation raised on digital payments, spending is faster and more convenient.

Liam saved almost $10,000, which bought a car, paid for a holiday, and helped him move out.

Liam's story shows how Gen Z is learning to manage money in a new financial landscape.

*Liam's name has been changed.

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