A Survey by Spruce Reveals Social Media’s Growing Influence on Gen Z’s Financial Decisions, Highlighting a Generational Divide in Learning about Money

Core Insights - A survey by Spruce reveals that 68% of Gen Z are influenced by financial trends on social media, highlighting a shift in financial education sources from traditional to digital platforms [1][3][7] - The findings emphasize the need for reliable financial education as younger generations increasingly rely on social media for financial tips, with only 13% of respondents learning about personal finance in school [6][4] Group 1: Generational Shift in Financial Education - Younger consumers, particularly Gen Z, are turning to social media for financial education, while older generations prefer traditional sources like family and banks [2][4] - 16% of all respondents look to social media for financial education, with Gen Z leading at 33% and Millennials at 23% [6][4] Group 2: Impact of Social Media on Financial Behavior - Viral financial trends significantly influence consumer choices, with 37% of respondents admitting to trying a finance trend they discovered online [5][6] - The most popular platforms for financial information among Gen Z are TikTok (39%) and Instagram (34%) [6][7] Group 3: Importance of Digital Tools - Online financial tools and apps are essential for money management, with 38% of respondents using them for credit score monitoring and 29% for budgeting [9][10] - 66% of Gen Z express low confidence in making major financial decisions without digital assistance, indicating a reliance on technology for financial management [10][11] Group 4: Financial Health and Resources - 70% of American households are working towards becoming "financially healthy," emphasizing the importance of selecting the right financial resources [11] - Spruce aims to provide accessible banking tools, such as customizable saving goals and high-yield interest options, to support financial wellness [12][19]