Gen Zers’ top financial priority may surprise banks that want their business

The trend: A recent study reveals Gen Zers care much more about saving money than they do about paying off their debts, despite what some of their decision-making seemed to indicate. This finding could potentially change how financial institutions (FIs) approach young consumers.

• That’s one of the most interesting findings in a study by research firm The Standard, based on three surveys—one of Gen Zers, one of HR decision-makers, and one of managers of Gen Z employees—conducted between August 2023 and May 2024.

What’s new: Though Gen Zers in other studies have previously cited a lack of desire to accumulate debt to travel home for the holidays, this new study finds that just 37% of Gen Zers prioritize paying their debts off.