Gen Z prioritises financial planning

Gen Z is emerging as a generation of financial planners, balancing economic independence and wealth building, according to new research from international law firm Charles Russell Speechlys
The study, which surveyed 4,000 people, found that over two in five (43%) of Gen Z adults would use financial support such as inheritance or gifts from parents or grandparents to save for their future, while a third would buy a property outright (33%) or put it towards a deposit (32%).
By contrast, only 22% would use financial support for a one-off big purchase, a fifth (20%) would use it to travel, and even fewer (17%) would share it with family or friends. This cautious approach reflects the financial strain Gen Z faces, with low homeownership rates, record rents, student debt, and an uncertain retirement landscape shaping their economic decisions.
Conversations about the future
Gen Z adults are also more open to discussing inheritance, with four in five (81%) having talked about what they might inherit or the inheritance they plan to leave. Older generations are less likely to have had these discussions (68%).
Over half (54%) of Gen Z adults said they would leave their inheritance to their children, a sentiment mirrored by those older than Gen Z (53%).
Sally Ashford, Partner at Charles Russell Speechlys, highlighted the shift in attitudes. She noted that Gen Z has grown up in a challenging financial environment and the impact on their attitudes to wealth is evident. She explained that while some might assume younger people take a more laissez-faire approach to finances, Gen Z is starting to think earlier about financial planning as they progress into adulthood and later life. She added that it is useful to have difficult conversations about wills and inheritance sooner rather than later to ensure preparedness for unexpected events, but these topics have traditionally been a bit taboo for older generations. She hopes Gen Z’s attitudes to wealth will make it easier for these discussions to take place with parents and older generations.
A generation of investors
The research also revealed that Gen Z is taking a cautious yet proactive approach to building wealth. Nearly one in four (23%) young people seek investment advice from financial advisors or professionals, whereas only 15% turn to social media platforms. Additionally, just 6% of Gen Z do not seek financial advice at all, compared to over a quarter (26%) of Millennials.
Sustainable investment is also a priority, with 35% of Gen Z wanting their money to make a positive impact but only if it aligns with their expected financial outcomes. However, 8% of Gen Z prioritise financial returns over impact, compared to 31% of Millennials, demonstrating a more socially conscious mindset among younger investors.
Despite their financial caution, Gen Z remains charitable, with seven in ten (71%) believing in the importance of donating to charity. However, half (54%) would rather save for their future than donate, and only two-fifths (38%) include charity donations in their monthly budget.
William Marriott, Partner at Charles Russell Speechlys, noted that Gen Z is financially savvy and equipped with more resources and knowledge than previous generations. He observed that younger people are increasingly concerned about planning their financial future and avoiding unnecessary spending, with a strong emphasis on saving. He also pointed out that they are more curious and interested in learning how financial products and services work.