A new survey has revealed that while most Gen Zers have used AI for personal finance, they are the least confident about making financial decisions.
This latest analysis shows that, interestingly, while younger adults are much more tech-savvy compared to their older counterparts, it’s the senior generations who are using their experience to make the most of tech when managing their money.
Generation Gains
Lloyds Banking Group’s Generation Gains report shows that among those who use digital tools to manage their finances, 64% of 18 to 24-year-olds say they feel confident about their finances.
This rises to 85% among those aged 65 to 74.
The report challenges the idea that younger people have the advantage when it comes to managing their money online.
Despite younger generations being brought up with technology, there are more older people who are combining digital tools with their years of financial experience.
The older generations also seem to be more selective in how they use technology, choosing trusted sources such as banks and in-person advice, alongside digital tools.
Need help deciding between Limited or Umbrella? We are happy to help- give Sophie a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
Confidence With Money Built Over Time
Commenting on the findings, Jas Singh, CEO, Consumer Relationships at Lloyds Banking Group, said, “Younger people have grown up with technology, which is a great start for making the most of digital tools to manage money, but confidence with money is something that’s built over time – and it’s the combination of the right tools and knowledge that is the real sweet spot for financial empowerment.
“What’s encouraging is that many younger adults are already using tools like AI to help manage their finances, while older generations are proving they’re just as willing to embrace digital tools when they see value in them.
“Younger people bring digital confidence and curiosity, while older generations bring experience and financial know-how. There is a real opportunity for generations to learn from each other, while technology can play a positive role in helping more people feel in control of their finances.”
To find out more about contracting, please get in touch with Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
Trusted by over 1,000 contractors |