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08 Apr 2024

3 tips to help Gen Z employees engage with their finances

Financial confidence among younger employees is low. Here’s how employers can support them with their finances

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More than one-third (37%) of Generation Z – aged 18-25 – say they have no interest in financial products or matters, Standard Life’s Retirement Voice 2023 report reveals.

That’s more than any other generation.

It would be easy to assume that younger people aren’t bothered about their finances, but, in reality, they’re actually in most need of support and guidance. And they’re also the most willing to seek help.

Sleepless nights

Our report shows that Gen Zers are more likely to admit that their wellbeing has suffered as a direct result of managing their money. More than seven in 10 (73%) say they’ve suffered sleepless nights and poor mental health.

Financial confidence is low in this generation too. Around half (53%) say they feel confident making financial decisions, significantly less than Baby Boomers, who feel the most confident (71%).

Fortunately, Gen Zers are the most open to seeking support when they feel worried about money.  Four in 10 (42%) have sought help or support. And more than one-third (38%) have sought help or advice in the last 12 months – more than double that of Gen Xers (18%).

And they’re keen to get this support from their employer. Almost half (48%) believe their employer has a responsibility to help them with their financial wellbeing.

How to support Gen Z workers

Standard Life’s insights show that younger workers in particular could benefit from support with their finances.

But how can employers support those whose interest in finances is pretty low? The key is to understand what’s important to them, communicate in a way that meets their needs quickly, and connect with them on the platforms they use.

Here are a few tips:

1. Deliver personalised content, fast

It’s important to communicate with younger employees in a way that is relevant to their immediate financial goals. They’re more likely to engage (so think again before sending that mass email about how to withdraw pension income).

That means getting to know what matters to younger workers. Think about sending a survey to get insights into what interests and excites them, and use that data to create personalised content.

Remember to make your content digestible. Gen Zers are used to consuming content at lightning speed, and will scroll past anything that doesn’t meet their needs. So think about using video, images and statistics to make your content stand out.

Standard Life’s Money Mindset platform provides bitesize and jargon-free content that’s tailored to their life stage in just a few taps.

2. Support key life moments

Younger workers may be facing all sorts of financial changes or challenges. Maybe it’s their first job or their first experience of having a workplace pension, and they’re not sure where their money’s going.

Some might be juggling rent, bills, or saving for a deposit for their first home. Others may be a few years into their mortgage and worried about rising interest rates.

Ultimately, it’s important to understand what younger workers are up against. That way you can offer support that mirrors the key life moments they’re experiencing.

Money Mindset, for instance, can help employees make more sense of their day-to-day finances. They can connect their financial accounts in one place to see exactly how much money they have, where it’s going and what they could do to optimise their spending and saving. This could help them make better informed decisions about future finances too.

Standard Life workplace pension scheme members can also access its Homebuyer Hub. This guides and reassures first-time buyers through the homebuying process and provides practical tips at each step of the journey.

3. Provide digital financial planning tools

Finally, connect with your Gen Z workers by using the same platforms they do. Many in this generation don’t remember a life without technology, so engage with them on platforms where they feel most comfortable.

Focus on creating and signposting to content hosted on digital platforms and video. MoneyHelper, for example, has loads of tools and calculators that can tap into youngers workers’ appetite for digital content.

Plus, Standard Life workplace pension scheme members can get videos and interactive tools through Money Mindset. They can create budgets, build emergency cash pots, set savings goals, track their spending, and more, with their phone, as well as boost their financial knowledge using video guides.

For more information on financial wellbeing, including resources on how you can help support your employees, click here

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In partnership with Standard Life

Standard Life are part of Phoenix Group, the UK’s largest long-term savings and retirement business. We both share an aligned ambition to help every customer enjoy a life full of possibilities.

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