Millennials and Gen Z Debt Crisis Reshapes Financial Behaviors and…

Event summary

87% of millennials and 77% of Gen Z carry debt, with unsecured debt being the most common.
69% of millennials and 64% of Gen Z have used AI for financial advice, preferring it over human confidants.
65% of Gen Z and 49% of millennials have gambled or traded to pay off debt.
72% of Gen Z prioritize financial security over having children.
Nearly half of millennials rank a potential partner's debt among the top three things they want to know before entering a serious relationship.

The big picture

The survey highlights a significant shift in financial behaviors among millennials and Gen Z, driven by widespread debt and a preference for AI-driven financial advice. This trend underscores the growing influence of technology on personal finance and the need for innovative solutions to address the debt crisis. The data also reveals how financial stress is reshaping major life decisions, such as family planning and relationships, indicating a broader societal impact.

What we're watching

AI Adoption: How AI will continue to influence financial decision-making among younger generations and whether traditional financial advisors can adapt.
Debt Settlement Demand: The pace at which demand for debt settlement services will grow as millennials and Gen Z seek solutions to manage their debt.
Financial Risk-Taking: Whether the trend of gambling or trading to pay off debt will escalate, leading to more severe financial consequences for younger generations.