The surprising saving habits of Gen Z and Millennials

October 31 is not only Halloween but also World Savings Day. On this occasion, Klarna presented its World Savings Day Report, an analysis revealing the saving habits of Italians. And the results are surprising.

Gen Z Saves More

According to the report, despite the ongoing crisis, inflation, and the common stereotype of Gen Z and Millennials as big spenders with poor money management skills, it seems they are the very ones saving money each month. While 44% of Italians manage to set aside some money every 30 days, the percentage rises to 59% among young people.

What Are Italians Saving For?

Saving is a common practice among Italians in general. However, the reasons for saving vary by age group. Gen Z sets aside money for Black Friday or Christmas shopping (25%), while Millennials save for emergencies (26%). Gen X focuses on retirement (39%), and Boomers tend to share their savings with a partner (22%). Differences also emerge in financial management styles: Gen Z relies on tips from TikTok (43%) and YouTube (49%), though consistency is an issue, with 50% admitting they struggle to stick with strategies discovered on these platforms.

Tia Taylor’s Perspective

Content creator, entrepreneur, and personal finance expert Tia Taylor shares her insights on the topic: "Getting started is the hardest part. At first, it may seem complicated, but you just need to take it step by step," she reassures. "You control your financial destiny—now is the time to take charge. With consistency, even small steps can have a big impact, building habits that help tackle challenges like inflation and lead to more mindful spending choices. Discussing finances openly can ease uncertainties and make it easier to build a solid financial foundation."

The Importance of Financial Education

Unfortunately, talking about money remains a challenge. According to the report, 26% of Italians don’t discuss their personal finances with anyone. Fifty-one percent feel that privacy is essential for protecting their personal information, and 41% believe that managing finances is too personal a matter. However, opening up about these topics can make a difference: 48% of Italians think that discussing finances with friends or family can offer new perspectives and improve their financial management. Education also plays a crucial role in overcoming these taboos. A significant 98% of respondents believe that financial education should begin in childhood, with parents and schools seen as key figures in teaching young people the importance of saving and developing confidence in managing their finances.