Gen Z1 isn’t the next wave, they ARE the new wave – bursting with fresh perspectives, unconventional lifestyles, and innovative interpretations of financial management.

HSBC One sees the limitless potential of Gen Z, which is why in 2024, we’re dropping the latest Decoding Gen Z Study.

Together, let us take a deep dive into their behaviours, and explore the world through the Z lens.

PLAY HARD, WORK HARD – THE INVINCIBLE 20-YEAR-OLDS

Gen Z1 knows how to live it up. From shopping sprees to movie nights, their monthly expenditure on entertainment exceeds that of any other generation.

But here’s the kicker – they are surprisingly financial disciplined too and are doing an impressive job of balancing fun and finance.

On average, Gen Z embarks on their investing journey by the age of 20 and saves 28% of their income each month, putting them ahead of all other generations.

It is time to decode their “mindZet”. It is time to decode their “mindZet”.

CHOOSING ADVENTURES OVER MORTGAGES.

Hustling hard for home-buying has always been a traditional social norm – people simply viewed it as a key milestone in life. Gen Z, however, would much rather travel thousands of miles than spend millions of dollars on a property.

They are either on a trip, or working to save up for the next trip 🏃🏻💨💨.

71% of Gen Z consider travelling as the reason to work, while only 55% of other generations feel the same way. On average, Gen Z travels 3 times per year. Their average annual travel expenditure came to HKD 35,000.

SPENDING AND SAVING?GEN Z WANTS IT ALL.

To Gen Z, even the sky is not the limit. Being the experience enthusiasts they are, Gen Z knows how to put their money into fun use – dining, partying…you name it. They strive to live well, but they do well in saving money too. In fact, Gen Z leads all generations in both spending and saving ratios 🤑🤑🤑.

HIGHEST OF ALLCompared to other generations, Gen Z spends more on entertainment monthly by 8% Out of their monthly income, they save up 28%   CHOP: HIGHEST OF ALL Within the generation, those who use digital tools to manage their daily expenses amount to 59%

STARTING EARLYBUT KNOWING LITTLE.

STARTING EARLY

Born in the digital age, Gen Z ventures into investing earlier than any other generation 🔥🔥, but they are also prone to herding behaviours 🕺 and misinformation.

On average, Gen Z starts investing at 20 - 8 years earlier than the other generations. Yet, among every 5 Gen Z-er: 1 follows KOLs or buddies for investment advice. Only 1 is holding 3 types or more assets in his/her investment portfolio.

Meanwhile, here are the reasons why some Gen Z-ers have not started investing yet:

50% feel like they lack investment knowledge. 50% are wary of potential risks

HEALTH? THAT CAN WAIT.

Gen Z sees enjoyment as a priority, but when it comes to health, they are relatively indifferent.

In fact, they would rather buy insurance for their pets than for themselves.

Buying insurance for pets: 35%. Buying insurance for themselves: 25%

Keeping an eye on your health is just as important.
That’s what it takes to bring your furry friends on even more adventures.

ONE THING GEN Z AND HSBC ONE SHARE IN COMMON:

THE RELENTLESS PURSUIT OF BETTER.

Constantly challenging the status quo, Gen Z never stays in the comfort zone. To keep pace with Generation Z, HSBC One is stepping up its game, providing financial offerings and beyond banking services that really fit their needs. Moving forward, we will get you covered in every realm of your life.

Stay close with HSBC One to learn more.

1.Hong Kong residents aged between 18 to 27
*The survey was conducted from June 27 to July 15, 2024, and had interviewed 1,253 residents aged 18 to 34 living in Hong Kong or other cities in the Greater Bay Area in Mainland China.