Story:
Yorkshire Building Society (YBS) launched a campaign to highlight the financial struggles faced by Gen Z. Led by Chris Irwin, Director of Savings, and financial expert Amelia Murray, the campaign focused on the increasing financial stress, debt issues, and lack of financial literacy that are impacting young adults aged 16-27.
Challenge:
- Financial Vulnerability: 31% of Gen Z cannot afford a £100 increase in monthly expenses, making them more vulnerable than other generations.
- Debt Issues: Over a third of Gen Z have missed debt payments in the past year, with 46% dipping into savings every month.
- Low Financial Confidence: Only 39% feel knowledgeable about managing personal finances.
Key Statistics:
- High Financial Stress: 68% of Gen Z report stress over finances in the last 12 months.
- Debt Struggles: 34% have missed at least one debt repayment.
- Savings Issues: 46% dip into savings monthly to cover expenses.
Action:
- Campaign Launch: YBS shared findings from the report through media interviews and online platforms, with Chris Irwin and Amelia Murray offering advice on improving financial literacy and building better savings habits.
Results:
- Media Hits: The campaign secured 628 media opportunities, reaching a total audience of 181 million across platforms like Sky News Radio and BBC, spreading critical insights about Gen Z’s financial struggles.
Key Takeaways:
- Support Needed: The campaign emphasised the urgent need for better financial education and targeted support to help Gen Z improve their financial resilience.
