Sometimes they are said to be reckless, sometimes financially wise; anxious but optimistic; as materialistic as they are generous; attracted by sustainable investments like bitcoins. We are surprised to see these “digital natives” withdraw cash to put it in envelopes… The financial behavior of young people between 18 and 30 years old and its paradoxes confuse their elders.
What do we really know about Generation Z’s relationship with money? The multiplicity of ideas, sometimes contradictory, that circulate testifies to a complex reality. We must be careful not to see this generation as a whole, reminds sociologist Hélène Ducourant, professor-researcher at the Gustave-Eiffel University: “Practices regarding money are very marked in social circles. » And as always when it comes to an age group, it is difficult to distinguish between youth and era.
They have TikTok for financial guru
It is often on social media that 18- to 30-year-olds hear the most about money. “We’re all on Insta, harassed by kids who seem to have amazing lives, telling you ‘are you tired of being poor too?’ and sell you pseudo-training for money”says Honoré, 23 years old (those interviewed wanted to remain anonymous). “I know some who have been deceived”laments this young man residing in Ile-de-France. If caution is required, we should not have a reductionist view of the issue: “When it comes to money, social networks not only transmit scams and consumerist advice, there are interesting initiatives”, M estimatesme Ducourant.
In fact, content that claims to be about economic, budgetary and financial education (Educfi) has spread across TikTok, YouTube, Instagram, etc. The phenomenon is massive, with advice on “budget” (a rather feminine world) and “investment” in the broad sense (a more masculine world). Through influencers, young French people have adopted Anglo-Saxon practices: cash stuffing (distribute the cash in envelopes to manage your expenses), the dollar cost average (buy the same amount of the same asset with certain frequency, on the stock market), the 50/30/20 (allocate 50% of your income to mandatory expenses, 30% to leisure, 20% to savings), the challenge without spending (challenge to eliminate unnecessary expenses).
“There are many methods on YouTube and Insta, I have tried some, I am saving to go on vacation with friends”testifies Camille, 19 years old, on leave. “Without YouTube, I would have put everything in a Livret A”explains Maël, a 22-year-old work-study student. “invest every month in EFT, baskets of stocks.”
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