UNiDAYS’ research showed that while the majority (69%) of Gen Z depend on their parents for financial advice, it’s clear that there are gaps in their parents’ knowledge.
Bankers, social workers, and plumbers are among the professions where 100% of parents feel confident in explaining finances to their children.
Surprisingly 14% of accountants are also not confident in explaining financial management to their children.
UNiDAYS has recently collaborated with money-saving expert and TikTok influencer Budget Jones, to share useful financial tips for Gen Z students in order to fill these gaps.
Nearly one in five parents are unconfident in explaining how to manage their finances to their Gen Z children, according to a new study from UNiDAYS, the world’s leading Gen Z affinity network that enables students and graduates to discover savings.
Due to the current economic climate, managing finances efficiently is front of mind for many UK households. Nevertheless, UNiDAYS’ Back to Campus report found that overall student spending in the UK is forecasted to be 19% higher this year than compared to 2021. And while UNiDAYS’ research showed that the majority (69%) of Gen Z depend on their parents for financial advice, it’s clear that there are gaps in parents’ knowledge.
While some parents are very confident, with 100% of bank workers, estate agents, social workers, and plumbers able to explain money to their kids, parents in other professions were more unsure. Parents working as engineers, sales representatives, and developers were the least likely to be confident talking their children through how to manage those incoming student loans! (Engineers were 8.82% unconfident, sales representatives were 13.3% unconfident, and developers were 6% unconfident). And while we have all expectations of accountants, shockingly, 14% of accountants are also not confident in explaining financial management to their children.
When it comes to regional breakdowns, Welsh parents are proudly flying the flag as the most confident (86%) alongside those in the West Midlands (85%). Northern Irish parents are the least confident in explaining financial management to their children, with just 61%, while Londoners stand in the middle with 81% confident to guide their children through their finances.
In terms of cities, parents in Plymouth (92%), Southampton (91%), and Glasgow (88%) are the happiest with their competence to discuss money tips. Whilst Bristol has the highest percentage of parents who feel unconfident in explaining financial management to their children (13%).
When it comes to giving advice on changing bills and disposable income specifically, nearly one in ten of 33–44-year-olds are not confident in sharing advice with their child. Of all financial matters, the largest number of parents were comfortable advising their children about how to manage a weekly budget (82%), while less than eight in ten parents are confident in explaining how to save effectively.
Recognising the potential knowledge gap for some of its members, UNiDAYS has recently collaborated with money-saving expert and TikTok influencer Budget Jones, to share useful financial tips for Gen Z students.
Paying bills for the first time can be really overwhelming. The first step to being money-savvy is to have a simple budgeting system that maps out income minus expenditures, helping to see how much is left over at the end of the month.
Furthermore, opening a student bank account is the most money-savvy decision any student can make as it can help with saving more money long term. Some banks like Revolut, who now offer students £20 to their account when they sign up via UNiDAYS, specialise in Gen Z consumers and have special perks for student accounts.
Sinking funds is another game changer for anyone’s budget. Students should start thinking about any future expenditures they have coming up and aim to put a small amount of money aside every single month to start saving for the future.
There are also plenty of bill-splitting accounts that work well. This can help avoid any uncomfortable moments of asking someone to transfer their half of the bills.
Last but not least, make sure to look out for any student discounts. UNiDAYS has exclusive discounts for all your favourite food & drink, fashion, lifestyle, and technology brands.
Students across the UK are eligible for UNIDAYS membership and can sign up via UNiDAYS’ website.
Alex Gallagher, Chief Strategy Officer at UNiDAYS says: “During the current economic climate, our recent UNiDAYS survey findings shed light on the financial confidence of Gen Z parents. Recognising that a large majority of Gen Z turn to their parents for financial advice, we want to provide alternative sources of support for members who may not have all the answers. At UNiDAYS we recognise the importance of learning how to efficiently manage finances from the beginning of your university career. This is why we prioritise aiding our users through various support packages, budget planners, and money-saving tips available on our website.”
