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6 Facts About Financial Planning for Gen Z

Matt Schulte June 27, 2023

Group of Gen Zs sitting together

Gen Z, which consists of those who were born between 1997 and 2012, is mostly made up of teenagers. However, the oldest among them are now in their twenties and Gen Z is joining the workforce in increasing numbers.

Now is the time to begin engaging with Gen Z, whose oldest members are already seeking financial advice. As the U.S. population and wealth begin shifting towards the younger generations, Gen Z is poised to play a key role in the growth and long-term success of financial advisors and their firms.

However, it is important to understand how the unique lived experiences and perspectives of Gen Z impact what they want from a financial advisor. Here are six things financial professionals should know if they are looking to attract, engage, and retain Gen Z clients.

1. They Are Digital Natives

Gen Z grew up with technology and they are comfortable using it in every aspect of their lives. They are more likely to use digital tools such as mobile apps, online banking, and robo-advisors to manage their investments and financial transactions. If you are looking to connect with Gen Z clients, utilizing financial technology and having a strong digital experience are musts for your practice.

2. They Want to Achieve Financial Peace of Mind

Gen Z is financially aware and wants to take control of their finances, despite being relatively young. Since many members of Gen Z witnessed their parents go through financial hardships during times like the 2008 recession and the COVID-19 pandemic, they tend to be more financially conservative and debt-conscious than previous generations.

In a recent Bank of America survey of adult Gen Zs, 74 percent of respondents reported being driven by the desire to achieve financial peace of mind.1 Their top priorities to achieve that goal included furthering their education, advancing their career/salary, and getting a new job.

As they look to work with financial advisors, their financial planning needs will include creating a budget, establishing an emergency fund, and starting to save for their goals.

3. They Want Personalized Advice

Gen Z values personalized experiences and is interested in getting tailored financial advice. In fact, a survey showed that 83 percent of Gen Z workers would like personalized advice for their 401(k).2

If you are looking to engage with Gen Z clients, you will find more success if you can provide customized solutions to meet their unique needs for the particular situation they are facing or the topic they are exploring.

4. They Are Values Driven

Gen Z is passionate about social and environmental issues and wants to make a positive impact on the world. They are more likely to support companies that align with their values, and almost two-thirds of Gen Z feel it is very or extremely important to work for an employer that shares their values.3 They are also looking for their values to drive their investments. 71 percent of Gen Z workers report that it is important that the investments in their 401(k) reflect their personal values.Understanding your clients’ values and being willing to discuss how you can reflect them in their financial plans will be a crucial starting point for engaging this generation.

5. They Rely on Social Media for Advice

Most of Gen Z has had a social media presence for more than half of their lives, and this generation’s social media presence is only continuing to climb. A recent poll found that Gen Z is almost five times more likely to get financial advice from social media platforms than people aged 41 or over.4

If you are looking to engage with Gen Z, it is important to meet them where they are. Expanding your social media presence is an ideal way to reach this audience and establish yourself as a trusted expert in your field.

6. They Are Stressed About Finances

Mental health is a priority for Gen Z. However, it is also a challenge. Forty-six percent of Gen Z say that they are stressed or anxious most of the time.3 Their longer-term financial futures and day-to-day finances are both reported to be top drivers of that stress. Their economic concerns are also hampering their confidence in their ability to plan for the future. Among Gen Zs who think the economic situation will remain the same or get worse, 50 percent expect starting a family to become harder or impossible and 61 percent think buying a house will become harder or impossible.3

As a financial professional, you can help give them peace of mind and inspire confidence in their financial plans by holding goals-based conversations. In some cases, you may find that it is in your clients’ best interests for you to recommend the support of a third party, such as a financial counselor or therapist. Establishing a network of third-party specialists is another way to ensure you are prepared to successfully serve Gen Z clients.

Get Ready to Start Your Journey with Gen Z

According to the Fidelity Investments 2022 Investor Insights Study, 63% of Gen Y and Gen Z believe working with an advisor is key to achieving financial success.5 They are looking for your advice–and if you start connecting with them now, you can set your firm up for successful growth in the future.

But how can you adapt your business to meet their unique needs? Find out what steps you can take to the win the business of young investors.


1. “From A to Gen Z.” Bank of America, September 2022.

2. “2022 401(k) Participant Study – Gen Z/Millennial Focus.” Schwab Retirement Plan Services, September 2022.

3. “2023 Gen Z and Millenial Survey.” Deloitte, 2023.

4. “Financial Influence Poll.”, April 2021.

5. Fidelity Investments 2022 Investor Insights Study, August 8 through September 2, 2022, n= 2,490 investors age 21 or above with household investable assets of $50K or more.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

Image of Matt Schulte
About the Author

As Head of Financial Planning, Matt focuses on helping clients fully utilize eMoney's dynamic financial planning tools. As one of the founding employees of eMoney Advisor, he has made significant contributions towards the feature-set definition of the platform. With over 20 years of experience in financial services, Matt and his team of Certified Financial Planners help clients implement practice management strategies on an in-depth level to collaborate and achieve business results.

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