Z世代的现实核查

The Gen Z reality check Key takeaways •Gen Z have the lowest savings-to-spending ratio of any generation, yet spending growth has remained resilient. They have beenthe exception to the "K-shaped" pattern, as all income cohorts within Gen Z have exhibited strong spending growth over the pastsix months, according to Bank of America credit and debit card data. •Gen Z discretionary spending has strengthened across beauty, jewelry, coffee and travel, according to Bank of Americapayments data. This suggests younger consumers are prioritizing purchases and experiences that deliver immediate gratification- consistent with the "little treat economy". •To maintain these spending priorities and pursue longer-term goals, Gen Z may be seeking additional income sources. A tougherlabor market for new entrants - with many not getting the hours or income they would like - has coincided with increasing gigwork. Bank of America account data found nearly 40% of Gen Z gig work comes from social commerce platforms. •In this publication, we separate Gen Z fact from fiction, examining popular narratives about the generation through the lens ofBank of America data to better understand their spending behaviors, financial priorities and economic influence. For Gen Z, saving can waitGen Z, which we define as those born after 1995, have the lowest median savings-to-spending ratio relative to other generations. At just below 0.5, this indicates their median cumulative savings balances are less than their monthly medianspending (Exhibit 1). Note that median spending reflects Bank of America credit and debit card as well as business/peer-to-peerpayments and may not represent all account outflows. See Methodology for more details. Despite the lower ratio, according toBank of America’s 2026 Workplace Benefits Report, Gen Z have begun to save forretirement earlier than previous generations. This could partly explain why 51% of younger Gen Z (ages 18-22) say they stillreceive financial support from parents or other family members, along with 29% of middle Gen Z (ages 23-25) and 18% of olderGen Z (ages 26-29) (for more, readBank of America's Better Money Habits Gen Z & The Cost of Adulting). Exhibit1:Gen Z havethe lowest median savings-to-spending ratioMediansavings-to-spending ratio by generation (annual averageyear-to-date (YTD)) Gen Z also turns to fintechHowever, one important caveat to our savings-to-spending ratio is that it may not capture alternative financial payments. Alternative financial payment adoption refers to software, mobile apps and digital tools used to enhance and automateinteractions with financial services. Using Bank of America customer deposit data, we find that Gen Z increasingly accounts for alarger share of fintech (financial technology) adoption (Exhibit 2) (See footnote for definition). In our view, this may reflect Gen Z's interest in digital-first financial tools and interest in non-traditional assets such ascryptocurrency (read more on this in October’sCrypto goes steady: Stablecoins). Their growing use of fintech also aligns withbroader evidence that Gen Z’s growth in AI subscriptions suggests a willingness to embrace digital solutions across bothfinancial management and everyday decision-making (read more on this in March’s publication ofNot quite mAInstream). Fintech adoption* by generation (%change in share, annualyear-to-date (YTD)) There’s no “K” within Gen Z – and there hasn’t been all yearGen Z have also posted relatively strong spending growth over the past year (Exhibit 3). Perhaps even more notably, the“K- shaped”trends that have defined much of the recent economic narrative are less evident among Gen Z, making the generationsomething of an outlier. In fact, the difference between higher- and lower-income spending growth has been smallest for Gen Z for over a year (Exhibit4). Why might this be? It’s possible that Gen Z’s propensity to spend is more evenly distributed across income groups as they arein an earlier life stage and could be less focused on saving. Exhibit3:“K-shaped” spending growth hardly exists within Gen ZTotal credit and debit card spending growth per Gen Z household byincome (monthly, YoY%, three-month moving average) Exhibit4:The difference between higher-and lower-incomespending growth has been smallest for Gen ZDifference between higher- and lower-income household spending growth by generation (monthly, three-month moving average) Glow-ups are still in the Gen Z budgetDiving deeper, it appears that Gen Z’s overall spending growth has not come solely from necessity spending, although this category did see strong gains across April and May, primarily due to elevated gas prices (Exhibit 5) (read more on youngergenerations’sensitivity to rising gasoline prices in March’sWill younger-gen spending hit a gas-price speed bump?). Discretionary spending growth per Gen Z household has been steadily increasing since March 2025, suggesting affordabilitypressures have not