Gen Z Loves A Large Social Media Following, But 92% Would Rather Have A High Credit Score

Gen Z gets a bad rap for their love of social media, but when it comes down to it, is there really anything wrong with wanting to build a large social following?

Regardless of your thoughts on Gen Z and social media, there's something you need to know. This generation isn't nearly as out of touch as some people make them out to be. 

A recent Credit Sesame study explored millennial and Gen Z’s perspectives on personal finance and credit — and its findings may surprise you.

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Start with the most telling statistic. 

Survey results show that "92% of Gen Z prioritizes a credit score of 750 or higher over the allure of tens of thousands of social media followers."

Would you have believed this to be true before reading the results of the study? 

Unless you're a Gen Zer yourself, the answer is probably not.

This data shows that the Gen Z stereotype may not be accurate. Instead, this generation understands the impact of a good credit score and history on their current and future financial well-being.

But that's not the only data from the survey that will open your eyes. Consider the following:

• 66% of respondents see their credit scores as accurate indicators of their financial well-being.
• One-third subscribe to the outdated belief that checking their credit score negatively affects it.
• 19% are unable to accurately define the terms debit and credit.
• 42% of those surveyed rate their grasp of credit scores as “average to poor.”
• 82% admit struggling to keep pace with their peers’ saving and spending habits, with millennials especially feeling the pressure (35%) compared to Gen Z (24%).
• Younger Americans find their larger aspirations, such as purchasing a home (35%), embarking on a dream vacation (29%) and saving for retirement (28%), hampered by credit card debt.
• 44% say they would switch banks because of unsatisfactory customer service.

“In this survey, we unearthed a remarkable truth — the perceived stereotypes of young people and their approach to their credit and finances stands debunked,” Credit Sesame Founder and CEO Adrian Nazari said.

With the above data points, it's hard to argue with Nazari's take on the stereotypes surrounding Gen Z. While they take a different approach to life — from education to money to careers — it doesn't mean they don't care about their finances. 

As a Gen Zer, you could benefit by consulting a financial adviser. A professional can answer your questions, provide you with a savings plan and help you move toward reaching your goals. 

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in various publications and for various financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.