According to a study published by Bank of America Institute, Generation Z will become the main financial force in the global economy in the coming decade, surpassing previous generations in terms of income volume.
The editorial reports, citing Bank of America, that by 2035, Generation Z will constitute approximately 30 percent of the world's population, with their total income reaching $36 trillion, and this figure is projected to rise to $74 trillion in 2040.
The study notes that Generation Z's current spending level is higher than the average per capita, primarily evident in essential goods, travel, and entertainment sectors. Simultaneously, their expenses often nearly double their savings.
According to the survey results, 32 percent of Generation Z representatives believe they are falling behind their parents in achieving financial goals at the same age, and this factor may influence their future financial behavior.