Dean Butler, Managing Director for Retail Direct, Standard Life

Jun 13, 2024

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Dean Butler, Managing Director for Retail Direct, Standard Life

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Dean Butler, Managing Director for Retail Direct at Standard Life, comments on Gen Z's openness to discussing money and their financial situation with others.

New research by Standard Life, part of Phoenix Group, reveals how comfortable younger generations feel about openly discussing their finances and how many are turning down social activities because of the costs involved, with many preferring to prioritise longer-term financial goals.

Generation Z (those aged between 18 and 27) are more comfortable openly talking about money and their financial situation than older generations. Three in five (61%) of Gen Z are comfortable having these conversations with friends, and 71% are comfortable doing this with family. In comparison, just half of 35 to 54 year olds (49%) and of those aged 55 and over (50%) feel comfortable talking about finances with friends, while 61% of 35 to 54 year olds and 69% of over 55s are at ease discussing this with family.

Dean Butler, Managing Director for Retail Direct at Standard Life said:

The last few years have been financially tough and it’s easy to see why the concept of loud budgeting has taken off. Normalising conversations about money and empowering people to be comfortable talking about how they’re working towards financial goals is healthy, and hopefully makes a difference to people’s short and long-term finances. Our research shows that younger generations feel more comfortable openly discussing their finances than their predecessors, however having an honest conversation about money can benefit people of all ages.

If those that make additional savings due to loud budgeting channel this towards their pension contributions, they can significantly boost the pension they retire on. While there are always trade-offs between short and longer-team financial goals, consistently paying into a pension from as early an age as possible and topping up payments can make a massive difference over time. Some employers will also match the contributions you make, giving your pot a further boost. If you’re able to save into a pension and increase your contributions above the standard levels, your future self is likely to thank you for it.