A new study from The Standard shows that Gen Z takes a forward-looking approach to money, wanting help with saving and planning — while managers and HR leaders think this age group is more worried about debt.

Boost Financial Literacy, Build Gen Z Tenure explores frontline people managers’ views of Gen Z and benefits and compares these findings with previously reported data on Gen Z and HR decision-makers.

Saving is No. 1

The study’s key finding: Managers, like HR leaders, don’t realize how much Gen Z focuses on their financial future. An impressive 79% of Gen Zers report saving is their No. 1 goal. But only 55% of managers and 57% of HR leaders say Gen Z feels this way.

Instead, many supervisors and HR decision-makers believe paying off debt is one of Gen Z’s top objectives. Half of managers and 59% of HR leaders state this as the case. The reality? Only 37% of Gen Zers say lowering debt is an important goal.

In looking at Gen Z’s financial fears, the study yields similar results. While less than a third of Gen Z worries about never getting out of debt, 41% of supervisors and 52% of HR leaders think debt is Gen Z’s top concern.

Student Debt Divide

A key reason for the gap in perspective? The way each group views Gen Z and student loans. When focusing on non-student debt, supervisors and HR leaders are closely aligned with the small number (20%) of Gen Zers who say it's a top goal. The divide appears on student debt: While only 19% of Gen Zers rank paying student loans as a key ambition, much larger percentages of managers (42%) and HR decision-makers (50%) think it's Gen Z's primary aim.

Financial Literacy

A large majority of Gen Zers — 80% — say they value working for an employer who offers help with financial education and advice. Nearly three-quarters of HR leaders concur, and 70% say their companies offer this support. However, fewer managers think Gen Z values help with financial literacy and only 59% say their organizations offer it.

“Why wouldn’t companies provide Gen Z workers with tools to strengthen their financial literacy?” asks Lauren Canfield, vice president, corporate actuary and chief risk officer at The Standard. “Reducing financial stress on young employees cuts down on distractions and positions them to bring their best to an organization.”

The Full Picture

The Standard has previously studied Gen Z’s connection to benefits and HR leaders’ perspective on that relationship. In focusing on managers, Boost Financial Literacy, Build Gen Z Tenure rounds out The Standard’s body of research on Generation Z.

Research Information

Survey of Managers of Gen Z Employees

On behalf of The Standard, a third-party research firm conducted a 20-minute survey of 809 workplace managers who have Gen Z employees reporting to them. The survey included an oversample of managers who are themselves Gen Z (n=105), with overall data weighted to adjust for the oversample.

Field dates: May 1 to 21, 2024

For comparison, a third of the survey questions replicated two other surveys about Gen Z conducted for The Standard in 2023:

• 1,250 Gen Z full-time workers or soon-to-be workers
• 500 HR decision-makers about Gen Z employees

About The Standard

The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, voluntary and supplemental benefits, absence management and paid family leave services, retirement plans products and services and annuities for employers and individuals. For more information about The Standard, visit standard.com and follow us on LinkedIn.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate, StanCorp Equities, Anthem Life Insurance Company, Anthem Life & Disability Insurance Company and Greater Georgia Life Insurance Company.

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