Gen Z generation most open about earnings – Saltus

As part of its ‘Wealth Index Report’, Saltus asked 2,000 UK adults with assets of £250,000-plus or more about how open they are about what they earn, and found Generation Z was much more likely to discuss money than Millennials, Gen X or Boomers.

Under-25s were found to be twice as likely to be open with friends about their salary than Boomers, with 37% saying they know what their close friends earn and 35% saying they have shared their own earnings with friends.

In comparison, just 19% of over-55s said they know what their friends earn, and vice versa.

Half of 18 to 24-year-olds had told their partner what they earn, compared to just 27% of people aged 25 and over. 

One in three (31%) under-25s said ‘my partner and I share all of our money’ compared with just 16% of 25 to 34s, 19% of 35 to 44s, and 26% of those aged 45-plus.

18% of Baby Boomers said that they and their partner have ‘completely separate money’, compared to just 9% of under-25s.

Megan Jenkins, chartered financial planner and Partner at Saltus, said: “The openness of younger generations when it comes to discussing money is a real cultural shift.

“This is likely to have been fuelled by a number of factors, including social media, economic pressures and a drive for fairness.

“Unlike older generations who avoided discussing finances, Gen Z sees sharing earnings as normal, influenced by social media content creators who post content sharing their job titles, industries and salaries, and encourage their followers to have open discussions about fairer finances.

“There are also lots of entrepreneurs who will openly discuss their income streams.

“It is likely that economic challenges like student debt and how difficult it is to get on the housing ladder have fostered a certain level of solidarity between younger generations, encouraging them to have ‘we’re all in the same boat’ type conversations.

“And while it’s great that younger generations are breaking the taboo around discussing money, it’s essential for young people to seek professional advice to ensure they’re making informed decisions rather than relying on information found online.”