Secondary Research: Thematic Synthesis
Before conducting my primary research, I aimed to understand what had already been explored about Gen Z’s financial habits, literacy, needs, and preferences. To do this, I performed a thematic synthesis of eight research articles containing qualitative data. I organized the extracted data into 28 categories, recording one data point per card for analysis.
Color Coordinated Articles:
Gray: (Self Financial., 2024).
Red: (Bank of America, 2025, July).
Orange: (WalletHub, 2025, March 19).
Yellow: (Kelly, J., 2023, September 29).
Green: (Walsh, G., 2025).
Light Blue: (Credit One Bank, 2025, January 14).
Dark Blue: (Stone, S., 2025, April 14).
Purple(a): (Kiernan, J. S., 2025, April 29).
Purple (b): (Kiernan, J. S., 2025, August 13).
Left: Overview image of data Right: Detailed image of data
Gen Z is both careful and stressed when it comes to money. Many are actively saving and keeping budgets, but their savings are still modest and big goals (like retirement) can feel out of reach. About seven in ten are saving, yet nearly half have spent more than they earned at some point, showing the challenges of balancing intentions with reality. Most started managing money between 18 and 24, a period when habits are still forming, which can explain some of the stress they feel.
Digital rewards and incentives also play a big role in their spending, influencing purchases and brand loyalty. While most college students stick to a budget, some have little to no savings, while others have substantial amounts saved, showing a lot of variety in how Gen Z handles money.
These findings help me focus my survey questions on savings, budgeting, financial stress, and how digital incentives affect spending.
References.
Bank of America. (2025, July). Confronted with higher living costs, 72% of young adults take action [Press release]. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/07/confronted-with-higher-living-costs--72--of-young-adults-take-ac.html
Credit One Bank. (2025, January 14). Trends and factors affecting generational financial trauma. Credit One Bank. https://www.creditonebank.com/articles/trends-and-factors-affecting-generational-financial-trauma
Kelly, J. (2023, September 29). Gen Z faces financial challenges, stress, anxiety and an uncertain future. Forbes. https://www.forbes.com/sites/jackkelly/2023/09/29/gen-z-faces-financial-challenges-stress-anxiety-and-an-uncertain-future/
Kiernan, J. S. (2025, August 13). College student financial survey. WalletHub. https://wallethub.com/blog/college-banking-credit-cards/65596
Kiernan, J. S. (2025, April 29). Student money survey. WalletHub. https://wallethub.com/blog/student-money-survey/60207
Self Financial. (2024). Gen Z financial habits: Spending & saving stats. Self Financial. https://www.self.inc/info/gen-z-financial-habits/
Stone, S. (2025, April 14). What makes them buy: The Gen Z spending habits to know in 2025. The Shelf. https://www.theshelf.com/the-blog/gen-z-spending-habits/
WalletHub. (2025, March 19). Generational finances survey. https://wallethub.com/blog/generational-finances-survey/133122
Walsh, G. (2025). Gen Z spending habits: The trends marketers need to know in 2025. GWI. https://www.gwi.com/blog/gen-z-spending-habits
