Gen Z is a generation intensely focused on setting themselves up for financial success. In a study recently conducted by the Step app, 87% of teens consider saving money to be a priority. Of the near 3000 survey respondents, 75% of the teens have already set financial goals for 2022.

How are teens going about that?

According to the survey, 63% of teens said they get the majority of their financial advice from their parents. However, only 42% of teens have any savings, and the vast majority (85%) rely mostly on cash for both saving and spending. Data collected by Piper Sandler shows that 35% of teens do not have a traditional bank account, which can make saving even more difficult.

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