Gen Z is currently navigating their financial future with a significant reliance on borrowed money for essential living costs, stressing the urgency for lenders to adapt.
The data shows that 81% of Gen Z have borrowed money, with 40% relying on the 'bank of mum and dad', reflecting a trend towards family-supported financial solutions.
Concerns about debt are prevalent, with 52% of respondents worrying about their borrowing, indicating a need for lenders to engage with this demographic responsibly.
With 1% of Gen Z owing over £10,000, it's imperative that lenders recognize the challenges this generation faces and strive to create suitable financial products.
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