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It’s no secret that Gen Z has experienced “money dysmorphia” in recent years, but a new study has shown that some young men and women choose to spend their money and free time in different ways.
A report from Morning Consult released in August found that men and women in Generation Z – a term used to describe people born between 1997 and 2012 – have specific differences when it comes to spending habits and leisure activities.
For example, researchers found that one of the main differences between young men and women is what social media sites they use the most. Apps like TikTok and Pinterest were much more popular among Gen Z women, while Gen Z men were more likely to use apps like Reddit and X, formerly Twitter. More Gen Z women also used Instagram compared to men.
According to the report, Gen Z women were “compelled by community” when it came to how they engaged with social media, and showed they were “more likely to identify with communal ideals like close friendship, gift-giving and putting others’ needs before their own.”
As for streaming platforms, Gen Z women’s streaming levels were somewhat higher than those of their male counterparts. Netflix, Hulu, and Disney+ were popular among Gen Z women, while more young men preferred to stream on Apple TV+ and Twitch.tv.
Researchers noted that gaming made up a large part of Gen Z men’s lives. Large majorities of Gen Z men reported playing console (77 percent) and computer (67 percent) games at least once weekly – considerably higher than Gen Z women who reported gaming.
When it comes to news, Gen Z men were consuming more online news outlets compared to women. Young men were also outpacing women in engagement with most news sources.
This isn’t the first time that researchers have been concerned about the spending habits of Gen Z. Back in May, a report from Qualtrics commissioned by Intuit Credit Karma found that almost half of young adults experience “money dysmorphia” – having a distorted view of one’s finances.
Gen Z and millennials who experienced “money dysmorphia” were more likely to feel financially behind their peers, with 82 percent noting that they struggled with financial insecurity. In the survey of 1,006 US adults above the age of 18, twenty-nine percent of US adults said they often found themselves comparing their financial situation to others, sparking feelings of inadequacy and insecurity. These feelings were found predominantly among younger adults, specifically 43 percent of Gen Z and 41 percent of millennials.
Despite 48 percent of Gen Z and 59 percent of millennials reporting they felt behind, another 59 percent of respondents said that they felt financially stable – indicating a divide between the way they see themselves and their reality.
