As the ‘boomer generation start to retire, it leaves an opportunity for younger generations to take over. We have talked frequently about the millennial generation, but what about the next generation?
Who makes up Hispanic Generation Z?
According to Wikipedia:
“They are the cohort of people born after the Millennials. The generation is generally defined with birth years ranging from the mid or late 1990s through the 2010s”.
Sensis in a recent study, Introducing Gen Z: Why Hispanic Gen Z Will Change Everything, analyzed this generation and these are some highlights from their report:
The Hispanic Generation Z
- The largest generational cohort living in the U.S. 35% of the total Hispanic population
- Have the largest percentage of ‘Millennial’ parents (38%) and the majority of the parents were born outside of the U.S (62%)
- The majority of them were born in the U.S (91%)
- 75% are more likely to prefer English, 8% Spanish dominant and 16% both English and Spanish equally
- 79% of the parents of Hispanic Gen Z have the desire to reserve their cultural roots and believe it is important to teach Spanish to preserve Hispanic culture and 57% see speaking Spanish at home as a priority
- 59% show a strong entrepreneurial spirit
- 88% would like to go to college
What is their point of view about finances?
- 52% said they are good saving money and 47% said they are very careful with their money, but 63% do not have a bank account (of course 86% don’t have a job right now)
- 67% don’t like the idea of being in debt
This is an opportunity to get an early start in educating the Hispanic Gen Z and emphasizing the benefits of opening an account and saving their money. Hopefully they can use the savings as a future down payment for a home when they are ready to create their own household. For some of them, this will happen really soon!