CHARLOTTE, N.C., Oct. 27, 2021 /PRNewswire/ --Gen Z is emerging from the pandemic with a greater focus on saving, financial independence, gathering life experiences, and seeking financial education many were without access to in their schools and communities growing up. This is according to new researchpublished today by Bank of America's Better Money Habitsexploring what this generation (ages 18 to 24) view as their greatest financial barriers, and how they are taking charge of their financial lives.

"As Gen Z gets started financially and professionally, we see a great deal of motivation and positive steps toward building a solid financial foundation," said Christine Channels, Head of Community Banking and Client Protection at Bank of America. "At the same time, an unmistakable need for more financial education persists among this generation. Through our Better Money Habits platform, we're committed to connecting these young adults to a wide range of resources and guidance to help them develop financial know-how, and navigate barriers to achieving their goals."

Key findings from the researchinclude:

The research also explored the role of race, ethnicity and gender in access to financial education and opportunities, uncovering:

Black/African American Gen Z more likely to be financially independent, cite starting a business in their definition of success

Hispanic Gen Z highlight greater gaps in financial education, see homeownership as success

Gen Z women face financial knowledge and investing gaps, but are more likely to be taking steps toward financial wellness

"As a company and as a society, it is critical that we address the financial education and opportunity gaps that persist across the communities of young adults we serve," said Alberto Garofalo, Community Banking & Development executive at Bank of America. "This research is another step in our commitment to fully understanding the unique needs and priorities of diverse communities, so we can provide the resources and guidance to empower everyone on their journey to financial wellness."

Better Money Habits

As Gen Z prioritizes better money habits, they continue to seek advice and guidance as they look to take control of their finances and plan the future. Bank of America's Better Money Habitsplatform offers free financial education content and tools that break down financial topics in ways that are approachable and easy to understand. The platform connects people at all life stages to relevant tools that help build know-how to help them take action toward their financial goals. It also includes specific resourcescatered to Gen Z and young adults, covering topics including budgeting, building credit, borrowing, investing and more. We continually look for ways to expand the reach of Better Money Habits and also offerSpanish language resourceson the site.

Methodology

The study was conducted August 12 September 7, 2021, by Ipsos in English and is based on nationally representative probability samples of 1,024 general population adults (age 18 or older), and a partially overlapping sample of 635 Gen Z adults (age 18-24), including 28 Gen Z adults from a non-probability sample. This survey was conducted primarily using the Ipsos KnowledgePanel, the largest and most well-established online probability-based panel that is representative of the adult US population. Panelists are scientifically recruited into this invitation-only panel via postal mailings to a random selection of residential addresses. To ensure that non-internet households are included, Ipsos provides access to a tablet and internet connection to those who need them. Because of this probability-based sampling approach, KnowledgePanel findings can be reported with a margin of sampling error and projected to the general population. The margin of sampling error for the general population sample is +/- 3.3 percentage points at the 95 percent confidence level.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Reporters May Contact:Betty Riess, Bank of America [emailprotected]

SOURCE Bank of America Corporation

http://www.bankofamerica.com

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Bank of America Better Money Habits Research Finds That, Despite Barriers, 80% of Gen Z Are Taking Positive Steps Toward Achieving their Financial...