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Published: Nov 23, 2022 3 min read
Illustration of a small piggy bank dreaming of big dollar bills
Rangely García for Money

For most of 2022, an inflation rate hovering above 8% took a toll on the wallets of Americans across the board. But a new report shows that Gen Z is especially confident that they’ll be able to turn things around next year.

A survey released this month by the financial firm Goldman Sachs found that Gen Zers are far more optimistic about their finances in 2023 than any other generation.

The firm asked more than 2,400 Americans across age groups if they expect their financial situation will be better or worse next year. Of all respondents, only 45% say they believe their situation will improve in 2023. For Gen Z, though, a whopping 77% believe their finances will improve next year.

Most millennials were optimistic, too: 54% say they will be financially better off in 2023, while 45% of Gen X report the same.

Boomers are far and away the least optimistic. Only 28% report that they believe their finances will improve in 2023.

The survey also found that Gen Zers have big financial goals for 2023. Overall, 55% of respondents say they plan to focus on growing their savings next year. At 58%, Gen Z respondents are the most likely of all generations to report that savings goal.

Comparatively, boomers are the least likely to say they're focusing on saving next year. Still, 53% say they plan to increase their nest egg in 2023.

The Goldman Sachs report is yet another indicator of Gen Z’s optimism.

A recent report from the data firm Morning Consult similarly found that Gen Zers are surprisingly optimistic about their financial situation — and not just in 2023. More than 80% of Gen Zers in the survey reported that they will be at least as financially successful as their parents in the long term, with 38% stating that they will be financially better off.

Older generations tend to be much less cheery. For example, Pew Research found that 72% of U.S. adults believe that kids these days will actually be financially worse off than their parents.

But everyone else’s pessimism isn’t going to stop Gen Z from trying to forge themselves a better financial future.

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