• by Sarah Mahoney  @mahoney_sarah, July 22, 2024

The typical Gen Z consumer may not have much cash. But it seems they have plenty of regrets. In a new report from Cash App, the payment platform, 53% of Gen Z respondents say they have spent beyond their means. Specifically, 79% are kicking themselves over last summer’s extravagances, causing them to rein in spending this year.

Only 39% have increased their savings in the past year. And among savers, $200 is the average point of panic. When savings balances dip below that, 55% start to get nervous.

Eating out is the most common budget-buster, mentioned by 42%.

Many struggle with the social implications of money management. While 39% agree that the best practice is calculating restaurants and bar tabs accurately, 60% say they have a “Tab Tyrant” in their lives, a friend who divvies up bills with excessive nit-picking. And 42% have argued with friends over splitting costs, while 21% have struggled to pay other bills because of shared expenses. All told, 73% say they’ve had at least at least one significant negative experience with friends because of cost-sharing.

Yet they are also a little judgy about their millennial elders. More than half – 55% -- say they are surprised by how much millennials waste and spend and how easily these slightly older consumers can be pressured into overspending.

While they may like Cash App, they sure don’t like cash, with 25% saying that paying in actual cash causes some kind of negative emotions, ranging from a cringe, sadness, confusion or ick.

There’s also a strong sense of money manners, with 71% of respondents saying they send friends requests for money within two to three days and pay them within a week or two. And 66% “rarely or never” argue about the amount requested.

They think it’s rude to ask for less than $5. And 68% say they don’t like to be too serious, writing a note to tease the person they’re reimbursing.

Cash App, which conducted the research with DKC Analytics, included 1,000 people between 16 and 26.