A Survey by Spruce Reveals Social Media’s Growing Influence on Gen Z’s Financial Decisions, Highlighting a Generational Divide in Learning about Money
H&R Block's Spruce mobile banking app has released a significant survey highlighting the evolving landscape of financial education, particularly among Gen Z. The study reveals that 68% of Gen Z are influenced by financial trends on social media, with TikTok (39%) and Instagram (34%) being their primary sources of financial information.
Key findings show that while 31% of respondents rely on family members and 29% on banks for financial guidance, only 13% learned about personal finance in school. The survey indicates a generational shift, with 33% of Gen Z turning to social media for financial education, followed by Millennials at 23%.
The research also highlights the important role of digital tools in financial management, with 66% of Gen Z expressing low confidence in making major financial decisions without digital assistance. Credit score monitoring (38%) and budgeting (29%) are the most common uses of financial apps. Spruce offers features including no-fee banking, high-yield savings at 3.50% APY, and various financial planning tools.
L'app di mobile banking Spruce di H&R Block ha pubblicato un'importante indagine che evidenzia l'evoluzione del panorama dell'educazione finanziaria, in particolare tra la Gen Z. Lo studio rivela che il 68% della Gen Z è influenzato dalle tendenze finanziarie sui social media, con TikTok (39%) e Instagram (34%) come principali fonti di informazioni finanziarie.
I risultati chiave mostrano che, mentre il 31% degli intervistati si affida ai membri della famiglia e il 29% alle banche per orientamenti finanziari, solo il 13% ha appreso della finanza personale a scuola. L'indagine indica un cambiamento generazionale, con il 33% della Gen Z che si rivolge ai social media per l'educazione finanziaria, seguiti dai Millennials al 23%.
La ricerca evidenzia anche il ruolo importante degli strumenti digitali nella gestione finanziaria, con il 66% della Gen Z che esprime poca fiducia nel prendere decisioni finanziarie importanti senza assistenza digitale. Il monitoraggio del punteggio di credito (38%) e la pianificazione del budget (29%) sono gli usi più comuni delle app finanziarie. Spruce offre funzionalità tra cui banking senza commissioni, risparmi ad alto rendimento al 3,50% APY e vari strumenti di pianificazione finanziaria.
La aplicación de banca móvil Spruce de H&R Block ha lanzado una encuesta significativa que destaca el panorama cambiante de la educación financiera, especialmente entre la Generación Z. El estudio revela que el 68% de la Generación Z se ve influenciada por tendencias financieras en redes sociales, siendo TikTok (39%) e Instagram (34%) sus principales fuentes de información financiera.
Los hallazgos clave muestran que, mientras que el 31% de los encuestados confía en miembros de la familia y el 29% en bancos para orientación financiera, solo el 13% aprendió sobre finanzas personales en la escuela. La encuesta indica un cambio generacional, con el 33% de la Generación Z recurriendo a las redes sociales para la educación financiera, seguido de los Millennials con un 23%.
La investigación también destaca el papel importante de las herramientas digitales en la gestión financiera, con el 66% de la Generación Z expresando poca confianza en tomar decisiones financieras importantes sin asistencia digital. El monitoreo del puntaje crediticio (38%) y la elaboración de presupuestos (29%) son los usos más comunes de las aplicaciones financieras. Spruce ofrece características que incluyen banca sin comisiones, ahorros de alto rendimiento al 3.50% APY y varias herramientas de planificación financiera.
H&R 블록의 스프루스 모바일 뱅킹 앱이 금융 교육의 변화하는 풍경, 특히 Z세대에 대한 중요한 설문조사를 발표했습니다. 이 연구는 Z세대의 68%가 소셜 미디어의 금융 트렌드에 영향을 받는다고 밝혔으며, TikTok(39%)와 Instagram(34%)이 그들의 주요 금융 정보 출처입니다.
주요 결과는 응답자의 31%가 가족에게 의존하고 29%가 은행에 의존한다고 나타났지만, 개인 금융에 대해 학교에서 배운 사람은 13%에 불과하다는 것입니다. 이 설문조사는 세대 간의 변화를 나타내며, Z세대의 33%가 금융 교육을 위해 소셜 미디어를 찾고 있다고 밝혔습니다. 밀레니얼 세대는 23%입니다.
연구는 또한 금융 관리에서 디지털 도구의 중요한 역할을 강조하며, Z세대의 66%가 디지털 지원 없이 주요 금융 결정을 내리는 데 낮은 자신감을 표현하고 있다고 합니다. 신용 점수 모니터링(38%)과 예산 수립(29%)이 금융 앱의 가장 일반적인 사용입니다. 스프루스는 수수료 없는 뱅킹, 3.50% APY의 높은 수익률 저축 및 다양한 재무 계획 도구를 포함한 기능을 제공합니다.
L'application de banque mobile Spruce d'H&R Block a publié une enquête significative mettant en lumière l'évolution du paysage de l'éducation financière, en particulier chez la génération Z. L'étude révèle que 68% de la génération Z est influencée par les tendances financières sur les réseaux sociaux, TikTok (39%) et Instagram (34%) étant leurs principales sources d'informations financières.
Les résultats clés montrent que, bien que 31% des répondants comptent sur des membres de la famille et 29% sur des banques pour des conseils financiers, seulement 13% ont appris la finance personnelle à l'école. L'enquête indique un changement générationnel, avec 33% de la génération Z se tournant vers les réseaux sociaux pour l'éducation financière, suivis par les Millennials à 23%.
La recherche souligne également le rôle important des outils numériques dans la gestion financière, avec 66% de la génération Z exprimant peu de confiance dans la prise de décisions financières majeures sans assistance numérique. La surveillance du score de crédit (38%) et la budgétisation (29%) sont les utilisations les plus courantes des applications financières. Spruce propose des fonctionnalités telles que la banque sans frais, des économies à haut rendement à 3,50% APY et divers outils de planification financière.
Die Spruce-Mobile-Banking-App von H&R Block hat eine bedeutende Umfrage veröffentlicht, die die sich entwickelnde Landschaft der finanziellen Bildung, insbesondere bei der Generation Z, hervorhebt. Die Studie zeigt, dass 68% der Generation Z von finanziellen Trends in sozialen Medien beeinflusst werden, wobei TikTok (39%) und Instagram (34%) ihre Hauptquellen für Finanzinformationen sind.
Wichtige Ergebnisse zeigen, dass 31% der Befragten sich auf Familienmitglieder und 29% auf Banken für finanzielle Orientierung verlassen, während nur 13% in der Schule etwas über persönliche Finanzen gelernt haben. Die Umfrage weist auf einen generationsübergreifenden Wandel hin, wobei 33% der Generation Z soziale Medien für finanzielle Bildung nutzen, gefolgt von den Millennials mit 23%.
Die Forschung hebt auch die wichtige Rolle digitaler Werkzeuge im Finanzmanagement hervor, wobei 66% der Generation Z wenig Vertrauen in die Fähigkeit haben, wichtige finanzielle Entscheidungen ohne digitale Unterstützung zu treffen. Die häufigsten Anwendungen von Finanz-Apps sind die Überwachung der Kreditwürdigkeit (38%) und das Budgetieren (29%). Spruce bietet Funktionen wie gebührenfreies Banking, hochverzinsliche Ersparnisse mit 3,50% APY und verschiedene Finanzplanungswerkzeuge.
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New findings show
KANSAS CITY, Mo., March 31, 2025 (GLOBE NEWSWIRE) -- Designated as National Financial Literacy Month, April is intended to raise awareness about the importance of financial education and to encourage healthy financial habits. Yet, a survey conducted by Spruce, the mobile banking app built by H&R Block1, 2, reveals many may be relying on platforms where virality is valued over validity. The findings underscore the growing role of digital content in shaping financial habits and the pressing need for reliable, accessible financial education in today’s technology-driven landscape.
The survey highlights a generational shift in financial education, with younger consumers, particularly Gen Z, increasingly turning to social media for financial tips and education, while older generations more heavily rely on traditional sources like family and banking institutions. The survey also revealed the impact of social media on their financial choices and their confidence in managing money. Despite the digital media shift, financial tools and apps remain essential across all generations.
“With nearly
Financial Education Pivots from Tradition to Trends
The survey data paints a clear picture: traditional sources of financial education are being supplemented—and in some cases, supplanted—by newer sources, often on platforms where the origin or the validity of the guidance may not be clear.
Parents and banking institutions remain the most common sources of financial education. While the landscape is evolving, key findings highlight a critical gap in formal education:
31% of respondents cite family members as the main source for financial guidance29% of respondents turn first to banks- only
13% of respondents reported learning about personal finance in school, highlighting a critical gap in financial literacy programs.
Social media, however, has become an increasingly popular source of financial information, particularly among younger generations, with
- Gen Z leads the charge as
33% note that they look to social media for financial education - Millennials follow closely behind at
23%
Viral Tips on Social Sway Financial Behaviors
The survey also explored the impact of social media trends on financial behavior, examining the influence of viral concepts, which includes ideas like soft saving, loud budgeting, cash stuffing, and doom spending on consumer choices.
These viral trends have proven to play a significant role in shaping financial behaviors, with
- The influence of these trends varies dramatically across generations, with Gen Z impacted the most at
68% 51% of Millennials and27% of Gen X cite being inspired to try social media finance trends- While not as likely as other generations,
12% of Boomers still noted being influenced to partake in a financial trend
Among the platforms driving this shift, TikTok (
Digital Tools Bolster Financial Management
Online financial tools and apps have become essential for money management, with Millennials and Gen Z being the most likely to utilize them for everyday matters such as keeping track of a budget, planning for the future or establishing savings. Credit score monitoring emerged as the most common use case among respondents (
However, reliance on digital financial tools extends beyond convenience—confidence in making major financial decisions is bolstered by the use of online tools or apps. From our findings,
With
“We purposefully designed Spruce to remove barriers to accessing useful banking tools, such as the ability to customize saving goals, earn high-yield interest and provide access to innovative tools and features that can help improve financial wellness such as the ability to set spending guardrails, jumpstart savings with a tax refund allocation, and view credit score insights4 at any time,” said Thompson. “By opting into savings with
To learn more about Spruce’s saving, budgeting, spending, and other financial-planning features, and how you can make your money go further, visit sprucemoney.com. To take advantage of the many secure and innovative tools offered through Spruce, sign up here. To get access to financial articles vetted by experts, head over to sprucemoney.com/resource-center/news/.
1 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward®, N.A., Member FDIC, pursuant to license by Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
2 Research conducted with Morning Consult via online research on the omnibus fielded in March 2025 among a national sample of 2,200 adults. All data are weighted to their respective representative sample on age, ethnicity/race, education, and region based on in-market available data (such as the U.S. Census). Results from the full survey have a margin of error of +/- 2 percentage points.
3Research conducted by the Financial Health Network: Financial Health Pulse® 2024 U.S. Trends Report.
4 Credit score is FICO® Score 8 based on Experian data. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. FICO® is a trademark of Fair Isaac Corporation. This is a separate service from your Spruce Spending and Savings accounts, provided by Pathward®, N.A., Member FDIC.
5 The Annual Percentage Yield (APY) is accurate as of 04/02/2025. This rate is variable and can change without notice. Fees may reduce earnings. To start earning interest on your Spruce Savings Account, simply opt in through the Spruce app or at sprucemoney.com.
6 Based on FDIC average national savings rate as of 04/02/2025.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.
About Spruce
Spruce helps you stay in control of your money through spending and savings accounts backed by technology that provides budgeting tools, automatic saving options, and financial insights that help you be good with money. To learn more, see sprucemoney.com/features.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Partner Solutions and Commercial Finance business lines. The strategic business lines provide support to individuals and businesses. Learn more at Pathward.com.
| H&R Block Contacts: | |
| Media Relations: | Susan Fish, (816) 399-7280, susan.fish@hrblock.com |
| Media Desk: mediadesk@hrblock.com | |
FAQ
What percentage of Gen Z relies on social media for financial advice according to H&R Block's Spruce survey?
How are traditional financial education sources performing compared to social media in 2025?
What is the current APY offered by H&R Block's Spruce savings account?
How many Gen Z users feel confident making financial decisions without digital tools?
What are the most common uses of financial apps according to the Spruce survey?
