Gen Z men and women spend their money and free time differently, report finds

It’s no secret that Gen Z has experienced “money dysmorphia” in recent years, but a new study has shown that some young men and women are choosing to spend their money and free time in different ways.

A Morning Consult report released in August found that men and women in Generation Z (a term used to describe people born between 1997 and 2012) have specific differences when it comes to spending habits and leisure activities.

For example, researchers found that one of the biggest differences between young men and women is which social media sites they use most often. Apps like TikTok and Pinterest were much more popular among Gen Z women, while Gen Z men were more likely to use apps like Reddit and X, formerly Twitter. More Gen Z women also used Instagram compared to men.

According to the report, Gen Z women felt “drawn to community” when it came to their social media interactions, and were shown to be “more likely to identify with communal ideals such as close friendships, gift-giving, and prioritizing the needs of others over their own.”

When it comes to streaming platforms, Gen Z women’s streaming levels were somewhat higher than their male counterparts. Netflix, Hulu, and Disney+ were popular among Gen Z women, while more young men preferred to stream on Apple TV+ and Twitch.tv.

Researchers found that video games were a big part of Gen Z men’s lives. A large majority of Gen Z men reported playing console (77%) and computer (67%) games at least once a week, significantly more than Gen Z women who reported playing video games.

When it came to news, Gen Z men consumed more online media than women. Young men also outperformed women in engaging with most news sources.

This isn't the first time researchers have raised concerns about Gen Z's spending habits. In May, a Qualtrics report commissioned by Intuit Credit Karma found that nearly half of young adults experience “money dysmorphia” — a distorted view of their finances.

Gen Z and millennials who experienced “financial dysmorphia” were more likely to feel financially behind compared to their peers, with 82 percent noting that they struggled with financial insecurity. In the survey of 1,006 U.S. adults ages 18 and older, 29 percent of U.S. adults said they often found themselves comparing their financial situation to others, triggering feelings of inadequacy and insecurity. These feelings were predominantly found among younger adults, specifically 43 percent of Gen Z and 41 percent of millennials.

Although 48 percent of Gen Z and 59 percent of millennials reported feeling behind, another 59 percent of respondents said they felt financially stable, indicating a divide between how they see themselves and their reality.