Experts have noted Zoomers' penchant for hoarding

Zoomers are prone to savings and take microloans less often than millennials. This is stated in the results of the research of experts of the marketplace for selection of insurance, banking and educational products "Compare", which were presented to "Izvestia" on December 10.

The experts noted that millennials and zoomers are two groups, which are divided not only by age, but also by financial habits and approaches to savings. The common core is the use of technology and the desire for sustainable investing, but approaches to credit, savings and risk differ markedly. These differences are largely due to the economic conditions in which each generation grew up.

Experts reported that the Zoomer generation, although represented as a smaller percentage of total savers relative to Millennials (48.4% to 51.6%), shows a clear desire to save and build a financial cushion. Zoomers are making larger deposits compared to Millennials, which emphasizes their financial commitment and conscious approach to saving.

Talking about the average credit score of millennials and zoomers, experts said that it is 632 and 518 points respectively. According to the experts' findings, banks are more willing to approve loans to millennials. The leading regions in financial literacy among millennials were Belgorod, Kaliningrad, Kaluga and Orel regions. The regions - leaders in financial literacy among zoomers are Mordovia, Yamalo-Nenets Autonomous District, Belgorod and Arkhangelsk Regions, as well as Moscow.

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According to experts, zoomers open microloans more often - they are in first place with 46.5% of the total number of opened credit products, loans are in second place with 26%, credit cards are in third place with 25.7%. Millennials were also more likely to open microloans in 2024 with 39.8%, followed by loans with 29.5%, then credit cards with 27%. The two generations' preferences in choosing credit products are the same, however, if we compare the shares of open credit products among Millennials and Zoomers, we get a ratio of 62.4% to 37.6% respectively, indicating Millennials' greater interest in these financial instruments.

"Millennials, the generation of Millennials born between 1981 and 1996, often face challenges in managing their finances due to the economic crises they have experienced. This demographic prefers traditional ways of saving: keeping money in bank accounts and investing in real estate. In contrast, the Zoomers, who were born between 1997 and 2012, have a different perspective on financial matters," said Magomed Gamzaev, Director of Credit at Sravni.

He recalled that they grew up in the era of digital technologies and had wide access to information. At this time, the issue of financial literacy came to the forefront and became an important topic for discussion among the population. As a result, zoomers prefer to avoid opening credit accounts, favoring deposits and other less risky ways of managing their money, the expert concluded.

In November, it was reported that based on last month's results, the number of issued auto loans decreased for both new passenger cars and used cars. The issuance of car loans decreased both in quantity and money terms. In the case of new cars, compared to September, their number decreased by 24%, and in rubles - by 29%. In total, in 10 months of 2024, car loans are "in the plus" - by 86% in units and by 77% in money.