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Gen Z may be the most financially self-aware generation yet, but new data from The Harris Poll for Cash App shows that access and awareness gaps are slowing their progress. While 90% of Gen Z workers are learning new financial skills and building savings habits, nearly half do not know whether their savings accounts earn interest or if they could be earning more.
The findings come as Cash App introduces a 3.5% APY savings rate for its teen customers ages 13–17, addressing the clear need for accessible, high-yield tools that help younger savers grow their money and build financial confidence early.
Gen Z Wants to Save, But Isn’t Sure How to Grow Their Money
According to the study, 77% of Gen Z say they would contribute more money to savings if they could earn interest. Yet awareness is limited: 44% of Gen Z with savings accounts know their current interest rate, 32% do not, and 16% are unsure if their accounts earn interest at all. Nearly half (46%) have less than $500 saved.
The data underscores how financial literacy and product transparency are shaping Gen Z’s early financial journey. Their goals are practical and forward-looking: saving for emergencies (46%), major life milestones like moving out or college (36%), and experiences such as travel and events (37%).
“Teens and young adults are learning by doing, developing money management habits in real time,” says Owen Jennings, Head of Business at Block. “By offering them high interest on savings, we’re providing a powerful, accessible way to see money grow and encouraging healthy financial habits that last well into adulthood.”
Cash Is Out, Digital Is In
Cultural attitudes around money are shifting quickly. More than half of Gen Z (53%) say they only use physical cash as a last resort, and nearly one in three (29%) describe cash users as “out of touch” or “cringe.” Over half (54%) admit they are more likely to spend impulsively when using cash compared to digital payments.
For a generation raised on mobile banking, transparency and digital control are non-negotiable. Cash App’s research finds that 68% of Gen Z are interested in investing in the stock market, while 55% express interest in cryptocurrency, signaling a preference for platforms that combine accessibility with autonomy.
Early Conversations, Long-Term Impact
Financial education is increasingly a family effort. Nearly nine in ten (88%) Gen Z adults say they have discussed saving, investing, or budgeting with a parent or guardian, and 63% report those conversations began before age 18. Parents of teens using Cash App’s family tools agree the results are positive: more financial independence (54%), responsible spending (53%), and greater confidence in budgeting (43%).
With more than 5 million monthly active sponsored teen accounts, Cash App’s expansion of high-yield savings for teens reflects a larger shift toward giving younger generations the means—and motivation—to build healthy financial futures.
About the research
This survey was conducted online within the United States by The Harris Poll on behalf of Cash App from September 25–29, 2025, among 2,080 U.S. adults ages 18 and older, including 319 Gen Z (ages 18–28), 514 Millennials, 503 Gen X, and 650 Baby Boomers. The data is accurate to within ±2.5 percentage points at the 95% confidence level.
Read the full report at Cash App.
