Gen Z lagging on financial abuse help bankwest report

A new Bankwest report reveals that many Gen Z adults are falling behind when it comes to seeking help for financial abuse. Despite growing awareness of money issues and financial rights, a large portion of young people are hesitant to report or act on financial mistreatment. The findings shed light on a serious gap in financial wellbeing among younger generations.

The report shows that Gen Z often struggles to recognise financial abuse when it happens. Many young adults confuse controlling behaviour with normal relationship dynamics. This lack of awareness can delay help-seeking and allow abuse to worsen over time.

Financial abuse can take many forms, including partners controlling spending, restricting access to accounts, or forcing debt. For Gen Z, who are still building financial literacy, these behaviours can be hard to identify or resist. The result is untreated harm that affects long-term financial confidence.

One key issue is embarrassment and stigma. The report finds that many Gen Z respondents feel ashamed to ask for help. They worry about being judged or dismissed rather than supported. This fear of negative reactions keeps many young people silent.

Another factor is limited knowledge of support services. Even when Gen Z recognises financial abuse, many do not know where to turn for assistance. Awareness of counselling, legal advice, and financial advocacy resources remains low among this age group.

Interestingly, the report also highlights generational differences. Older age groups were more likely to seek help quickly when facing financial abuse. This could be linked to greater life experience or longer exposure to educational campaigns about relationship and financial health.

Social media plays a mixed role in this dynamic. While platforms help spread awareness about many issues, they can also normalise unhealthy behaviour. Hashtags and online stories sometimes blur boundaries between concern and entertainment, leaving individuals unsure how to interpret their own experiences.

Education is a central part of the solution. Experts say that improving financial literacy in schools and community programmes could help Gen Z recognise early warning signs. Learning about budgeting, debt, rights, and power dynamics would strengthen financial resilience.

Support networks also matter. Friends and family are often the first place young people turn for advice. Encouraging open conversations about money and relationships could make it easier for Gen Z to voice concerns before situations escalate.

Financial institutions have a role to play as well. Banks and fintech platforms can provide resources, alerts, and guidance to help customers understand and protect their finances. Accessible tools and clear information can empower young adults to act sooner.

The Bankwest report suggests that targeted campaigns could make a real difference. Messaging that is clear, non-judgmental, and relatable is more likely to resonate with Gen Z. This generation responds well to authentic communication rather than formal warnings.

Mental health and financial wellbeing are closely linked. Experiencing financial abuse can lead to stress, anxiety, and loss of confidence. Early intervention and support can prevent long-term harm and promote healthier financial futures.

Looking ahead, closing the gap in help-seeking behaviour will require collaboration. Schools, communities, financial educators, and policymakers all have a part to play. Together, they can build systems that support young adults before financial harm becomes entrenched.

Ultimately, the Bankwest findings highlight a broader challenge: Gen Z knows money matters, but many do not yet know how to protect themselves from financial harm. Closing this knowledge and confidence gap could lead to healthier financial relationships and stronger wellbeing for the generation shaping tomorrow’s economy.