Members of Generation Z – the demographic born between 1995 and 2015 – are now beginning to more fully explore financial services for themselves. As they embrace the financial system, Gen Z, like generations before, will begin to evoke change in how financial institutions approach payments. As a part of this cohort myself, I can attest that we view payments, such as credit cards and cash, very differently than generations before. Our approach to preparing for our future and financial wellness is also different.
Technology has been an integral part of our entire lives, as we grew up learning on computers and mobile devices. Instagram, Facebook, LinkedIn, YouTube and TikTok are social media platforms that many members of Gen Z use on a daily basis. Some may even say that we are tied to our devices. According to Statista, 84% of the U.S. population used social media in 2021. This statistic is only going to increase as the youngest members of Generation Z continue to fully develop into society.
It is crucial for financial institutions to understand Gen Z’s financial priorities and embrace the changes inspired by our generation to stay relevant and meet our financial needs and expectations.
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