Going into 2022, it’s imperative that banking gets to know Gen Z (born between about 1996 and 2010) much better than they do now. Student Beans, a student loyalty network, estimates that this upcoming generation has a spending power of at least $44 billion. Furthermore, there’s a long runway; the spending power for members of Gen Z has a potential horizon of $60 trillion once they and Millennials inherit parental wealth, estimates Niamh Cunningham — COO at Rival Technologies. Cunningham spoke during a webinar on Gen Z hosted by MX.
By now, everyone knows that Gen Z are digital natives with an affinity for socially aware brands. They depend on their social media presence unlike any previous generation. The banking industry first recognized — and sought out — the oldest members of Gen Z in 2018 and 2019 as they began to peek around the corner of adulthood.
But banking can’t assume that pre-Covid Gen Z is going to look like the same generational group now entering the industry in 2022. Covid-19 did help this generation establish their financial independence, but it also permanently rocked their boat as the first real financial challenge of their lifetimes.
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