Gen Zers are banks’ biggest addressable audience, but they’re ill-equipped to grow their wealth over the long term. That could threaten banks’ bottom lines - but providing engaging financial education for Gen Zers could help turn the tide.
Key Question: How can banks ensure their educational content is reaching Gen Zers?
Key Stat: Less than 40% of Gen Zers feel able to save for the long term, per the September 2023 survey. Financial education from banks could help alleviate stressors, building loyalty and ultimately increasing Gen Zers’ customer lifetime value.
Here’s what’s in the full report
- 2 Exportable files for easy reading, analysis and sharing.
- 9 Charts: Reliable data in simple displays for presentations and quick decision making.
Table of Contents
- Executive Summary
- Gen Zers aren’t facing financial reality - but banks can help
- Gen Zers are spending away their existential blues
- Gen Zers want knowledge and tools to improve their financial security
- How can banks tailor their financial education strategies for Gen Z?
- Sources
- Media Gallery
Charts in This Report
- Expenditure Categories That US Gen Z Mobile Banking Users Are Able to Comfortably Cover/Save for Given Their Current Financial Situation, Sep 2023 (% of respondents)
- Financial Attitudes of US Gen Z vs. Millennials, April 2023 (% of respondents)
- US Gen Z Adults' Functional Financial Knowledge Across Key Categories, Jan 2023 (% of questions answered correctly )
- US Active Investors' Level of Trust in Sources of Financial Advice/Information, Gen Z vs. Total, May 2023 (% of respondents rating the source as "very" or "extremely" trustworthy)
- Financial Experiences Among US Gen Z Adults vs. Total Adults, Aug 2023 (% of respondents)
- Types of Banking-Related Information That US Gen Z vs. Total Banking Consumers Have Looked Up on Social Media, Oct 2023 (% of respondents)
- Mobile App Digital Money Management Features That US Gen Z vs. Total Mobile Banking Users Consider Extremely Valuable, Sep 2023 (% of respondents)
- Mobile Banking App Features That Would Be Considered Valuable if Accessible via Their Banking App According to Gen Z vs. Total US Mobile Banking Users, Sep 2023 (% of respondents)
- Social Media Activities of US Gen Z Social Media Users, July 2023 (% of respondents)
