The State of Gen Z Financial Health

Gen Zers Are in Denial About Their Finances—But Banks Can Help

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 our September 2023 survey. Financial education from banks could help alleviate stressors, building loyalty and ultimately increasing Gen Zers’ customer lifetime value.

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Table of Contents

  1. Executive Summary
  2. Gen Zers aren’t facing financial reality—but banks can help
  3. Gen Zers are spending away their existential blues
  1. Gen Zers want knowledge and tools to improve their financial security
  2. How can banks tailor their financial education strategies for Gen Z?
  3. Sources
  1. Media Gallery

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authors

Maria Elm

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Tiffani Montez
Principal Analyst, Banking
Amy Rotondo
Director, US Research