Gen Zers’ financial aspirations and spending habits aren’t in line with their economic reality. Banks can help them manage their expectations and plan for the future with engaging financial education—boosting Gen Zers’ customer lifetime value in the process.
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
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?
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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)
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)
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)
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)
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)
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)
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)