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Banking on Gen Z, Pt 1

In episode one of a two-part Believe in Banking podcast series, Sean and Gina tackle the topic on the minds of every banker out there …

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Sharing Successes

As consumers continue navigating a challenging economic environment – with its persistent inflation, rising interest rates and ballooning credit card debt – news comes that Gen Z is accruing debt faster than any other generation. “Navigating the world of personal finance is a daunting task for anyone, but it is a particularly pressing concern for Generation Z as they begin their careers and become financially independent,” according to Bankrate’s exploration of the younger generation’s financial outlook. “Gen Z is grappling with new financial challenges at a time of high inflation, expensive college costs and a competitive job market.”  

While all generations are experiencing at least some financial strain due to persistent economic pressures, Gen Z is reporting significant stress and need knowledgeable sources of financial support. But, they want solutions and advice to be personalized to their situations, not generic guidance they have search for. Not only do financial wellness programs benefit individuals, institutions reap the rewards, as well. “Customers who believe their financial institution cares about their financial health are three times more likely to be ‘very satisfied’ and three times more likely to recommend their primary financial institution,” according to the Financial Brand.  

Read more here about how banks are using financial wellness as a guide to serve customers.

Data You Can Use

0 %
Of Gen Z respondents say they face a barrier to financial success

The Story: 

Data from Bank of America finds that Gen Z is focused on the future, planning now for how they’ll achieve their long-term financial goals. They report obstacles to their success, including the high cost of living (59%), insufficient income (45%) and housing prices (31%). However, they’re combatting these external forces by switching to higher paying jobs, taking on second jobs and making their passion projects more profitable. Ultimately, Gen Z is taking an informed and proactive approach to their financial situation.   

The Takeaway: 

To connect with Gen Z customers, banks and credit unions are prioritizing financial education and consulting services both in-person – in branches and other classroom-type settings – and online – in digital platforms such as webinars, social media content, and video tutorials. “Gen Z is ready to learn,” says Christine Channels, Head of Community Banking and Consumer Governance at Bank of America in an interview with the Financial Brand. “Dialogue with these younger customers can be a building block of a long-term, loyal bank customer.”  

Source:  Bank of America, “Better Money Habits” Survey, and The Financial Brand, “Gen Z’s Changing Financial Profile,” September, 2022 

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