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.