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Understanding Gen Z Finances: A Comprehensive List of Stats and Research

June 25, 2024|0 min read
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Gen Z consumers today are more digitally savvy, more connected, and more demanding than most generations before them. And, according to the World Economic Forum, their attitudes toward finances are “sometimes aligned with and sometimes starkly different from those of older generations.” 

As the buying power of Gen Z continues to grow, organizations across every industry are focused on figuring out what makes these consumers tick. Here’s a round up of MX’s top statistics, data, and graphs on Gen Z perspectives and actions for the financial industry. 

In this post, you’ll find stats and graphics about: 

Want to learn more about how different generations of consumers approach their finances? Check out our companion blogs on Millennials and Gen X

Gen Z Attitudes on Finances

Gen Z Optimistic

Living Paycheck to Paycheck

Most Worried

How Gen Z Feels about Financial Providers

Switching Banks

Gen Z Personalization Expectations

How Much Data to Share

How Gen Z Manages its Money

Using Credit Cards

  • For younger generations, the average time period for their longest-held accounts falls between 1-6 years. 42% of Gen Z respondents say their oldest account is 1-3 years old, while 24% of Millennials report the same. (How to Keep Consumers From Breaking Up with Banks, 2024)

Longest Held Accounts

Top 2024 Goals

Pay by Bank Incentive

Most Used Apps

  • When it comes to what consumers most want to help them manage financial accounts online or through a mobile app, the features that rose to the Top 3 most often for Gen Z are (What Consumers Want from Financial Providers, 2023): 
    • Connect outside financial accounts so they can see all financial data in one place (31%)
    • Integration with digital wallets like Apple Pay or Google Pay (25%)
    • Order a personalized card (22%) 
    • Instantly issued virtual cards (20%) 
    • Enroll in paperless account statements (19%) 

Gen Z Money Management Requests

  • The top features Gen Z want most when it comes to the security and control of their financial accounts are (What Consumers Want from Financial Providers, 2023): 
    • Ability to download their financial data (40%) 
    • Required multi-factor authentication (40%)
    • Ability to restrict transactions above a specific amount (36%) 
    • Ability to see and control who has access to their financial data (35%) 
    • Ability to get emails on transactions made (33%)

Gen Z Security Features

  • Gen Z is most likely to report an unrecognized transaction as fraud at 24%, compared to just 7% of Baby Boomers. And, they are just as likely to report as fraud vs. look at their receipts to figure it out. (What Consumers Want from Financial Providers, 2023
  • The features Gen Z consumers most want for financial wellness include (What Consumers Want from Financial Providers, 2023): 
    • Automated insights created based on financial data (36%) 
    • Automatic savings options (32%) 
    • Educational programs to teach them how to become financially strong (31%) 
    • Ability to set up customized goals (26%)
    • Automated categorization of transactions to help understand where money is going (24%) 

Gen Z Financial Wellness Features

Manage Alerts

Turn Card on Off

Gen Z and Account Aggregation

Control and See Access

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