A lot of Gen Z is entering adulthood. The more Gen Z adults in the world, the higher the need for financial services that make sense to digital natives, so what does this online expert consumer look like?
🫣 Commitment Issues
Firstly, let’s remember Gen Z are still very young. As young adults under 25, the world of finance is still relatively new. A study by Savanta revealed that 51% of this generation spends a lot of time thinking about and planning their finances and decisions, but 64% is worried about committing to any big decisions. Therefore, financial services will need to be prepared to support this generation with educational content in order to sway their vote.
✅ Value Based
Unlike their Boomer parents, Gen Z really care about brand values and are unlikely to commit to brands that don’t align with their personal values. For example, ESG is a growing concern for Gen Z consumers – they are keen to be assured that the companies they support are in line with their social and environmental concerns.
🪞 Relatability
Gen Z talks. A lot. Both online and offline, this group wants to be involved with brands and products that they can talk about with their friends and family. Theres a 10% disparity between Baby Boomers and Gen Z on this topic: with 35% of Gen Z saying being able to talk about a financial product with friends would make it easier to relate to – vs only 25% of Boomers.
Hopefully, over the next 5 years we'll begin to see more and more existing brands adopt these traits in order to adapt to their new audience, as well as get some fresh new start-ups in the finance space. 👀