{"id":41135,"date":"2023-03-15T12:05:22","date_gmt":"2023-03-15T12:05:22","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=41135"},"modified":"2025-10-31T10:36:04","modified_gmt":"2025-10-31T10:36:04","slug":"gen-zs-influence-on-financial-services-is-growing-quickly","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/gen-zs-influence-on-financial-services-is-growing-quickly\/","title":{"rendered":"Gen Z&#8217;s influence on financial services is growing&#8230;quickly"},"content":{"rendered":"\n<p>Generation Z \u2013&nbsp;<a href=\"https:\/\/www.businessinsider.com\/banking-and-payments-for-gen-z?r=US&amp;IR=T#:~:text=Here%20are%20some%20key%20takeaways%20from%20the%20report%3A,educational%2C%20offer%20value%2C%20and%20evolve%20over%20time.%20\" target=\"_blank\" rel=\"noreferrer noopener\">those born after 1996<\/a>&nbsp;\u00ad\u2013 now represent&nbsp;<a href=\"https:\/\/financesonline.com\/generation-z-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">32% of the world&#8217;s population<\/a>, making them the largest cohort. As with every new generation, their changing environment, social trends and financial landscape have given rise to a shift in thought, belief and outlook. And when it comes to the world of finance, this new wave of young investors and customers are starting to have a real impact, becoming a force that banks and financial services firms need to start paying attention to. Being the world&#8217;s first digital native generation, they have lived through digital transformations and significant structural changes, including the 2007-2008 financial crisis, which has made them better at spending their money consciously and sustainably. Social media, the use of smartphones and cutting-edge software have been harnessed by this generation, making their personal lives easier, faster and more efficient. They prioritise customisation and optimisation as users and consumers, and&nbsp;<a href=\"https:\/\/htecgroup.com\/insights\/industry-insights\/how-gen-z-is-reinventing-fintech-and-banking\/#:~:text=In%20particular%2C%20however%2C%20Generation%20Z%20will%20impact%20two,or%20AI%20systems%20to%20help%20with%20financial%20decisions.\" target=\"_blank\" rel=\"noreferrer noopener\">are &#8216;tech-savvy, socially conscious and impact-driven&#8217;.<\/a> With over&nbsp;<a href=\"https:\/\/financesonline.com\/generation-z-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">2.5 billion<\/a>&nbsp;Gen Z in the world, they are quickly becoming a growing force in global, not just financial, markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z.jpg\"><img decoding=\"async\" width=\"1024\" height=\"614\" data-src=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1024x614.jpg.webp\" alt=\"Gen Z\" class=\"wp-image-41166 lazyload\" data-srcset=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1024x614.jpg.webp 1024w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-300x180.jpg.webp 300w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-768x461.jpg.webp 768w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1536x922.jpg.webp 1536w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-2048x1229.jpg.webp 2048w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-87x52.jpg.webp 87w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-319x191.jpg.webp 319w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-479x287.jpg.webp 479w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-567x340.jpg.webp 567w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-767x460.jpg.webp 767w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1023x614.jpg.webp 1023w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1278x767.jpg.webp 1278w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1378x827.jpg.webp 1378w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2023\/03\/Gen-Z-1640x984.jpg.webp 1640w\" data-sizes=\"auto\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/614;\" data-original-sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Time to take notice<\/strong><\/h2>\n\n\n\n<p>The financial industry should not underestimate this cohort; its sheer size alone makes it a significant market force. It has been reported that Gen Z will inherit&nbsp;<a href=\"https:\/\/www.investec.com\/en_gb\/focus\/innovation\/what-does-gen-z-want-and-expect-from-banking-and-wealth-management.html\" target=\"_blank\" rel=\"noreferrer noopener\">between $15 trillion to $68 trillion<\/a>&nbsp;over the next few years, with some coming into wealth at a young age \u2013 this is the influencer generation, after all. As this fourth industrial revolution takes place, it\u2019s time for businesses to start asking themselves the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What type of services are they looking for?<\/strong><\/li>\n\n\n\n<li><strong>What are the trends in their behaviour?<\/strong><\/li>\n\n\n\n<li><strong>How are they finding services and information for financial decision making?<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gen-z-and-money-what-can-financial-services-firms-learn\"><strong>Gen Z and money \u2013 what can financial services firms learn?<\/strong><\/h2>\n\n\n\n<ol style=\"list-style-type:1\" class=\"wp-block-list\">\n<li><em>Retail investment on the rise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/em><\/li>\n<\/ol>\n\n\n\n<p>Gen Z has had a significant impact on the retail investing landscape, with a 16% growth of 18\u201324-year-olds beginning investing during&nbsp;<a href=\"https:\/\/www.barclays.co.uk\/smart-investor\/news-and-research\/investing-insights\/rise-of-the-gen-z-investor\/\" target=\"_blank\" rel=\"noreferrer noopener\">times of volatility<\/a>. UK investment account openings within this age group have also increased by 88%, mainly on mobile platforms like Freetrade, with even traditional brokerages experiencing a 10-year drop in the average age of their clientele. Gen Z investors also show very little aversion to participating in stock markets, with 21% planning to take advantage of short-term gains during current instability, turning to social media to seek out community and shared information to inform their investment decisions. This, coupled with an urge to \u201c<a href=\"https:\/\/www.barclays.co.uk\/smart-investor\/news-and-research\/investing-insights\/rise-of-the-gen-z-investor\/\" target=\"_blank\" rel=\"noreferrer noopener\">get rich quick\u201d<\/a>, has resulted in recent viral crazes, incited by&nbsp;<a href=\"https:\/\/www.telegraph.co.uk\/investing\/shares\/investing-lessons-reddit-rebellion-profit-next-one\/\" target=\"_blank\" rel=\"noreferrer noopener\">young investors on Reddit<\/a>, causing \u2018meme\u2019 stocks like GameStop to rise by&nbsp;<a href=\"https:\/\/www.ft.com\/content\/df758a2a-6caf-4d5f-ab70-bb5815922b91\" target=\"_blank\" rel=\"noreferrer noopener\">2,700%<\/a>. It doesn\u2019t stop there, in pursuit of those large figure returns, it seems that Gen Z have an appetite for risk and are far more willing to invest in volatile investments like cryptocurrency and NFTs,&nbsp;<a href=\"https:\/\/techround.co.uk\/news\/half-of-millennials-gen-z-want-nfts-in-investment-portfolios\/\" target=\"_blank\" rel=\"noreferrer noopener\">with over three-quarters on Gen Z investors considering their inclusion<\/a>&nbsp;in their portfolios. In response, fintechs are investing heavily in creating platforms tailored to the Gen Z audience. Startup Finary are doing exactly that, aiming to &#8220;gamify&#8221; retail investing while creating a shared messaging platform for users to connect and build strong communication habits \u2013 and they\u2019ve just raised&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/frederickdaso\/2021\/04\/09\/finary-raises-32m-to-build-a-group-chat-based-investing-platform\/?sh=6f1020944168\" target=\"_blank\" rel=\"noreferrer noopener\">$3.2 million<\/a>, so take note.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><em>Digital banking and the desire for customisation&nbsp;<\/em><\/li>\n<\/ol>\n\n\n\n<p>Personalisation is the name of the game when it comes to this demographic. They don\u2019t only want it, they demand it from their digital banking services. With&nbsp;<a href=\"https:\/\/lumindigital.com\/lumin-lab\/gen-z-everything-they-need-your-banking-platform-to-deliver-on\/\" target=\"_blank\" rel=\"noreferrer noopener\">37.5% of Gen Z<\/a>&nbsp;only using digital banks, it\u2019s clear they\u2019re after clean, aesthetically pleasing, intuitive UX, state-of-the-art security, frictionless support and a choice of AI-hosted tools with clever names like smart chatbots or dynamic dashboards.&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/01\/21\/gen-z-and-the-future-of-spend-what-we-know-about-this-generation-the-pandemic-and-how-they-pay\/?sh=47d62e5f21eb\" target=\"_blank\" rel=\"noreferrer noopener\">P2P apps and digital financial tools<\/a>&nbsp;for personal financial management are really picking up traction, with fintechs and neobanks spearheading their development, recognising that attracting the young investor is becoming increasingly important. Don\u2019t underestimate the power of a crisp, smart and highly functional app.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><em>Financial education<\/em><\/li>\n<\/ol>\n\n\n\n<p>Another interesting trend amongst this demographic is for banks to be financial literacy coaches, with\u00a0<a href=\"https:\/\/www.pewresearch.org\/social-trends\/2020\/05\/14\/on-the-cusp-of-adulthood-and-facing-an-uncertain-future-what-we-know-about-gen-z-so-far-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">38% of Gen Z<\/a>\u00a0seeking reliable information so they can make smarter everyday decisions and set up a better financial future. There is plenty of room to innovate in the financial education space (FinEd) and this is giving rise to several fintechs, as well general financial wellbeing businesses \u2013 take financial coaching and advice companies like\u00a0Claro and\u00a0<a href=\"https:\/\/www.wealthwizards.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">WealthWizards<\/a>. Out of all generations,\u00a0<a href=\"https:\/\/www.genzforfinlit.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gen Z have the lowest levels of financial literacy<\/a>, with many relying solely on family and parents for their financial advice. However, there is a real appetite to learn amongst this socially connected age group as almost\u00a0<a href=\"https:\/\/www.gobankingrates.com\/money\/financial-planning\/34-percent-gen-z-learning-personal-finance-from-tiktok-youtube-survey-finds\/\" target=\"_blank\" rel=\"noreferrer noopener\">40% of Gen Z are said to be using digital social platforms<\/a>\u00a0like Youtube, TikTok and Twitter to gain knowledge on personal finances and investing in the stock market. The young digital natives are carving a new path, away from traditional IFA\u2019s and bank managers like the millennials before them, with\u00a0<a href=\"https:\/\/www.ft.com\/content\/1390be10-4404-11e9-b83b-0c525dad548f\" target=\"_blank\" rel=\"noreferrer noopener\">only 6% of 18-34 year olds using this route<\/a>. This leaves a clear gap for traditional banks to learn from fintechs and develop digital channels to capture the Gen Z market, who are more than willing to learn this way.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>It&#8217;s time to prepare<\/strong><\/h2>\n\n\n\n<p>It\u2019s clear that Gen Z are a highly informed and discerning group who are very willing to spend in favour of their preferences. They have a spending power of over&nbsp;<a href=\"https:\/\/htecgroup.com\/insights\/industry-insights\/how-gen-z-is-reinventing-fintech-and-banking\/#:~:text=In%20particular%2C%20however%2C%20Generation%20Z%20will%20impact%20two,or%20AI%20systems%20to%20help%20with%20financial%20decisions.\" target=\"_blank\" rel=\"noreferrer noopener\">$143 billion and account for 40% of global consumers<\/a>&nbsp;\u2013 a level of financial influence and capacity for disruption that we have seen across several industries in recent years. As this generation reaches adulthood, financial services could likely be the next one poised for reinvention. Are you ready?<\/p>\n\n\n\n<p>Our team of financial services experts can get you started on a cutting-edge strategy today, using our global innovation network to connect you with startups, VCs and thought leaders at the forefront of innovation.<\/p>\n\n\n\n<p>For more information and to get started:<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Generation Z \u2013&nbsp;those born after 1996&nbsp;\u00ad\u2013 now represent&nbsp;32% of the world&#8217;s population, making them the largest cohort. As with every new generation, their changing environment, social trends and financial landscape&hellip;<\/p>\n","protected":false},"author":1,"featured_media":41166,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[129,254,176,233,177],"related_service":[],"related_industry":[42,78,343],"class_list":["post-41135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-financial-services","tag-private-equity","tag-retail-corporate-banking","tag-wealth-asset-management","tag-wholesale-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gen Z&#039;s influence on financial services is growing...quickly - Elixirr<\/title>\n<meta name=\"description\" content=\"Want to stay ahead in financial services? 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class=\"wp-component-card edwp-component wp-component-card--resource            wp-component-card--link js-card-link\n        edwp-fade-in\">\n            <figure class=\"wp-component-card__image-wrapper\">\n                            <img width=\"2400\" height=\"1440\" src=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z.jpg\" class=\"wp-component-card__image\" alt=\"Gen Z\" decoding=\"async\" srcset=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z.jpg 2400w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z-300x180.jpg 300w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z-1024x614.jpg 1024w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z-768x461.jpg 768w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z-1536x922.jpg 1536w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2023\/03\/Gen-Z-2048x1229.jpg 2048w, 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33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span>            <\/div>\n                        <\/figure>\n        <div class=\"wp-component-card__content edwp-row-load\">\n                                    <p class=\"wp-component-card__eyebrow\">\n                Articles            <\/p>\n                <a href='https:\/\/www.elixirr.com\/en-gb\/gen-zs-influence-on-financial-services-is-growing-quickly\/' class='wp-component-card__title'>\n            <h2>\n                Gen Z&#8217;s influence on financial services is growing&#8230;quickly\n            <\/h2>\n        <\/a>                                    <div class=\"wp-component-card__description\">\n                    Generation Z \u2013&nbsp;those born after 1996&nbsp;\u00ad\u2013 now represent&nbsp;32% of the world&#8217;s population, making them the largest cohort. As with every new generation, their changing environment, social trends and financial landscape&hellip;                <\/div>\n                                                    <div class=\"wp-component-card__meta\">\n                                            <p class=\"wp-component-card__date\">\n                            15 March 2023                        <\/p>\n                                                                <div class=\"wp-component-card__terms\">\n                                                                                                                                                    <div class=\"wp-component-tags edwp-component\">\n                        <div class=\"wp-component-tags__tag\">\n                Financial Services            <\/div>\n                                <div class=\"wp-component-tags__tag\">\n                Retail &amp; Corporate Banking            <\/div>\n                                <div class=\"wp-component-tags__tag\">\n                Wholesale Banking            <\/div>\n                <\/div>\n                        <\/div>\n                                    <\/div>\n                                                    <div class=\"wp-component-card__button-wrapper\">\n                    <button class=\"btn btn--link arrow wp-component-card__button\">\n                                                                            Read more                                                                            <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 9.24769 17.6278C9.24769 17.5453 9.26403 17.4636 9.29576 17.3874C9.3275 17.3113 9.374 17.2421 9.43259 17.184L15.8711 10.7518H1.12509C0.959309 10.7518 0.800312 10.686 0.683084 10.5687C0.565857 10.4515 0.5 10.2925 0.5 10.1267C0.5 9.96093 0.565857 9.80193 0.683084 9.68471C0.800312 9.56748 0.959309 9.50162 1.12509 9.50162Z\" fill=\"#1D0F25\"\/>\n<\/g>\n<\/svg>\n<\/span>                                            <\/button>\n                <\/div>\n                                            <\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/41135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/comments?post=41135"}],"version-history":[{"count":1,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/41135\/revisions"}],"predecessor-version":[{"id":56712,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/41135\/revisions\/56712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media\/41166"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media?parent=41135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/categories?post=41135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/tags?post=41135"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_service?post=41135"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_industry?post=41135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}