Banking on the next generation

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B A N K I N G O N T H E N E X T G E N E R A T I O N Gen Z are savvy with where they spend their money – but how do they access it? Gen Z are rejecting traditional money management for refreshing digital alternatives. We’re living in an increasingly cashless society – where contactless payments mean that money is digital, rather than physical. Services like PayPal and Apple Pay allow young people to spend digitally and feel secure in doing so – more recently not-for-profit organisations such as The Big Issue have even gone cashless along with charities such as Oxfam, Barnardos and NCSPCC. DID YOU KNOW... 7 0 % o f G e n Z h a v e m a d e i n - a p p p a y m e n t s i n t h e p a s t y e a r , w h e t h e r i t b e o n a p a y m e n t a p p s u c h a s G o o g l e P a y o r A p p l e P a y o r o n a r e t a i l e r ’ s a p p , m o r e t h a n a n y o t h e r g e n e r a t i o n . Source: U.S Mobile App Report 2017 1
B A N K I N G O N T H E N E X T G E N E R A T I O N Young people are blaming cashless payments Young people are blaming cashless payments as they end up spending more on nights out and at festivals than they had planned. This suggests that the lack of physical cash makes it hard for Gen Z to keep track of spending. In fact, 1 in 5 say having cash on them makes them spend less money. But the slow decline of physical money doesn’t mean that young people can’t budget. A wave of new banking apps are challenging the traditional financial landscape to help Gen Z better manage their money on a daily basis… 13
Page 1 and 2: STATE OF THE YOUTH NATION B
Page 3 and 4: B A N K I N G O N T H E N E X T G E
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Banking on the next generation

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