Today’s teens and young adults are set to become the world’s most influential consumers within a decade, but how has growing up in the aftermath of a financial crash affected the way Gen Zers spend and save their money? What can help these digital natives improve their financial know-how?
Jacob Colman is a strategist at communications agency Lida, part of the M&C Saatchi group, and just about a Gen Zer himself. His work focuses on helping brands connect with customers on a human level.
Nick Smith-Patel is an expert youth worker specialising in the areas of personal finance, interpersonal skills, conflict resolution, and mediation skills. He has worked in the youth sector for the past 21 years and began his career as a 16-year-old peer trainer working with other young people. Nick can offer insights into the current challenges faced by young people as well as an ability to explore interpersonal issues using a number of frameworks.
Paul McMeekin is the director of marketing at ACI Worldwide, a payment systems company based in Nebraska. ACI’s clients range from global banks such as Westpac to smaller start-ups like Klarna.
Sarah Drumm is a freelance journalist covering small businesses, start-ups, and new consumer brands. She is a contributor to Canvas8 and published a report on the popularity of direct-to-consumer brand communities for Thingtesting.
From being saddled with student debt, to sky-high housing prices, the dream of owning a home has never seemed more distant to most Gen Yers. Claiming to be “the missing step,” Unmortgage is helping people put down roots with a scheme that partially finances their homes.
Mitto is helping to plug the financial education gap for Gen Zers in Europe, offering a digital bank, physical card, and an option for parents to track kids’ purchasing behaviour. It's ensuring that these teens can easily access money management tools in a familiar digital format.
As Gen Yers enter their financial prime, brands across sectors are looking at ways to adapt their offerings to meet the ethical expectations of this cohort. Online-only challenger bank Aspiration is appealing to them by putting trust, transparency, and sustainability at the heart of its business.
Young Americans with money problems are increasingly turning to their peers on Venmo and Twitter to help cover everyday costs. As well as enabling these Gen Yers and Zers to transfer funds, fintech firms can play a role in helping them better manage and track their budgets.