Coronavirus Sure to Shape Generation Z’s Banking Experience

Generation Z represents about 30 percent of the global population and the current crisis is sure to influence their thoughts on money; workers under the age of 22 are losing more work hours than anyone else right now according to a recent Harris poll; Harris and NerdWallet teamed up to survey more than 3,000 adults which showed 46 percent of Gen Z were receiving financial help from family and 41 percent were anxious over finances; this will be the second financial crisis in the last 12 years with the previous crisis helping to give Gen Z a close look at how their parents dealt with financial hardship; “Seeing their parents lose their jobs, watching older millennial siblings move home and the rise in higher education tuition and student debt has resulted in Generation Z having a more conservative view of finances,” Julia Carreon, the Managing Director of Digital and Fiduciary Operations at Wells Fargo Wealth Management, said to American Banker. “They’re even more conservative and worried than millennials were.”; Gen Z are also more likely to become entrepreneurs with 72 percent wanting to own a business; technology in banking will be a key for all firms looking to better serve this segment, with banks needing to tailor their offering so customers get a personalized experience. American Banker

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