Generational Payment Preferences

Recently Logica’s Future of Money Study was highlighted in the business.com article by Julie Thompson, “Know Your Customers: How Different Generations Prefer To Pay.” Boomers, Generation X, Millennials and Generation Z all have different preferences for paying—and businesses need to know what payment tools are best to provide for each generation. While Logica looks at every generation in our ongoing study, we have been doing a lot of deep dives into Generation Z and money. 

How Generation Z Prefers to Pay

In the business.com article, Thompson references our research about how 37% of Generation Z prefers to use cash in person. She goes one to discuss how Gen Zers are comfortable using technology for financial transactions,  including mobile payment apps and digital wallets. And “Gen Zers are showing caution when taking on debt and using buy now pay later (BNPL) programs.” 

Market Research Needed to Understand Gen Z

Gen Z is the most diverse generation and therefore can’t be categorized easily. Thompson notes that systematic market research “is required to effectively engage this generation to understand their evolving digital and financial needs.” 

Future of Money and Gen Z

Our latest wave of the Logica Future of Money sheds light on the rising financial power of Gen Z, and you can see some of the insights in our highlight report. We dig into Gen Z beyond payment trends, sharing insights like:

• Sixty percent of Gen Zers are saving more than other generations due to market volatility
• Gen Z (58%) are planning to own Cryptocurrency in the next five years
• Gen Z prefers YouTube videos for all types of financial advice, compared to other generations preferring in-person meetings for financial advice 

More Resources on Gen Z’s Financial Behaviors

• Get the full Logica Future of Money Report through the Insights Kit. Loaded with in-depth insights and trend analysis, including data on Generation Z, the Logica Future of Money Report focuses on the key factors driving financial decision making.
• Access our webinar, Money Conversations with Gen Zers, to get key insights about their money mindset.
• Reach out to Logica to learn more about Gen Z!

Read the business.com Article