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Our recent Logica® Future of Money Study showed unique payment trends for Gen Z as this generation comes into their buying power. We took a close look at their cash usage, peer-to-peer payments (P2P) and Buy Now Pay Later (BNPL) preferences for The Financial Brand.
Financial brands need to know how to create and provide the services that Gen Z will be looking for as they move into and through their 20s. The research in our study uncovered data about how “Gen Z is using cash, taking advantage of digital payment options, utilizing financing programs and what they are looking for from banking and financial institutions.”
Gen Z has complex payment preferences. As one might expect, this generation is comfortable with payment apps like PayPal and Venmo, but they also still have a strong preference for cash. They lag behind Millennials in adoption of P2P platforms, but they also predict that they will be using P2P more over the next five years. We expect that this will drive down their usage of cash. Gen Z also is mixed in the use of BNPL, which we talk more about in The Financial Brand article.
It is critical that financial brands, banks and financial advisors to understand the opportunities posed by Gen Z and their dynamic preferences for financial products. As we write in the article, “the traditional ways of defining populations just don’t apply to Gen Z. The generation is diverse, pragmatic and their actions keep us on our toes, especially when it comes to banking behaviors. Effectively reaching and engaging with them—on their terms—requires a deep understanding of what resonates with them.”
Read more in our article in The Financial Brand:
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