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Unlocking the bank of Gen Z
Rebecca Stevenson - September 2024
According to UKFinance, 41% of British 18-24 year olds have switched banks or opened a new account in the last 12 months. And 70% are already saving for retirement, starting at an average age of 19 – over a decade earlier than Gen X.
As the first generation to grow up completely immersed in tech they’re also accessing their financial information with far more veracity; more than one in five (22%) use their smartphone for online banking several times a day (compared to a 17% national average).
So how can financial brands attract this custom and unlock the bank of Gen Z?
- The power of ‘finfluence’
Nearly half (48%) of Gen Z learn about investing and financial topics on social media, while less than a third (30%) turn to financial professionals. Democratising financial advice is great BUT the spread of misinformation on these platforms means Gen Z investors could be seeking advice in the wrong places.
There’s an opportunity for brands to fill that gap or collaborate with ‘finfluencers’ who do know their stuff such as:
- Lighten up
Given how seriously this audiences takes their money matters, it might seem counterintuitive to use humour to reach them. However, the likes of Monzo have had real success in taking a lighter hearted approach. Its new ads transform empowering, positive emotions into humorous images proving you can (sensitively) take on heavier topics while also raising a smile.
Some of the best comedians of this year’s Edinburgh Fringe found their success by building huge TikTok followings so could be ones to watch. Some of big hitters from this year to consider:
- Lean into their worries
Sometimes humour just won’t feel like the right approach. We know Gen Z does worry about their cash – and with good reason. According to a Deloitte survey, Gen Z are three times more likely to get caught in an online scam than Boomers and twice as likely to have a social media account hacked. Brands that can reassure, double down on what they are doing to protect customers and are smart about communicating this, will help foster trust.
Ex Love Islanders have demonstrated brilliantly how faces of pop culture can deliver hard hitting, impactful campaigns covering topics such as violence against women and girls, and revenge porn. These include:
Sources: YouGov Profiles data, Kantar, Deloitte