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‘Gen Z or millennials’ is/are the most interesting target group to look at. Defined as anyone born after 1996, they are our leaders of tomorrow and are one of the most enthusiastic generations of all time. Gen Z is a powerful cohort that has huge spending power. Being quite well versed and keen towards taking financial control at their best, however, over 80% of Gen Z individuals rely on parents and family for financial information (according to a study by Raddon). 

With the financial landscape evolving at a rapid pace and unfortunately, the age-old financial investment tactics of the older generation ought to take a back seat. The advent of new softwares and financial policies doesn’t resonate well with their thought process. Hence, Gen Z seems to find it difficult to understand the jargon or financial terminology. 

Therefore, there is a dire need to ease the same. But how? Well, here are a few pointers: 

Keeping the terms simple:

From existing legacy banking institutions to cutting-edge fintech startups, many brands are already capturing the attention of Gen Z. Several have managed to make inroads with adapting their services to the new needs of this generation, especially by incorporating education and simpler interfaces into their existing product and offerings.

Reach out to them:

Banking and financial institutions should have a relationship manager to explain and reach out to their Gen Z with fluent meanings and address their queries in real time. Organizations like us have a great initiative called BFF - Buddy for Finance. 

Be where they are:

As Gen Z is the first generation to be born with a smartphone, they feel more connected towards platform-based information than one-on-one meetings. According to recent data by Tallo, 38% of Gen Zers have received financial advice from TikTok, reporting they’re likely to turn to the platform to get advice on long and short-term savings as well as budgeting tips. 

Keep it short:

This generation has less attention span and many reports have proved the same. Therefore, organizations should focus on making small snippets or reels or short-format videos to keep them hooked. 

In a nutshell: 
For organizations to have a clear focus on Gen Z’s financial literacy and nurturing their interests in finance, leveraging the above-mentioned points is a must-do! This will help them become the brand Gen Z would look for.