Gen Z Credit Aversion
–
SEPARATING FACT FROM FICTION
Gen Z’s financial future is impossible to predict and far from defined.
We’ve pulled the curtain back to give financial institutions an up-close look at history’s most diverse and most educated generation. Our report, “Gen Zs Credit Averse? Hold That Thought.” dials in on the intricacies of this population, exploring their financial habits, credit usage, and more.
Intriguing Facts About Gen Z:*
- 57% have yet to even graduate from high school.
- Their current estimated spending power is $44B and could reach $60T.
- In 2022, 81% of Gen Z account holders will use mobile banking.
- Of those holding a student loan, 44% also have a credit card.
- From 2020 to 2021, their increase in credit usage was triple that of Baby Boomers.
- 44% of 14-25-year-olds will have used BNPL services by 2023.
*source information available in document
\\\ WHITEPAPER
GEN Z CREDIT AVERSION
“50%+ of credit-active Gen Z consumers had credit scores in the prime and above risk tiers. As lenders look for ways to expand their customer base without increasing their risk, these young consumers represent a key opportunity for growth.”*
Customer Acquisition & Retention
Take An In-Depth Look
[VIDEO] Technology & Tactics for Brand Trust & CX
In a recent Zoot Podcast recording, Casey Ferguson, Vice President of Marketing at Zoot Enterprises, and Bob Lonergan, Vice President of Sales at...
Merchant Fraud
Merchant fraud victimizes consumers and financial institutions. Techniques to scam banks and cardholders continually evolve, requiring ongoing...
The Cost of Financial Crime Compliance for Banks and FinTechs
As financial fraud attacks grow, the hard and soft costs of financial crime compliance for banks and financial services institutions continues to rise.
