BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, released new research addressing the top priorities and changing consumer attitudes of Gen Z banking consumers.
“BAI’s research shows that Gen Z is increasingly making their own decisions. This generation is branching out as they mature in their banking life cycle. The goal of our research is to provide insight into how financial service organizations can better support future generations as they strive for financial independence.”
In their late teens or early 20s, many are still living at home or in college, while others are just launching their careers and beginning their financial independence. The BAI research uncovered that they are more open to banking with non-traditional players and less likely to bank with only one financial services organization.
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Highlights from the BAI Banking Outlook research include:
- 64% of Gen Z banking consumers are financially independent. This is a 5% increase over 2020.
- 53% of Gen Z banking consumers have invested in cryptocurrencies or in a fund with exposure to cryptocurrencies.
- 58% of Gen Z banking consumers would switch financial services organizations for one more committed to diversity, equity and inclusion (DEI) issues.
- 56% of Gen Z banking consumers would switch financial services organizations for one more committed to social and governance (ESG) issues.
- 60% of Gen Z, more than any other generation, use multiple financial services organizations.
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“Financial service leaders are beginning to do more to appeal to younger generations,” said Karl Dahlgren, Managing Director at BAI. “BAI’s research shows that Gen Z is increasingly making their own decisions. This generation is branching out as they mature in their banking life cycle. The goal of our research is to provide insight into how financial service organizations can better support future generations as they strive for financial independence.”
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