Gen Zs might be relatively young, but they are wise with classic finance matters.
While their parents swear by traditional banks and the security of cash payments, Gen Zs are enjoying the convenience of cashless payments through digital wallets and online payment applications. They purchase items online and pay without the need to look at their parents’ credit cards because a simple wire from their trusted online wallet application can do it for them. If there is someone who knows how to make use of promos and incentives, that would be none other than the digital natives themselves, Gen Z.
This is what also makes them a great partner for financial technology. Not only are they technology-oriented, but they are also wise when it comes to finances since they are more enthused with financial literacy. But what else is there with their generation that financial technology can bank on?
Understanding the Gen Z nature
Let’s clear the common misconception here: Gen Zs are not millennials. They were born in the succeeding years after the end of the millennial generation up until the late 2010s. Their parents are the millennials who were introduced and warmed up to the idea of technologies that are not limited to analogue phones. They grew up during a time when technology rapidly climbed to its peak. Phones and computers are consistently being innovated and getting more accessible to people, hence, this generation grew up comfortably navigating technology. Gen Zs encountered little to no problems when it comes to adapting to technological changes and are more delighted to welcome new ones since that would mean better specifications that cater to their specific needs.
Having to grow up with technology and virtual avenues to satiate their curiosity, most of them have also become adept with the ropes of finances and the things they need to do to be wiser with their financial choices. They were also the ones who were enthusiastic when cashless payments and online banking became a massive thing and became prevalent.
Gen Z and fintech: Best friends in action
Gen Zs share one common goal: to be rich. They don’t just learn the ropes of finance but look for ways to improve their financial capacity. When it comes to generating income, they consider options that are not limited to jobs. They explore other alternatives like cryptocurrencies, content creation, and lucrative leisure.
As tech savvies, they are the ones who are first thrilled with the idea of cryptocurrency or the digital currency that does not rely on central banks to maintain it. This type of currency is uniform and interchangeable. There is a standard value that allows it to be used as payment or exchanged with other cryptocurrencies like Bitcoin and Ethereum. But beware! Do not mistake it for NFTs or non-fungible tokens which are unique and cannot be used interchangeably with other currencies.
Content creation is also a thing in Gen Zs that has become more prevalent now as a source of income. In content creation, there are two ways to gain revenue: advertisements and sponsorships. The most common and easily banked-on is the advertisements. The social media account should be connected to a bank account so that qualified content can be embedded with any advertisements where equivalent payment can be obtained if the ads gain enough time for views. This mechanism is not only limited to Gen Zs but more and more people have dabbled in this craft, especially those who have niches that can be marketed.
Another thing that you cannot separate Gen Zs from is leisure– and they are very smart with it. While our idea of leisure can be attributed to relaxation, Gen Zs find it more appealing if they can profit while being entertained with what they are doing and relaxation is not an exemption to that! Games like Axie Infinity and Decentraland are NFT games where people can earn money by playing. Some of them also opt for online casinos, which are accessible but are only available for certain ages. Such lucrative leisures like online casinos can be more appealing to them since money transfers are swift and hassle-free due to online casino deposit methods, partnered with great sites that ensure safety along with a well-curated list of contents– something that an astute generation can rely on and be worry-free with their leisure.
To sum it up, technology is not just something that Gen Zs would play with. It is something they see as a tool to prosper in life. Whether it is purely leisure or social media, they seize every opportunity in revenue generation and are wiser when it comes to their financial goals. Hence, it makes them perfect prospects for fintech investments. Not only are they open to such investments, but will make the perfect source for feedback that solidifies great business practices.
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