Gen Z and Money

There are special (fantasy) features and characteristics behind this group called “Gen Z”. Before we delve into their money culture, who really are “The Gen Z”? Gen Zs are known as the zoomers, the generation born between 1997 to 2012. They are the generation set to have experienced the 21st Century first-hand, a time when the use of the internet, technology, and social media was fast developing.

This generation grew up using the computer from the onset of their lives, which later became the order of the day. Beyond that, exposure to technology has shaped their characteristics, enabling them to exhibit traits such as being bold and confident, their remote sense of reasoning often leads to a clash with millennials, and they have a keen interest in sustainability. These features inform the peculiarities of this generation, and the world has tilted towards adopting their consumption habits and spending trends.

Gen Zs are also maximising technological transformation posed following the Covid-19 pandemic. In Nigeria, they have dominated the social media space with a significant online presence while optimising and monetising the full potential of online businesses. Some are opting for remote opportunities that give them the freedom of flexible schedules, multiple income streams, and even earn in foreign currencies.

Where do these proceeds go to? Here are four integral things to know about Gen Z’s financial literacy and habits.

  • Their Money Mindset: Understanding the Gen Zs earning capacity and phase of life at a given moment. As position changes, so will income level at every point in life. Most Gen Z individuals are concerned about financial knowledge but rely on personal contact and the internet for such information. This poses a problem considering that many of these platforms will fill them with different financial information.

With all these established, Gen Zs are known to be shaping the financial system, especially the Fintech industry, with various digital payments solutions and innovations such as:

  • Digital currency: This electronic medium, if the exchange was adopted and embraced by Gen Z. They could be cryptocurrencies, virtual currencies, e-naira and so on.

The Bizvest user community consists of varied generations, from the budding Gen Z to millennials and Baby boomers, who own a savings or investment account. Join a tribe of individuals and businesses who believe in financial independence and freedom. Visit our website to learn more!

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BizVest is a platform where business owners can gradually save much needed funds to scale, while earning decent interest rates above the money market rates

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BizVest is a platform where business owners can gradually save much needed funds to scale, while earning decent interest rates above the money market rates