Gen Z and Money

3 min readAug 25, 2022


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.
  • Managing Debt: With rising inflation and exchange rates, questions must be considered. How are Gen Zs able to cope or man over the situation? How often do they take loans? How aware are they of the impact of inflation and exchange rates on the economy? How they manage debt is a key factor to consider when drawing up financial plans.
  • Personal income management: Generation Z evolved with calculators, apps and gadgets for almost everything. While a certain level of awareness and self-sufficiency is good in many ways, it’s also important to seek out help and personalised assistance. Gen Zs prefer platforms that can help them manage their income from expenses to saving and investing options. Also, it will help Gen Zs’ finances to differentiate between when self-service is the best choice and when it isn’t.
  • Financial Literacy: Generation Zs cuts across a large group in different phases of life, ranging from students just entering secondary education to those just over ten years old. Individuals at every age require different levels of financial literacy and knowledge to help them make good decisions and imbibe prudent financial practices once they become financially independent.

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.
  • Mobile Wallets: These are virtual wallets that enable users to make payments on a mobile device.
  • Savings and investment platforms: These are platforms where Gen Z save towards a goal or invest in various mutual funds such as ETFs and stocks with high-yield savings as proceeds.

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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