What Does Gen Z Want And Expect From Banking And Wealth Management?

Adam Finlay, Associate Investment Director (Birmingham) – Investec Wealth & Investment

Article by Reena Sukha

Gen Z, the digital natives who are taking over from millennials, are setting future financial trends. But what makes them tick?

Digital-first customers are no longer the future of banking – they are the present.

Millennials (25-39 years old) and adult gen-zers (18-24) represent over $3 trillion in spend [1]. The sheer size of gen Z should be reason enough for financial institutions to start paying attention to this generation.

Analysis by Bloomberg [2] suggests that this group will make up a hefty 32% of the global population in 2019 - outstripping even millennials.

Estimates of what they and other generations close to them will inherit over the next years range from $15 trillion to $68 trillion, and some are expected to also become wealth creators at a younger age.

 
So, first off, who is gen Z?
Let’s start with an overview of the world’s mo...