62% of Gen Z consumers don't have a bank account at all: Study

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 21, 2022, 12:20 PM GMT+0

Global payments platform company, Thunes, surveyed 6,5000 people between ages 16-24, across 13 developed and emerging countries.

Thunes’ study revealed that Gen Z has “little enthusiasm for traditional financial products” as 62% don’t have a bank account at all. 50% of respondents from some emerging marketing use mobile wallets instead.

The respondents spend 19% of their money on online shopping. This is followed by spending on socialising, eating out and entertainment. Where Gen Z in developed markets rarely use cash, those in emerging markets use physical currency. However, this usage is in decline.

Further, 66% of Gen Z have bought products they first discovered on social media. Incidentally, this channel is also where the cohort is making money through platforms such as TikTok, YouTube, Patreon, Clubhouse and Twitch.

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