Gen Z and Payments: The Next Big Cohort Is Here
Description
Gen Z and Payments: The Next Big Cohort Is Here
In 10 years, Gen Z will be the largest American generation and as with previous generations, product developers and marketers are tasked with determining which of their current behaviors and preferences reflect their youth and which reflect the unique attributes and characteristics of the cohort.
This report lays a baseline of Gen Z and their incomes, financial lives, relationships with financial services providers, use of and preference for specific payment products, and futures. For participants in the payments industry, it may be helpful to keep in mind the opportunities that Gen Z represents as they fully move into the workforce, earning and spending the resultant incomes.
The information in this report was obtained from primary and secondary research. Primary research included proprietary surveys from the MRI-Simmons Winter 2021-22 Survey, “Attitudes about Financial Services - Gen Z versus Other Generations”, as well as a proprietary Packaged Facts national online consumer survey fielded in August-September 2021 that measured usage rates of consumer credit products. Both surveys analyze a sample size of 2,000 adults and are census representative of the primary demographic measures of age, gender, geographic region, race/ethnicity, and household income. Within the report, additional consumer surveys from other market research firms are referenced and cited, as are data from payments participants.
Secondary research includes general business and trade publications, management consulting reports, investment analyst reports, company financial filings, and vendor-generated survey findings. Research also relied on U.S. governmental, non-profit, and not-for-profit trade reports, country profiles, and payment system analysis.
In 10 years, Gen Z will be the largest American generation and as with previous generations, product developers and marketers are tasked with determining which of their current behaviors and preferences reflect their youth and which reflect the unique attributes and characteristics of the cohort.
This report lays a baseline of Gen Z and their incomes, financial lives, relationships with financial services providers, use of and preference for specific payment products, and futures. For participants in the payments industry, it may be helpful to keep in mind the opportunities that Gen Z represents as they fully move into the workforce, earning and spending the resultant incomes.
The information in this report was obtained from primary and secondary research. Primary research included proprietary surveys from the MRI-Simmons Winter 2021-22 Survey, “Attitudes about Financial Services - Gen Z versus Other Generations”, as well as a proprietary Packaged Facts national online consumer survey fielded in August-September 2021 that measured usage rates of consumer credit products. Both surveys analyze a sample size of 2,000 adults and are census representative of the primary demographic measures of age, gender, geographic region, race/ethnicity, and household income. Within the report, additional consumer surveys from other market research firms are referenced and cited, as are data from payments participants.
Secondary research includes general business and trade publications, management consulting reports, investment analyst reports, company financial filings, and vendor-generated survey findings. Research also relied on U.S. governmental, non-profit, and not-for-profit trade reports, country profiles, and payment system analysis.
Table of Contents
109 Pages
- Scope of Report
- Report Methodology
- Why the Market Is in Hot Pursuit of Gen Z
- Gen Z Adults
- Gen Z and Payment Cards
- Gen Z and Credit Card Rewards Programs
- Contactless Payments
- Gen Z and Buy-Now, Pay-Later (BNPL) Loans
- Digital Wallets
- P2P Payments
- Cryptocurrencies
- Overview
- Composition of Gen Z
- Generational Context
- Gen Z Is Pursued by Marketers
- Investing
- Cryptocurrencies
- Introduction
- Gen Z and Payment Cards
- Gen Z and Buy-Now, Pay-Later (BNPL) Loans
- Digital Wallets
- Gen Z and P2P
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