As the summer comes to a close, older Gen Zers are headed to college. What do we know about their payment habits? Generation Z is coming of age in a time of huge transformation in the payment space. We know from our Future of Money study that Gen Z is both digitally engaged with money and also cash centric. In our study of the oldest Gen Zers, 16 to 18 year-olds, we found they are still very heavily cash oriented compared to the General Population—cash is top of wallet for Gen Z, whereas debit is top of wallet for the General Population of adults. At the same time, the majority of Gen Zers are already using digital payment apps.
These older teens acknowledge the changes happening with technology and money: three quarters (75%) say that technology will impact how we pay for things in the future. At the same time, Gen Z’s use of both P2P and digital payment apps is higher than the General Population. Over a quarter of these older Gen Zers say they have used P2P in the last week. We know this generation, like those before it, is forging a new path. They will likely lead even more transformative technological changes, having grown up with gaming, snapchatting, and with a small screen rarely more than an arms-length away. Will they jump from P2P to cryptocurrency or to something we haven’t discovered yet? We look forward to seeing how they will leapfrog payments technology beyond our current imaginations.
As money and spending become more digital, how are you engaging your customers? firstname.lastname@example.org