The 18 to 24-year-old generation are looking to save rather than ‘live in the moment’, according to GlobalData.
Over 60 per cent of Generation Z were focused on saving and just under 50 per cent were keen to receive expert advice, according to GlobalData.
The data and analytics firm said increasing education costs, the scarcity of well-paying jobs, greater job insecurity and higher property prices had led 18 to 24-year-olds to pay more attention to their long-term financial security.
GlobalData finance analyst, Sean Harrison, said banks should look to cater to provide financial advice to Generation Z and said the banks needed to promote savings tools instead of offering credit cards.
The firm also found another 60% preferred traditional banking services over the convenience and speed of digital services and banks that looked to offer innovative digital products and services based on consumer data needed to ensure its data-sharing communications were clear.
‘’One of the reasons for this is Generation Z’s very real concern over online security and privacy with 73 per cent of our respondents stating that these factors are more important to them than convenience and speed,” Harrison said.