New research reveals Generation Z are eager for financial education and are more traditional in their banking preferences.
A study by Raddon, a Fiserv Company, surveyed more than 2,500 high school students ages 16 to 18 and found Gen Z has done more to further their knowledge of financial matters than preceding generations.
The majority of Gen Z respondents are familiar with banking institutions; 67 percent have their own bank account or a joint account with their parents. More than half, 56 percent, found programs or seminars by financial institutions were very important sources of personal finance information.
One-third preferred traditional face-to-face banking services, while 37 percent preferred digital services such as mobile banking. About 28 percent sough new technology to deliver convenience and a variety of banking providers.
“By taking the time to better understand this generation’s priorities and preferences for moving and managing money, financial service providers have an opportunity to establish relationships that will last a lifetime, “says Bill Handel, vice president of research at Raddon.
For more information, visit fiserv.com.