As a Financial Advisor, I Have Insight into Gen Z’s Banking Habits (Prepare to Be Amazed)

As a Financial Advisor, I Have Insight into Gen Z's Banking Habits (Prepare to Be Amazed)

Every generation manages money in its own way, shaped by the unique challenges and opportunities they face. Gen Z, for instance, approaches banking with a strong focus on technology.

GOBankingRates had a chat with Stoy Hall, a certified financial planner and CEO of Black Mammoth, and Anne Marie Ferdinando, member outreach manager at Navy Federal Credit Union, to understand what makes Gen Z’s banking habits different.

Ferdinando mentioned that while Gen Z is very comfortable with digital tools, they still value personal interactions with financial experts. This balance of online resources and in-person advice, coupled with their focus on saving and avoiding debt, suggests that Gen Z is on track for good financial health. They prioritize meaningful life experiences and peace of mind, fully aware that smart money management is key to their future.

Here are some more insights on how Gen Z handles their banking:

**Focus on Cybersecurity**

Gen Z is extremely concerned about cybersecurity. Hall explained that growing up in a digitally interconnected world filled with cyber threats has made them very aware of the need to protect their personal information. They expect top-notch digital security from their banks and actively look for institutions that prioritize cybersecurity. They carefully review privacy policies, security measures, and data-handling practices before trusting a bank with their money.

This generation’s proactive approach shows their desire for control and assurance in an era of frequent data breaches and cyberattacks. They also demand the latest technology, such as biometric authentication and AI-driven fraud detection systems, to ensure their financial safety.

**Desire for Personalized Services**

Gen Z wants a banking experience that feels personal and customized. Hall noted that having grown up with hyper-personalized marketing, they expect the same from their banks. They look for institutions that align with their ethical and social values, like those committed to environmental sustainability or social justice. They prefer banks that support green initiatives and other social impact programs, reinforcing their personal values through their financial choices.

They also appreciate tech-savvy solutions. Digital tools and platforms that offer a seamless user experience, personalized dashboards, spending insights, and goal-setting features are particularly attractive to them. These tools help them monitor their financial health, set savings goals, and receive tailored financial tips.

Interactive and responsive customer service is another expectation. Gen Z values quick, helpful responses and proactive communication from their banks. They prefer real-time support options, such as chatbots, social media, or in-app messaging, and appreciate banks that use AI to provide immediate assistance and personalized interactions.

**Interest in Cryptocurrency**

Perhaps most surprisingly, Gen Z has shown a strong interest in cryptocurrency.