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How bankers think about Gen Z
When the coronavirus quarantine is over and life returns to some version of normal, banks will need to go back to thinking about how they will work with the next generation of young adults.
- Generation Z members are between the ages of 6-24 years old. With 2.47 Billion people in this age bracket, Generation Z make up almost 30% of the world’s population. They are growing up in a strange time, having to practice social distancing.
- A recent Harris poll found that workers under the age of 22 are losing more work hours than any other demographic and almost one-third of Gen Z workers have been put on leave.
- Seeing their parents lose their jobs, watching older millennial siblings move home and the rise in higher education tuition and student debt has resulted in Generation Z having a more conservative view of finances. Like baby boomers, Generation Z have a tendency towards frugality and moderation.
Coronavirus will define the next generation: What experts are predicting about ‘Generation C’
While experts aren’t yet sold on the “Generation C” label some people are using to define babies born amid the coronavirus, they believe the pandemic may define the next generation.
- For Gen Z, (usually defined as those born between 1997 and 2012) the“coronavirus is the generation-defining moment,” according to Jason Dorsey, president of the Center for Generational Kinetics, a research and strategy firm focused on Gen Z and millennials.
- Online, many have suggested names for babies born during the coronavirus crisis: Coronials. Quaranteens. Baby Zoomers.
- Dorsey, of the Center for Generational Kinetics, said that the pandemic will likely also lead to structural changes and new norms that the next generation could ultimately benefit from including shifts in online learning, physical workspaces, contactless payment, a vaccine and other new technology.
The fractured generation takes shape
For a crisis that many Americans are experiencing through Zoom, Twitter, and Tiger King, decidedly 21st-century phenomena, there have been a lot of comparisons to World War II.
- While many parents are necessarily focused on the struggles of imposed homeschooling, the pathos of missed senior proms and canceled graduations, and the abrupt and awkward return of college-aged children, something momentous is happening — a generation is being defined.
- Through text messages, Snapchats, FaceTime calls, TikToks, and showing up early to virtual classrooms, 14-21-year-olds are negotiating on their own terms what they are going through.
- …this cohort has a deep sense of social commitment and a profound distrust of government.
Digital Transformation in the COVID-19 Age
Financial institution accountholders have found themselves leaning heavily on their institution’s digital services more than ever due to the coronavirus crisis, according to reports from the Austin, Texas-based Kasasa and Chicago-based BAI.
- Gen Z and baby boomers, on opposite ends of the generational spectrum, essentially agree when it comes to branch banking. When asked if they prefer a primary financial services organization with access to branches and people— even if they do not use them very often — 53% of Gen Z and 54% of boomers said yes.
- Millennials prefer learning about offerings via email, as opposed to a text or an app, favored by Gen Z, or direct mail, which boomers like best.
‘They’re all on TikTok’: Pursuing Gen Z, sports marketers turn to new social media frontier
Unable to watch the live events they crave, sports fans around the country have turned to unconventional replacements.
- When they aren’t settling for classic games or marble racing, it seems many younger fans have increasingly turned to social media, with one platform of preference: TikTok.
- Marketing agencies estimate more than 40% of TikTok users are between 16 and 24.
- …for a college athletic department, TikTok’s audience is a crucial one to reach.
About the Gen Z News Roundup
Gen Z News Roundup are articles curated to help keep you informed on the latest news and trends related to Generation Z. Join Brandon’s network to receive the top stories of the week in your inbox.