Gen Z is the technology generation, but have they given up on traditional banking?

Answer: 8%

8% of Gen Z use an online-online bank as their primary institution.

Questions:

• What criteria would you look for when choosing a bank?
• Why do you think the majority Gen Z banks with a large institution?
• What are the pros & cons of using an online-only bank?
  
  

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Apiture):

Among the youngest adults, 79% of Gen Z and 69% of millennials have chosen a large bank as their primary institution.

These consumers are least likely to hold an account with a community bank, with only 2% of Gen Z and 6% of millennials considering a local bank their primary institution...

Gen Z and millennials are even more open to switching than older Americans, with about half reporting a willingness to switch to a community bank, online-only bank, or credit union."

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Practice banking with INTERACTIVE: Online Bank Simulator!

About the Author

Kathryn Dawson

Kathryn (she/her) is excited to join the NGPF team after 9 years of experience in education as a mentor, tutor, and special education teacher. She is a graduate of Cornell University with a degree in policy analysis and management and has a master's degree in education from Brooklyn College. Kathryn is looking forward to bringing her passion for accessibility and educational justice into curriculum design at NGPF. During her free time, Kathryn loves embarking on cooking projects, walking around her Seattle neighborhood with her dog, or lounging in a hammock with a book.