Marketing Fintech Gen Z

Gen Z are savvy savers who know their worth – here’s how to market to them

By Rob Potter | Head of strategy

APS Group


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February 23, 2023 | 7 min read

Gen Z is switched on when it comes to their finances, which may well make it trickier for brands to market to them, says Rob Potter of the APS Group.

Unicorn money box

When it comes to saving money, Gen Z have their ducks in a row. / Annie Spratt

Every generation handles and views money in a different way, according to the financial environment they grew up in. Baby boomers (born from 1946 to 1964) for example, generally enjoyed substantial inheritances, stable jobs and investment opportunities, free education, and a relatively low cost of living.

Gen X (1965 to 1980) on the other hand, was confronted with more financial turbulence but is considered by some to be a big spender. Much-maligned millennials (1981 to 1996) – despite being hit hardest by the 2008 financial crash and facing a bleak job market – are savvier than we often give them credit for and are used to making sacrifices.

Meanwhile, research by online provider Pension Bee shows that Gen Z is most likely to have over £1,000 put away in savings and the most likely to know exactly how much they have saved.

Fertile ground for the financial sector

Driving the widespread adoption of cutting-edge technologies, Gen Z checks their bank balance regularly and are most likely to make the most of their savings with the use of banking apps.

It is also Gen Z who are most concerned with the need to provide for the future. In 2023, the current backdrop of economic uncertainty, rapid technological advancement and societal change are having a substantial impact on pensions and financial services providers.

It is increasingly apparent that companies must innovate fast to make the most of the opportunities that new generations of customers provide. Flexible, attractive financial products that can be accessed digitally are therefore a must in order to keep new generations of customers satisfied.

Younger generations of financial services customers are increasingly immersed in tech, a trend that puts the spotlight on the need for data, content personalization, the use of digital tools and regulatory compliance. As the industry follows these trends and customer interactions with providers generate more data, firms will be able to gather more insights on their customers, which can be utilized in turn to provide even higher levels of personalization and improve their experience with brands.

This ever-evolving intimacy between brands and their customers generates important opportunities to get the relationship right. Versatility and ease of use combined with confidently assured expertise will be key to future sustainability and growth in the financial sector.

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Brands must work harder to get Gen Z to spend with them

APS believes that marketers can look to Gen Z for inspiration, too. A recent Statista study found that 62% of Gen Z and millennials bought at least one product every month because of social media marketing. These generations – particularly Gen Z – grew up with technology all around them. Where they get their information from and their buying habits, reflect this.

Brands need to identify the spaces Gen Z hang out in – and know which sources they listen to and trust. APS has seen the number of channels organizations can use to reach their target audiences explode in tandem with advances in technology and communications, and we acknowledge that some market sectors are struggling to keep up.

Younger demographics can be elusive for several reasons, including the sheer breadth of digital channels they frequent, the many different types of content they consume, and the varied and expanding range of sources from which they get their news and entertainment.

To gain Gen Z’s trust, get to know them

Research tells us that Gen Z are savvy savers and represent a considerable opportunity for financial and pension service providers. They have never known a world without smartphones and computers and they use them to manage more aspects of their daily life than any previous generation.

They understand the need to save more in today’s uncertain economic climate. They are also opinionated, irreverent and fun-loving. They prefer to support brands that share their values and respond to relatable, honest, entertaining marketing and information delivered via a wide range of digital channels.

To gain the interest, trust, and eventually, the business of this demographic, your product offerings and your communications strategy must take advantage of a wider range of digital delivery channels, and be more streamlined than ever before.

Marketing Fintech Gen Z

Content by The Drum Network member:

APS Group

We co-create with our clients to produce award-winning strategic thinking and creative, partnering with some of the largest brands across the world. From impactful brand propositions, engaging digital content and creative outputs across print, audio, animation, video, or digital, we offer a fully end-to-end service. We are APS Group. Let’s make more possible.

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