NEW GEN Z 101: Unlock & Outlast Microtrends

While young consumers manage their finances via apps, they still want advice from humans. 

Jul 15 2020

While young consumers manage their finances via apps, they still want advice from humans. According to a survey from global financial services firm Morningstar, 63% of 18-25-year-olds use at least one financial app for budgeting, investing, or everyday banking—and find them “useful.” The most common apps are for brick-and-mortar banks, money transfers, and online-only banks, but more than 20% of young consumers say they use financial apps for investing. Robinhood reports that more than 3 million new accounts were created during the first half of the year, with a majority of sign-ups being first-time investors. However, the average young investor still appreciates interacting with human advisors, with 30% saying they have met with a financial advisor at least once, whether by themselves or with family members. (Business Insider)