FinTech Update: 5 Financial Apps To Know Next

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing

These five money apps are banking on Millennials for success…

Young consumers are driving the fintech revolution—according to study after study. Finance company SoFi reports almost 40% of 25-34-year-olds are using apps and digital tools for personal finance a few times a month or more. According to Bank of America’s 2016 Consumer Spending Snapshot, mobile wallet transactions are up 267% with 18-34-year-olds, and spending is up 235%. “Venmoing” has become a verb for a reason. The increasing popularity of the new payment method helps explain why credit card usage is on a decline with consumers between the age of 20-50. But they’re not just making spending and paying mobile, young consumers want their financial institutions to be mobile as well. Research by The Independent Community Bankers of America found that 74% of Millennials say mobile banking is very important to them, and 40% say they’d rather communicate with banks via email and websites. According to the 2016 FIS Consumer Banking PACE Index, 63% of Millennials are accessing their bank accounts on their mobile phones on a monthly basis—they’re also 30% less likely than Baby Boomers to visit a bank location or use a drive-thru, and are 17% more likely to pay a bill from their bank through a mobile device. Of course, investing is another financial space that’s been taken mobile for Millennials—while they may be notoriously risk-averse and financially insecure, they’re finding their own way of getting into the stock market, and mobile microinvesting (investing in “low-maintenance, index fund-based allocation strategies with small, frequent contributions”) has been a fairly safe strategy many young investors are trying out. Startups like Acorns—which we called out back in 2014—and Robinhood have created apps to help young consumers…

 
 

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“I move around every few years so it would be a huge hassle to have to buy and sell property so frequently.”—Female, 28, IN

Gen Z will spend the most on rent of any generation, but Millennials aren’t far behind. HotPads estimates that 2-20-year-olds will spend $226,000 on rent before they buy a home and 24-38-year-olds will ring in at $202,000. Despite the difference, Gen Z will own their first home one year earlier than Millennials because they’ll have “a stronger job market than [M]illennials”—but, despite the myths, they are buying homes in greater numbers. PS: Los Angeles tops the list of where young demos will spend the most on rent. (Business Insider)

What’s behind board games' popularity today? The NPD Group found that board games grew 8% compared to the toy industry’s overall growth of 8% in the past year and has “no signs of slowing down.” Digital detoxing plays a part, as more Millennial parents worry about their kids’ screen time and seek toys that foster face-to-face relationships. But despite the analog appeal, games are also getting high-tech and the word-of-mouth media they receive propels social media-friendly games like Pie Face to the top of toy charts. (Kidscreen)

Parents still have the most influence over kids today, but online celebrities are also top role models. Mintel research found that 86% of 6-17-year-olds say their parents are among their top role models, 62% say teachers, and 41% say siblings. But the top kind of celebrity that gets added to the category are social media celebrities at 35%, followed closely by musicians and athletes. Only 22% said actors were among their top role models and just 16% said the President. (MediaPost)

Disney has a new beverage to fill your Instagram feed: The Purple Wall Slushie. The Millennial & Gen Z-loved company has had no problem coming up with social media-friendly items, from Baby Groot bread to a viral Beauty and the Beast-inspired tumbler, and now they’ve rolled out a boba and taro beverage at Disney World. The Purple Wall is a famous destination to snap a pic for social media in the Magic Kingdom, and this slushy is made specifically to match up with the wall (and monetize on it). (POPSUGARInsider)

Speaking of Instagrammability, the Space Needle’s new, clear benches are sure to make for a thrilling photo op. The iconic viewing deck for the Seattle skyline has been in the midst of a makeover to create a better (and decidedly more social media-worthy) viewing experience. A metal base and caging has been replaced with a high glass wall from floor to sky, and so-called “skyrisers” will let visitors sit right on the edge of it all—and snap a selfie. (Curbed)

“People have been planning outfits since the start of the year [for prom].”—Male, 15, NC

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